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Professional liability comments. (accountants' legal responsibilities) (President's Prospectus)
In my initial President's Prospectus I indicated that accountants' legal liability was one of the key issues facing the profession. There have been several new developments since that was written. Although CPAs are still facing an onslaught of major claims, our plight is being recognized in the media by journalists who are questioning the fairness of the current tort system. Phillip A. Lacovara, writing in The Washington Post, states:
"...Money has once again become a driving motive as auditors, lawyers and other professionals find themselves under legal assault in connection with the savings and loan debacle.
...Accountants face more than $9 billion in claims. ...With taxpayers paying billions to shore up the industry, the search is on for other 'deep pockets' who can help defray the cost."
Mr. Lacovara was counsel to the Watergate special prosecutor. He concludes …
