Video: Common Law Duties and Liabilities to Clients and Third Parties - Practice Questions

In this lesson, Nick Palazzolo, CPA, tackles the gritty details of common law duties and liabilities of accountants to their clients and third parties through engaging practice questions. He kicks things off by exploring what elements a client must prove for an accountant to be held liable for common law negligence, dispelling misconceptions with his characteristic humor. Nick then navigates through a scenario involving American Corp and Baker CPA to dissect the best defensive strategies against claims of common law fraud. This exercise provides keen insights into the legal ramifications of auditor's work and sharpens problem-solving skills by breaking down real-world situations one might encounter in the field. Remember, Nick reminds everyone at the end: keep studying diligently, tackle plenty of practice questions, and maintain confidence because success is within reach.