Common Law Duties and Liabilities to Clients and Third Parties

Common law duties and liabilities to clients and third parties encompass the obligations and potential legal responsibilities that accountants have towards their clients and any impacted third parties. These duties are typically derived from torts such as negligence or breach of contract and require accountants to exercise due care, fidelity, and good faith in the services they provide, while maintaining standards of performance to avoid legal repercussions from those who rely on their work.

Lesson Videos

Common Law Duties and Liabilities to Clients and Third Parties OverviewIntroduction to Common Law Duties and Liabilities to Clients and Third PartiesLegal Liabilities of Tax PreparersExample of a Breach of ContractCommon Law Duties of Tax PreparersBreach of ContractFraud and Constructive FraudTax Preparer LiabilityDamages Associated with MalpracticePrivileged Communication in Tax PracticeAccountant WorkpapersPenalties for Breach of ContractClient DisclosureCommon Law Duties and Liabilities to Clients and Third Parties SummaryCommon Law Duties and Liabilities to Clients and Third Parties - Practice Questions

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