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 Overview
Introduction to Common Law Duties and Liabilities to Clients and Third Parties
Legal Liabilities of Tax Preparers
Example of a Breach of Contract
Common Law Duties of Tax Preparers
Breach of Contract
Fraud and Constructive Fraud
Tax Preparer Liability
Damages Associated with Malpractice
Privileged Communication in Tax Practice
Accountant Workpapers
Penalties for Breach of Contract
Client Disclosure
Common Law Duties and Liabilities to Clients and Third Parties Summary
Common Law Duties and Liabilities to Clients and Third Parties - Practice Questions
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