As a new owner of an accounting firm, you are looking into risk management policies. What exposure does the accounting firm have regarding professional liability? Is there a type of business organization that you can use to limit professional liability and the liability of the organization or you as the owner? What safeguards can you implement to help reduce liability and/or protect yourself from additional liability? Write laying out your approach and any additional steps will you take?

Discuss the ethical, legal, and professional responsibilities of an accountant in a professional relationship

Explain risk management

Differentiate the various types of business organizations

Explain your approach to risk management in your firm?

For the protection of the organization

For you personally

For the other accountants in your firm

Protection of you clients