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To: who cares? who wrote (4818)10/10/1999 11:43:00 PM
From: Francois Goelo  Read Replies (2) | Respond to of 10354
 
Bunnie, you like quoting out-of-work Accountant Frisky! Here is one DEFLATOR:

By: frisky
Reply To: 11265 by EGB2 Sunday, 10 Oct 1999 at 6:37 PM EDT
Post # of 11315


EGB2:
I want to make a correction on your last message. The disclaimer is a standard language in any audit reports. The disclaimer is used by all CPA firms including Big 5. This is to discourage the disgruntled investors sue CPA firms.

However, the statement does not hold in the court. There are so many successful malpractice judgments against CPA firms. The disclaimer has become a joke.

Public Accounting is a peculiar industry. Accountants watch their clients but they are paid by their clients. They all try to believe that their clients are innocent. Besides the public accounting is highly competitive. Some times they forget that their primary duties are for the general public not their clients.