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Professional liability insurance (PLI), also called professional indemnity insurance (PII) and commonly known as errors & omissions (E&O) in the US, is a form of liability insurance which helps protect professional advising, consulting, and service-providing individuals and companies from bearing the full cost of defending against a negligence ...
If working in public practice, these qualified accountants must comply with additional regulations such as holding professional indemnity insurance (as accountants are one of the professions most likely to face a professional indemnity claim [1]) and submitting to regular and independent inspections.
Due to the risk of liability, CPAs and accounting firms may carry professional liability insurance to provide some protection from legal claims and lawsuits, although some firms choose to self-insure. [4] Concerns about high damage awards and insurance costs have led to proposals to limit liability for public accounting firms. [5]
An indemnity is distinct from a warranty in that: [8] An indemnity guarantees compensation equal to the amount of loss subject to the indemnity, while a warranty only guarantees compensation for the reduction in value of the acquired asset due to the warranted fact being untrue (and the beneficiary must prove such diminution in value).
Liability of provider of professional services towards their client (and potentially third parties) can arise on a number of different legal bases, including contract, negligence, other torts, equity (such as duties owed by trustees and fiduciaries), as well as statutory rules such as the Consumer Rights Act 2015 and the Supply of Goods and Services Act 1982 (which applies in non-consumer ...
Accounting Standards Committee of Germany (ASCG, in German: DRSC) [4] India. National Advisory Committee on Accounting Standards with the aide and advice of Institute of Chartered Accountants of India and Institute of Cost Accountants of India; Iran. Accounting Standards Board [5] Malaysia. Malaysian Accounting Standards Board [6] Malta
A player for English second-division team Burnley says he received “disgusting” racial abuse from an opponent during a league game on Saturday. Tunisia international Hannibal Mejbri was ...
Directors and officers liability insurance (also written directors' and officers' liability insurance; [1] often called D&O) is liability insurance payable to the directors and officers of a company, or to the organization itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for ...
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