Publication Date
1-1-1997
Document Type
Dissertation/Thesis
First Advisor
Norton, Curt
Degree Name
B.S. (Bachelor of Science)
Legacy Department
Department of Accountancy
Abstract
Liability has recently become a popular issue among the accounting profession. The increasing number of claims against public accountants fTomvarious financial statement users have caused accountants to search for ways to protect themselves. Many accounting firms have converted to limited liability companies or limited liability partnerships, both of which only recently have been allowed as entity choices. Also, recent legislation, such as the Private Securities Litigation Reform Act, has been enacted to provide protection against such claims, many of which are very weak. However, while accountants feel that this protection is necessary, some members of the public feel that it may cause the profession to act differently when performing its job. The purpose of this paper is to examine the various types ofliability that accountants may encounter, provide ways that the profession can reduce this liability, and discuss recent developments that have been provided to offer the protection that accountants desire.
Recommended Citation
Wilson, Cindy, "The Impacts of Recent Legislation on Accountants' Liability" (1997). Honors Capstones. 1211.
https://huskiecommons.lib.niu.edu/studentengagement-honorscapstones/1211
Extent
30 pages
Language
eng
Publisher
Northern Illinois University
Rights Statement
In Copyright
Rights Statement 2
NIU theses are protected by copyright. They may be viewed from Huskie Commons for any purpose, but reproduction or distribution in any format is prohibited without the written permission of the authors.
Media Type
Text
