Section 11 Breach

• Library: Prof Liability 2005

After establishing the existence of a duty, the plaintiff will try to prove that the accountant breached a standard of care. The American Institute of Certified Public Accountants (AICPA) sets standards for services rendered by accountants. For example, as discussed in §3.5 above, the accountant is required to conduct an audit in accordance with Generally Accepted Auditing Standards (GAAS). In addition, financial statements are usually issued in conformity with Generally Accepted Accounting Principles...