Tip of the Month: Jury Standards Versus Professional Standards.
Position | CAMICO Insurance |
At the core of risk management insight is how the general public and juries view the CPA's job. Juries (members of the public) create jury or claims standards when assessing situations with the benefit of hindsight.
Jury standards tell us that the CPA's job is to advise and warn--to advise of opportunity and warn of risk--and not just the client, but third parties, especially when financial statements are being issued.
Jurors often don't care as much about CPA professional standards as they do about CPAs "getting it right," which often means protecting the public interest; uncovering fraud regardless of the services being rendered; advising and informing clients of all significant matters (especially risk and how to avoid it); and documenting all significant communications, decisions and observations.
The expectation that CPAs will uncover fraud can be...
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