Accounting Malpractice: The Future of Accounting Professional Liability Insurance
Bower, Robert M.
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This report focuses upon the current problem of dramatically increasing professional liability insurance rates that accountants are facing. Robert Bower begins the paper with an overview of the current "crisis" in the insurance industry (p. 1). Bower discusses possible causes for this problem (pp. 1-12). He reviews several court cases which involved auditors which he believes to have played a major role in causing insurance rates to rise (pp. 2-8). Several solutions currently being put forth by such groups ranging from the American Medical Association to accountants in the United Kingdom are detailed and critiqued (pp. 12-20). Bower then concludes the paper with his opinion that a solution (combining those that he had discussed) should be developed and implemented soon (p. 21).