The following is a list of the top ten actions to minimize the risk of being sued.

This list was compiled by the author as a result of various discussions with top malpractice insurance companies.

 Accounting and Auditing in Volatile Times

  • Tighten Up Engagement Letters
  • Watch Out for Bad Clients
  • Take Precautions for Fraud and Defalcation
  • Protect the Privity Defense Against Third Parties
  • Supervise and Manage Personnel
  • Have a Workpaper Retention Policy
  • Improve Billing Procedures
  • Never Sue to Collect Unpaid Fees
  • Tighten Up Workpapers