What is the standard of care required of an accountant and auditor ?
A. The standard of care required of an accountant or auditor is to exercise reasonable care and skill in the circumstances. This will vary depending upon whether the work being performed is that of an accountant, tax agent, consultant or auditor. Liability may also be subject to provisions of the tax and companies legislation. A higher standard of care may be expected of an accountant or auditor if they have held themselves out as possessing specialist or greater skill and care than the average accountant or auditor when attracting business.
Related Questions
- What is the difference between an auditor (who conducts traditional financial statement audits) and a "forensic" accountant/auditor?
- What other accreditions are there accepted for practice as an auditor/accountant/financial analyst apart from the ACCA and CFA?
- What is the standard of care required of an accountant and auditor ?
