CPA's legal liability exceed a physician's legal liability
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Professionals have a responsibility to the public. If a physician or attorney commits a serious error, the number of injured parties generally is limited to one individual patient or client. When a CPA's report is in error, literally millions of investors may sustain losses. Under the Securities Acts regarding CPAs' liability, the burden of proof is shifted to the defendant. Normally, defendants are "presumed innocent until proven guilty." Under the federal Securities Acts, however, CPAs charged with "malpractice" must prove their innocence. Do you feel the potential legal liability for CPAs exceeds that of physicians?
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Solution Summary
This solution provides a thorough discussion regarding the liability of physicians and accountants. It is determined if the CPA's legal liability is higher or lower than the legal liability of a physician.
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In my opinion, the legal liability for both professions, including physicians and accountants, is high in its own regard. It is true that physicians deal with generally one person being hurt in some way, but it can also be a devastating event. A surgeon can make mistakes in an operating room and the patient dies or suffers permanent disability or other impairment. While that has affected one person (the patient), the person's life is affected for the duration of their life, and the lives of those around the patient (family, friends) is also affected, including the possible ...
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