“CPAs are often one part of a professional team hired by a client. When more than one professional is assisting a client — such as financial planners, stockbrokers, insurance salespeople, and attorneys, to name a few — the client should have a clear understanding as to each professional’s responsibility,” writes Jonathan S. Ziss, a partner in Goldberg Segalla’s Professional Liability Practice Group.
“Without a clear understanding, roles may become blurred in the client’s mind, with one consequence being the unwitting embrace of responsibility beyond that which the professional was hired to handle. In other words, you may be held accountable for another’s errors or omissions.”
In this article published by the Pennsylvania Institute of CPAs, Jonathan explores a number of common scenarios in which CPAs work alongside other allied professionals, examples in which these seemingly routine collaborations can go astray, and a number of best practices to help CPAs provide enhanced service to their clients while protecting themselves against professional risk.