Accountants and other professionals face liability under the common law for any breach of contract.

Question

Accountants and other professionals face liability under the common law for any breach of contract.​

Quizplus · Accepted Answer

Under common law, accountants and other professionals can be held liable for any breach of contract, meaning that they could face legal action and potential damages if they fail to fulfill the terms of any agreement they have entered into with a client or other parties. This liability is based on the expectation that professionals will provide services that meet an appropriate standard of care and skill, and that they will act in accordance with applicable laws and regulations. Therefore, it is important for accountants and other professionals to ensure that they understand their contractual obligations and take steps to fulfill them in order to avoid potential liability.

Accountants and Other Professionals Face Liability Under the Common Law