If public accounting firms practice defensive auditing,there is no need for professional liability insurance.

Question

Quizplus · Accepted Answer

Professional liability insurance provides protection to accounting firms against lawsuits and claims that may arise from their auditing work. Defensive auditing may reduce the risk of errors and omissions, but it cannot completely eliminate the possibility of litigation. Therefore, professional liability insurance remains necessary for accounting firms.

If Public Accounting Firms Practice Defensive Auditing,there Is No Need