Off Topic — HabitableZone

Off Topic » in reply to Restoring public confidence.

Accountant's liability

its just not true that the accountants will get off with no penalty.

Aurther Andersen and any other accounting firm that is grossly negligent in issuing an opinion on the Financial Statements of a company like Worldcom is guilty of Fraud under current law.

The partners in any such firm are subject to unlimited personal liability to the shareholders of such a company if the shareholders bring a class action lawsuit against the firm. (that means that their houses, boats, cars, etc... are all on the line).

That's also why many CPA's carry professional liability insurance (just like doctors, lawyers, etc...)

Don't believe everything you hear from the politico's on issues like this.

Laike a lot of other issues, there are already laws on the books: But will they be enforced? Or will the politicians thwart any investigations and prosecutions by running around pretending that they have the solution. (Notice the political solution is always applied in hindsight)

Scott

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