accountants liability News

Jury Finds Ernst & Young Liable for Faulty Madoff Audits

Ernst & Young LLP was found liable by a jury for its failure to vet financial audits backed by con man Bernie Madoff’s accountant in the first trial of an auditor over losses tied to the biggest Ponzi scheme in …

Forrest T. Jones Launches Accountants Professional Liability Program

Forrest T. Jones & Company (FTJ) has completed an agreement with Liberty International Underwriters (LIU) to serve as the program administrator for LIU’s national accountants’ professional liability insurance program for accounts with annual revenues up to $5 million. FTJ will …

CAMICO Broadens Protection for Continuously Renewing CPA Policyholders

CAMICO, a nationwide CPA-directed program of insurance and risk management for the accounting profession, has broadened protection for potential professional liability insurance claims known to policyholders who continuously renew their CAMICO Mutual Insurance policies. Known as “Continuity of Coverage for …

Audit Firms Battle New Oversight Rule They Say Will Increase Litigation

Audit regulators are watering down a proposed rule aimed at increasing auditors’ accountability for their work after the industry said that it would open them up to private lawsuits. The Public Company Accounting Oversight Board may allow auditors to skirt …

4 Trends to Watch in Professional Liability for Accountants

There’s no shortage of accountants in the United States today, and the growth of this industry is not expected to slow anytime soon. In 2013, there were 1.17 million accountants and auditors and 1.59 million bookkeeping, accounting and auditing clerks …

Judge Allows $1B Malpractice Claim Against PwC Over MF Global Collapse

A federal judge on Wednesday rejected PricewaterhouseCoopers’ request to dismiss a $1 billion lawsuit accusing the auditor of providing bad accounting advice that contributed to the October 2011 collapse of MF Global Holdings Ltd, a brokerage run by former New …

Great American, Landy Agency to Offer Professional Liability Insurance

Great American Insurance Group’s Professional Liability Division has formed an alliance with the Herbert H. Landy Insurance Agency to offer professional liability insurance to real estate agents, brokers, appraisers and accountants. This new program will be available in all states, …

Class Action Suits Against Accountants Declined in 2012

Fewer class-action lawsuits alleging accounting improprieties were filed last year in the United States, but those that were settled in 2012 carried a higher price tag, according to a study from Cornerstone Research. As two major trends driving accounting class …

General Star Expands Accountants Program into Pennsylvania

General Star Management Co. has expanded its admitted accountants professional liability program into Pennsylvania. Pearl Insurance, headquartered in Peoria, Ill., has served as the exclusive program manager for the General Star facility in 28 other states and now adds Pennsylvania. …

General Star Enhances Accountants Professional Liability Program

General Star Management Co. has made a series of revisions to the policy for its accountants professional liability program. Available exclusively via program administrator Pearl Insurance, the product is currently available in 28 states. The coverage is written on an …