Courts look unkindly at CPAs who advise clients beyond their qualifications - for instance, by dispensing legal advice (if they're not attorneys as well). Knowing where to stop and refer clients to other professionals, as well as how to manage the other specialists in a client's financial life, are critical skills for effective investment advisors.
Stepping over the line can be overlooked in many situations. But when clients begin to complain, CPA advisors can be vulnerable primarily in two areas - objectivity and competence.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access