New York (Aug. 21, 2002) -- Liability for auditors will only increase in the wake of the accounting scandals and new reform legislation, and accounting firms need to act now to decrease their exposure, according to veteran professional liability attorney Dan Goldwasser.

An auditing practice is "fraught with liability dangers," Goldwasser told attendees at the New York State Society of CPAs’ "Future of SEC Practice After Enron" conference. And he warned that the liability potential is increasing as investors rack up huge stock market losses and turn to someone to blame.

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