It is true that accountants are well ahead of most other
professions when it comes to risk management and certainly, the
"big four" have had in place risk management processes
and dedicated resources far earlier than solicitors, IFA's and
surveyors to name but a few. However, this is no time to rest.
Clients are running out of money, as the slow asphyxiation of the
credit crunch finally chokes their life blood, and liquidators,
litigation funds, irate investors and shareholders are starting to
see litigation as a viable business plan. It seems a good time to
re-visit the touchstones of risk management for accountants.
The risks facing accountants are varied: damage to reputation
from bad clients or from losing data, claims from third parties as
well as clients; failing to plan to detect fraud in the audit
process; claims for missed time limits and challenges to (not so)
"brilliant" tax schemes by HMRC. Modern day accountancy
firms also offer investment management and
