Dax Watson, Managing Partner of the Lipson Neilson law firm’s Phoenix office was selected to teach a class titled “An Accountant’s Guide to Minimizing Professional Liability” during the prestigious Woodard Scaling New Heights conference held May 22-25 at the Atlantis on Paradise Island, Bahamas. Joining Dax in teaching this session was John Torvi, Vice President of Marketing & Sales at the Herbert H. Landy Insurance agency.
This session provided an in-depth understanding of specific issues and circumstances that lead to lawsuits and other negative consequences of practice errors as well as practical knowledge and tips to avoid malpractice claims or complaints. The session also covered the “ins & outs” of a professional liability insurance policy so that an insured will be covered, and what to do if your firm is sued or accused of malpractice. This session was approved for 2 Continuing Professional Education (CPE) credits for those attending.
Unfortunately, accounting professionals continue to get sued for common malpractice issues. These include allegations of not applying prudent standards of care (especially when multiple standards may apply), exposure under securities laws, missed deadlines and missed or late filings, failure to develop, implement and consistently practice quality control measures, failure to detect fraud and the negligent preparation of tax returns or giving improper tax advice. In addition, they face a growing threat to their practice in the form of a privacy or cyber security breach.
No longer just a concern for large corporations, the consequences of a privacy breach can be devastating to any business. Whereas a malpractice claim may “only” involve a lawsuit, an event involving loss of data could also include civil penalties and state-mandated notifications and credit monitoring; if your firm practices or has clients in multiple states, the complexities of compliance and remediation can be staggering.
This conference attracted nationally renowned speakers such as Daymond John, star of the business reality show Shark Tank. The overall purpose was to provide education for small business owners and managers, and for accounting professionals that work with small businesses.
Dax Watson has extensive litigation and professional liability defense experience. In addition to his legal practice, Watson is approved to teach legal issues, agency and disclosure, and property management by the Arizona Department of Real Estate. He regularly teaches risk-reduction classes to, and seminars for, real estate Brokers throughout Arizona.
To learn about the Lipson Neilson law firm please visit www.lipsonneilson.com.
Contact: Dax Watson