The good news: The vast majority—93%—of respondents to a recent poll of BV and accounting firms said that in the past 10 years, they have never had to defend a malpractice suit in their forensic and valuation services (FVS) practice. Only 4% of respondents had experienced one or two claims over the prior decade; 3% had taken on three to five claims; but none had fought six or more claims.
What were the participants’ top three worries regarding the risk of an FVS malpractice suit?
- Not being provided with important information (52%);
- Lawyers who don't communicate well or don’t provide the complete story (51%); and
- The client's or a lawyer's unrealistic expectations for a specific result (47%).
Are you at risk of committing malpractice in the FVS world? For the answer—plus complete survey results—you’ll have to attend the session by Michael Corso (Henderson Franklin Starnes & Holt), Michael Crain (FVG), and Gail Markham (Markham Norton Mosteller Wright & Co.) at the 2012 AICPA Forensic & Valuation Services Conference in Orlando, Fla., on November 11-13. To register, click here.