NOVA SCOTIA CULTURAL ACTION NETWORK
NSCAN is a voluntary association of individuals who have spent their careers working in Nova Scotia's culture sector.
NSCAN engages in research and advocacy in support of broadbased cultural development.
NSCAN is an informal and independent leadership organization with no ties to government or any other culture sector organization.
All NSCAN research is self-generated and self-financed.
Over the past five years, NSCAN has produced a groundbreaking series of forward looking documents that can serve as a rallying point and a road map for Nova Scotia's culture sector:
Why you should buy professional liability insurance cover
Every organization including the government, the businesses, and individuals highly rely on their accounting professionals for the provision of financial opinions, tax preparation, tax filing, audits, estate planning, and many more financial transactions. It’s therefore with no doubt that accountants hold a special place in any organization structure. Just like other professionals, accountants too, are human. Humans do make mistakes, which could either be unintentional, or deliberate in some instances. For this reason, it’s clear that the necessity and importance of professional liability insurance for accountants cannot be overlooked by any firm that seeks to protect themselves against any professional liability that may arise.
Even though it is a legal requirement to have this cover, most professional organizations including the American Institute of Certified Public Accountants do recommend that all accounting firms acquire North Vancouver professional liability cover. This measure is aimed at protecting their organization against likely exposures that may arise as a result of the highly complicated accounting and tax work.
With Professional Liability Insurance, the accountant ensures that the client’s assets remain intact in case of a loss occasioned by their (accountant’s) mistakes. The cover also ensures that the client's business does not become grounded, and therefore, continues to operate, in case of a loss.
Being a Certified Public Accountant, or Tax Professional is becoming more and more challenging, more so with the frequent change of laws or regulations. It, therefore, implies that with a single mistake (or alleged mistake, in some extreme cases), there could be enormous consequences the firm and/or clients they represent could face. Some of the possible exposures which may arise in the accountant’s day to day operations may include; Data entry and accounting errors, incorrect or improper tax opinion, failure to detect acts of fraud, inability to keep appropriate financial documentation, failure to do background search prior to a financial transaction, etc.
Accounting clients would completely get rid of costly litigation associated with these potential exposures would they have an understanding of these exposures. However, over time it has proved that the only sure way for these clients to get immunity against these cases (lawsuits) is to take a Professional Liability Insurance for the Accountants.
In conclusion, there’s no single profession that can be said to be immune to lawsuits where parties seek compensation due to the loss or damage suffered as a result professional ignorance, error, omission, or a negligent act, arising from an individual’s performance in their line of duty/professional work. Therefore, the only formidable solution to such cases involving professional work is buying a Professional Liability Insurance cover for the professional involved.
Our goal is to find common ground and a common voice for Nova Scotia's culture sector.