Problem:
Professionals have a responsibility to the public. If a physician or attorney commits a serious error, the number of injured parties generally is limited to one individual patient or client. When a CPA's report is in error, literally millions of investors may sustain losses. Under the Securities Acts regarding CPAs' liability, the burden of proof is shifted to the defendant. Normally, defendants are "presumed innocent until proven guilty." Under the federal Securities Acts, however, CPAs charged with "malpractice" must prove their innocence. Do you feel the potential legal liability for CPAs exceeds that of physicians?