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Hello Open tuition
Please assist me in distinguishing the following terms as I often confuse them;
i) Disclaimer of liability
ii) Limited liability agreements
iii) Professional indemnity insuranceThank you
Welcome to my AAA forum!
i) this is a paragraph in the auditor’s report – see page 41 of our notes
ii) this is an agreement between the auditor and client – see the 4th bullet on page 42 of our notes
iii) this is insurance against claims – see 1st bullet on page 42 of our notes. In some jurisdictions (e.g. the UK), all audit practices must have PII.For further details – see s.5 of Chapter 4 in the Study Hub.
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