People go after accountants because they are perceived as having deep pockets.
The Web site is a sign of the times as claims against accountants become commonplace. It is difficult to determine whether the number of malpractice claims against accountants has increased in recent times, but the dollar payouts on such claims is rising, Cheffers said. While claims against accountants were rare before the 1970s, it said, these days, one out of every 120 accountants is sued each year. Widening expectation gap In recent years, Cheffers said, juries are increasingly holding accountants responsible for much more than accounting standards set by professional trade organizations, expanding the net of legal liabilities for the accountant. For example, the advent of the Internet has made it easier to find financial data and do background searches on companies, but the accounting principles that accountants live by don't require this.