Like many other providers of goods or services, professional accountancy firms often seek to limit their potential liability to their clients by including limitations or exclusions of liability in their engagement letters.
This is good risk management practice – as long as it is done carefully and effectively. Not everyone is aware of the extent to which they are able to restrict or exclude liability – and the danger is, get it wrong, and you may have any unreasonable contractual provisions struck out leaving you with unrestricted liability.
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