Public accounting is basically just us underwriting our own insurance policies. Agree or disagree?

likesmart
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Huh?

like

We sell the client an audit (insurance policy). We underwrite by deciding how much investigation we'll do into risky areas. If anything ever happens (fraud), then the client will try to cash in on their policy and say it was our fault.

smart

For those of us on the lower echelons I’d say just a glorified box-checker tbh for any audits past the first year with no significant changes incorporated

funny

I prefer gatekeeper to public markets,

Falls apart when we don’t cover the client’s liability and they are punished as well

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