malpractice insurance
Liability *insurance taken by external auditors to cover potential legal action by *auditees (and others) dissatisfied with the auditor’s work. From the 1980s the suing of external auditors has become increasingly common, and in addition to malpractice insurance many large audit firms have taken the step of converting from *partnerships to *corporations to reduce the personal liability of individual audit partners.

Auditor's dictionary. 2014.

Look at other dictionaries:

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