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Ricci,an engineer,supervises the construction of a new mountainside roadway. When the road collapses in a landslide due to faulty grading,Ricci is sued by motorists and hikers injured in the collapse. As a professional,Ricci is held to
Professional Indemnity Insurance
A type of liability insurance that helps protect professionals from claims made by their clients for errors or omissions.
GAAP
Generally Accepted Accounting Principles, which are a standard framework of guidelines for financial accounting.
Negligent
Being negligent means failing to take proper care in doing something, resulting in damage or harm to others.
Unaudited
Pertaining to financial statements or accounts that have not undergone a formal examination and verification by an accountant.
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