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To the editor: The June 9 article, "Accounting Firms Choose Clients More Carefully," identifies a key component of the underwriting philosophy and risk management approach to accountants' business today.
In managing the professional liability programs for the American Institute of Certified Public Accountants, one of the things we stress is the importance of scrutinizing clients. The group B accounting firms-those just below the Big Six in size-are especially susceptible to class-action suits and have been very aggressive in managing this aspect of their risk exposure.
Scrutiny of clients and prospects becomes ever more important as competition for clients heats up. Like the insurance industry, the accounting profession is in a
period of consolidation, and we in the insurance industry must continue to heighten the sensitivities of our accounting clients to the importance of managing their own risk exposure while expanding their client base.
I commend Business Insurance and author Michael Prince for the article.
James R. Eisenmann
Aon Insurance Services Inc.