From www.journalofaccountancy.com: (US context) CPAs often face professional liability claims when informal conversations about investment advice lead to significant client financial repercussions, especially when such advice lacks documentation.

To mitigate risks, CPAs should establish clear scopes in engagement letters, avoid providing unqualified investment advice, and document discussions related to client investments.

By doing so, they can prevent misunderstandings that could result in liability claims related to financial advice.