KANSAS STATUTES AND CODES

60-3901. Standards of liability of certified public accountants and attorneys to financial institutions.

60-3901

Chapter 60.--PROCEDURE, CIVIL Article 39.--STANDARDS OF LIABILITY OF MEMBERS OF CERTAIN PROFESSIONS TO FINANCIAL INSTITUTIONS

60-3901. Standards of liability of certified public accountants andattorneys to financial institutions.(a) Unless otherwise agreed in writing, certified publicaccountants, licensed in accordance with article 3 of chapter 1 of the KansasStatutes Annotated, and their firms, officers, directors, agents, servants andemployees, while acting in the course and scope of providing accounting,auditing, consulting and other professional services to financial institutionsauthorized to do business or doing business in the state of Kansas, shall haveno greater duty of professional responsibility to the institution, itsshareholders, depositors, customers, creditors or insurers than that requiredof certified public accountants by generally accepted accounting principles(GAAP) and generally accepted auditing standards (GAAS) as provided byK.A.R. 74-5-202 and 74-5-203 and amendments thereto.

(b) Unless otherwise agreed in writing, attorneys licensed to practice lawin this state and their firms, including employees thereof, acting in thecourse and scope of providing legal services to financial institutionsauthorized to do business or doing business in the state of Kansas, shall haveno greater duty of professional responsibility to the institution, itsshareholders, depositors, customers, creditors or insurers than that requiredof attorneys under state law.

(d) This section shall apply to all claims orcauses of action based on Kansas state law seeking to recover money damagesfrom any person or entity covered within the scope of this section which arefiled in any court of competent jurisdiction.

History: L. 1993, ch. 235, § 1; April 29.