The business risk to auditors of nonpublic entities is greater now than ever. Making a major error on engagements can be more than just embarrassing; it can mean bad publicity, loss of reputation and clients, significant lawsuit settlements, and potential revocation of your professional license. Both unintentional and intentional mistakes can have serious negative consequences on your practice's ability to continue as a going concern. Protect yourself. Avoid common slip-ups by learning from the past real-life mistakes of other experienced professionals.