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With experts predicting that the next recession will begin in 2020 or 2021, CPA firms would be wise to prepare for an economic downturn. A key risk management technique is to provide good client service and communications that help clients better understand and reduce their exposures to fraud. Continue Reading
In responding to a recent uptick in trustee-related claims, CAMICO has identified common scenarios that pose significant liability exposure if not managed properly. Continue Reading
Tempting as it may be for CPAs to comply with such requests, providing the requested assurances could put CPAs and their licenses at significant risk. Continue Reading
Jurors (who are members of the public) generally consider CPAs to be experts in documentation, and falling short of that expectation when faced with a liability lawsuit may be viewed by the public as negligent and below the standard of care for the services rendered. Continue Reading
By evaluating all potential new clients and re-evaluating all current clients on a regular basis, at least annually, the firm is able to consider any factors or changes that might affect the professional relationship or cause an escalation into a crisis. Continue Reading
CPA firms are experiencing an uptick with clients trying to embed indemnification and/or hold harmless clauses in various agreements with the firms. Many of the clauses are inappropriate for CPA services or are overly broad, even to the point of shifting all liability to the CPA firms. Here are some considerations before agreeing to any such clauses. Continue Reading
A CPA firm considering opportunities to accept marijuana business clients should adopt a risk assessment approach to evaluate the risks to their firm from such clients. Continue Reading