5 Warning Signs of a Claim

On October 3, 2014, in Articles, Checklist, Risk Management, by CAMICO

Even when covered by insurance, claims can have a significant impact on your practice in terms of time, money, professional reputation, and peace of mind. By knowing the warning signs of a claim, and calling your risk advisor early on, you can help minimize the impact of lost billable hours, revenue and sleep. What are the red flags? Here are five general warning signs that trouble may be brewing.

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Protecting your firm’s data, including confidential client information, is a critical part of doing business today. Among the many data security problems causing major losses for CPA firms are five common security mistakes that can be prevented by reasonable data security policies and protective measures. Note the following five mistakes and be sure your firm takes the recommended steps to prevent them.

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Top 5 Ways A CPA Can Get Sued

On August 22, 2014, in Articles, Checklist, by CAMICO

After 28 years of malpractice claims experience, CAMICO has developed a wealth of information about what causes disputes between CPAs and their clients, what leads to litigation, and how to avoid or minimize the damages from such conflicts. There are basic risk management steps that every firm can take to lower their exposures to risk, such as client and engagement screening, due diligence, documentation, due care, exercising skepticism, and being aware of the public standards for CPA services.

The following five pitfalls are especially prone to litigation but are avoidable when risk management principles and techniques are applied effectively:

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Client screening is excellent risk management as well as practice management. It’s the first step in an effective loss prevention program, and it can be used to identify less desirable clients that may be keeping your firm from developing the clients you want.

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Some CPAs think they won’t get sued because they ‘don’t make mistakes’, ‘only do business with friends’, and ‘only do tax work, among other reasons. The problem with this approach is that it is not effective risk management and could put even the most cautious CPA firm at risk.

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