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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Basic steps can be taken to avoid or manage most billing and collection problems. Client screening and engagement letters are the first steps toward controlling losses and enhancing your clientele, but better billing and collection practices are also valuable ways to enhance cash flow. (Download sample letter templates to help address fee collection situations) 

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Data security is a growing concern for CPA firms. This article can help you better understand the issues involved and what you need to consider when developing data security policies for your firm. It also provides some risk management insights on how to reduce your risk and protect your firm.

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25 CPA Risk Management Tips

On November 6, 2013, in Articles, Checklist, Tips, by CAMICO

After a quarter century of dialogue with its CPA policyholders, CAMICO has become a national repository of risk management knowledge for CPA firms. A loss prevention and insurance program founded and directed by CPAs, CAMICO recognizes that its success is in part due to the acquired experience and learning of CPAs who report problems to CAMICO and provide expertise in the development and implementation of solutions. Following are 25 tips and thoughts from CAMICO

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