A significant number of professional liability claims have resulted over the years from CPAs providing oral advice to clients without documenting it. When advice is provided to help clients make informed decisions, such advice should always be captured in writing. This will help CPAs avoid disputes later on as memories begin to fade or clients become unhappy with the results of their decisions.

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3 Top Risk Management Areas

On September 1, 2015, in Articles, Risk Management, Tips, by CAMICO

By Randy R. Werner, J.D., LL.M./Tax, CPA

The fundamental principles of risk management for CPAs have remained remarkably constant over the years, despite the variety and complexity of changes that continue to take place in regulatory and professional standards for CPAs. This constancy is mainly due to the high expectations the public has for CPAs—expectations that affect the way CPAs are perceived in the world of professional liability, where CPAs are judged by jurors, judges and arbitrators who generally have a limited understanding about what CPAs do in their profession.

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In today’s technology driven world, cyber-attacks and data breaches continue to make the news. The signs of such attacks are growing even further – along with the proliferation of web-based technologies and increased usage of mobile devices such as laptops, smart phones and tablets for business purposes. The average cost of data breach to companies was $3.5 million in 2014 according to Ponemon Institute.

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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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