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Laws and opinions about how much assistance CPAs should provide clients in areas of legal services vary by state. But by helping clients with legal forms and documents, CPAs can inadvertently expand their liability exposures and hamper an effective defense – opening the door for plaintiffs to allege grounds for a malpractice claim in some situations. CAMICO recently developed some guidelines on areas where CPAs may need to consult an attorney.
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Many CPAs are unsure what to do when they receive a subpoena. Complying with a subpoena without seeking proper counsel can actually create more problems, because CPAs are subject to a labyrinth of rules that restrict or prohibit disclosure of client information. Continue reading »
This CAMICO case study on “Responding to Subpoenas” contains advice about some things CPAs should review before stepping into the witness box, and practical guidance on what to do before responding to a subpoena.
Did you know that subpoenas are just pre-printed forms that attorneys print out at their office and not court orders? In fact, complying with a subpoena without seeking proper counsel can actually create more problems, because CPAs are subject to a labyrinth of rules that restrict or prohibit disclosure of client information. Watch this short video where CAMICO exposes the intimidating aspects of the gun and the badge and offers CPAs some guidance on the right way to respond to a subpoena.
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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CPA firms frequently ask CAMICO: “What should our professional liability insurance policy limit be?”
The question becomes even more critical at a time when firms are tightening belts and trying to reduce expenses without negatively impacting their fundamental business model. There are dangers in being under-insured as well as in being over-insured for professional liability, and the dangers can create problems.
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