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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CAMICO’s Loss Prevention and Claims department experts answer some of the most frequently asked questions in this excerpt from CAMICO’s IMPACT.

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16 Tips For Avoiding Fraud

On June 6, 2013, in Checklist, by CAMICO

The most common method of detecting fraud and defalcation (embezzlement) is a tip or complaint from an employee, vendor, customer or anonymous informant. Although small business frauds have a relatively low detection rate by audits, this fact does not accurately reflect the effectiveness of audits as deterrents to fraud by putting personnel on notice that fraud is likely to be detected.

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By Ronald C. Parisi, CPA, J.D.

When the familiar faces of your client have been replaced with new management or, worse, a bankruptcy trustee, the only documented understanding with your client will be contained in the engagement letter.  By setting out the understanding, you minimize your chances of facing litigation, because the engagement letter will leave little or no room for misunderstanding—a common reason for lawsuits.

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Managing Risk in the Competition for Clients

On December 20, 2012, in Articles, by CAMICO

This article highlights some of the practice and risk management techniques firms can employ to bring in and retain clients that are a good fit for the firm.

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