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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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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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In these challenging economic times, CPAs remain under fire from banks and other lenders pressuring them to provide assurance-type opinions regarding the financial strength of their clients.
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Problems stemming from fee billing and collection have always plagued CPA firms but even more so since the economic downturn. Clients that have lost business are slower in making payments to CPAs, who in turn suffer from slower cash flow. There are basic steps that can be taken, though, to avoid or manage almost all billing and collection problems. Even better: those same steps will help improve the quality of your practice, attract a better client base, generate more fees, and improve collection and cash flow.
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