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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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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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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