We’re happy to announce that we are offering four new webcasts and will continue to record new risk management content over the next several months. In addition, we are offering a wide selection of self-study courses leased from Checkpoint Learning. And as a reminder, all of our CPE is available to all members of an insured firm at no cost.

LearnLive, our former webcast host, was acquired by Thomson Reuters (TR), and we now use TR for our CPE platform. Please see the instructions for using the Thomson Reuters platform, “Accessing Webcasts on the Thomson Reuters Platform,”

at the link included in the IMPACT 119 email.

We have a preliminary schedule (see “Webcast Schedule – August-September 2021”

at the link included in the IMPACT 119 email) and will continue to add more webcasts to the platform. We encourage you to check the platform often for additional webcast and self-study opportunities.

As a reminder, the Thomson Reuters platform is located at a different site than CAMICO — to access Thomson Reuters, please go to camico-learning.thomsonreuters.com

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Following are the descriptions for the new content:

Loss Prevention Matters, Episodes 2, 3, and 4 (1 hour/1 CPE Business Management and Organization)

Note: These webcasts can be watched in any order. They have the same format but each features different advice call questions and responses. They follow the prior webcast “Loss Prevention Advice Calls Part 1.”

CPAs study, master and perform various services requiring familiarity with diverse professional standards. Those standards establish the principles, rules, interpretations and rulings governing the practice of public accounting, but professional standards aren’t the only rules to which CPAs must adhere. “Jury standards” have been identified from CAMICO’s 35+ years of defending accountants from malpractice claims. Jury standards are part of the risk management best practices CAMICO Loss Prevention Specialists share with accountants calling to seek guidance on a variety of risk management topics.

These courses offer summaries of recent and frequent inquiries responded to by CAMICO’s Loss Prevention Specialists on our Advice Hotlines. Curating the contents of those calls allows other accountants to learn from the advice shared with their peers. These courses are the second, third, and fourth installments in a series developed from those Loss Prevention Hotline calls. Applying the risk management tips shared in these courses will reduce the professional liability risk associated with practicing public accounting.

Pandemic Survival Guide: Fraud Prevention, Detection and Risk Management Best Practices (1 hour/1 CPE credit in Auditing)

Many of today’s top CPA malpractice issues and risk management strategies remain unchanged, but the combination of the pandemic, related economic stressors, and standards overload has created unforeseen issues. The accounting profession is constantly in flux and under scrutiny, but the typical threats have been exacerbated as COVID-19 changed the workplace, prompted new pronouncements, necessitated altering the delivery of traditional services, and disrupted the profession’s long-established risk management paradigm. To succeed, CPAs must perceive and adapt to the new risk environment.

CAMICO’s understanding of the accounting profession is integral to the development of this presentation, which offers insight into how to recognize and respond to current practice risks.

Other Webcasts Currently On or Soon to Be Added to the Schedule

Addition by Subtraction — Disengaging (1 hour/1 CPE credit in Business Management and Organization)

Successful CPA firms focus on developing their skills, serving their clients’ needs, and attracting new clients. Historically, minimal attention is given to client continuance decisions. This presentation addresses the often ignored risk management tool — disengaging.
Upon successful completion, participants of this session will be able to:

• Recognize client continuance and termination risks
• Identify disengagement nuances enabling you to terminate relationships with less risk exposure and often an improved reputation
• Successfully use defensive documentation techniques that assist former clients with their transition

Accounting Ethics — A Risk Management Perspective (2 hours/2 CPE credits in Regulatory Ethics)

Note: Not state-specific. CPAs should consult with their own State Board of Accountancy to determine compliance with state-specific guidelines for ethics credit.

Ethical dilemmas are often recognized too late. The landscape for CPAs is all the more dangerous when clients or third parties push the boundaries. The traps are frequently difficult to perceive, and more dangerous if the accountant has started down the slippery slope of rationalization. This presentation will use CAMICO “war stories” and Loss Prevention Hotline inquiries to bring to life these traps and often overlooked ethical requirements. Requirements clarified will include the AICPA Code of Conduct, U.S. Treasury Circular 230, and the AICPA’s Conceptual Framework.

This course is intended to raise awareness and trigger an enlightening discussion regarding ethical dilemmas facing today’s CPA. The course will highlight war stories from CAMICO’s claims files, advice calls, and recommend practices to reduce risk exposures associated with ethical challenges facing CPAs in public practice.

Engagement Letters: Preparing for Success (1 hour/1 CPE credit in Business Management and Organization)

Participants will receive loss prevention guidance regarding engagement letters to reduce their risk exposure. This session will cover:

• Why are engagement letters good risk management?
• Which nontraditional engagements cry out for engagement letters?
• Fees, mediation, arbitration, and other issues that start with an engagement letter
• Engagement letters require you to think ahead — always a good idea

Protecting Your Practice: The Power of Documentation (1 hour/1 CPE credit in Business Management and Organization)

This presentation will focus on the preventive risk management technique of robust documentation. Participants will:

• Gain greater insight into important do’s and don’ts regarding effective defensive documentation techniques involving engagement and disengagement letters, client notifications, and more
• Learn the appropriate levels of documentation and what should (and should not) be included in workpapers, engagement letters, and other correspondence

Self-Study Courses Available

In addition to our webcasts, which must be watched at a specific day and time, we also offer self-study courses from Checkpoint Learning that can be taken on demand. Here are a few, with more to be added:

• What Happens When Baby Boomers Retire
• Cyber Security to Protect Your Company and Your Clients
• Data Privacy and Encryption
• The Impact of Dark Web and Cybersecurity in Tax and Accounting
• Cyber Liability
• The Fraud of Identity Theft
• Are You Ringing the Fraud Triangle

If you have questions, please contact the Loss Prevention department at 800-652-1772 or send an email to lp@camico.com

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If you have technical questions, trouble logging in, etc., please contact Thomson Reuters Customer Support at:

Toll Free: 800-431-9025, options 3,2,3

Product Support: Trlearning.support@thomsonreuters.com