July 10, 2023

Implications of Recent Professional Standards

July 17, 2023July 10, 2023 by Amber

Plaintiffs and their legal counsel often leverage noncompliance with professional standards to strengthen cases in support of allegations of harm caused by accountants. This article highlights risk management implications of recent professional standards and offers risk management tips regarding established standards governing financial statement services. Neither the Auditing Standards Board (“ASB”) nor the Accounting and … Read more

Corporate Transparency Act/ Beneficial Ownership Information Reporting — Risk Management Considerations for CPA Firms

July 17, 2023July 10, 2023 by Amber

A folder highlighted with the word "Reports"

The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and related anti–money laundering rules since the U.S. Patriot Act. The CTA is intended to address and guard against money laundering, terrorism financing, and other forms of … Read more

Risk Management Tips for the Tax Practitioner

July 17, 2023July 10, 2023 by Amber

CAMICO has been developing risk management solutions for CPAs for more than 37 years, and we recognize and understand the challenges facing CPA firms navigating each tax season’s nuances. For example, the pandemic years’ economic and tax relief programs had complex, wide-ranging impacts on CPAs, tax practitioners, and their clients. Although most agree that the … Read more

Claim Chronicles 123-B

July 11, 2023July 10, 2023 by Amber

A piece of paper that says "Paycheck Protection Program"

Topic: False Claims Related to PPP Loans The following Q&A with CAMICO Claims experts reflects recent claims experience involving potential false claims related to Paycheck Protection Program (PPP) loans issued (and forgiven) during the COVID-19 pandemic. Q: What concerns have CAMICO policyholders recently reported regarding some PPP loans? A: They have reported matters involving clients … Read more

Compliance with the Federal Trade Commission “Safeguards Rule”

July 17, 2023July 10, 2023 by Amber

The Gramm-Leach-Bliley Act (“GLBA”) was passed by Congress in 1999 with bi-partisan support. A component of the GLBA, its Safeguards Rule, was first established in 2003, and required organizations defined as “financial institutions” to establish measures to keep their customers’ private information secure. In accordance with GLBA provisions, the Federal Trade Commission (“FTC”) has authority … Read more

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