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Engagement letters help CPA firms improve communication with clients, document engagements more effectively, and protect the firms from litigation. Letters should be as detailed as possible in describing the nature and extent of the services that a firm is being retained to perform, as well as the services that are outside the scope of the … Read more

Since April 2020, 13 CAMICO policyholders have reported data breaches that in aggregate resulted in the hackers filing over 300 fraudulent income tax returns through the CPAs’ tax software. Now, more than ever, data security is an urgent concern for the accounting profession. In the wake of the COVID-19 pandemic, CPA firms are operating in … Read more

The Paycheck Protection Program Flexibility Act of 2020 (“Flexibility Act”) was signed into law by President Trump on June 5, 2020. The new act eases rules and provides much needed flexibility to small businesses on how they can spend their PPP funds and still qualify for forgiveness of the loans. On June 16, 2020, the … Read more

By Ron Klein, J.D. The classic small-business embezzlement scenario has occurred so many times over the years that CAMICO Loss Prevention specialists have it memorized: The client is a small business owner who is too busy running the business to supervise the bookkeeping and banking activities. On top of that, there aren’t enough employees for … Read more

CAMICO’s recent cyber claims experience shows that the cyber-security of employees working remotely has not been as effective generally as cyber-security in an onsite office location. The lower security is being exploited by hackers, many of whom are increasing their ransomware demands. Another result is that claims for false tax returns are being filed more … Read more