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By Duncan B. Will All services performed by accountants have some level of risk associated with them. Auditors have traditionally experienced the highest-severity claims, but these claims are among the least common. Claims involving tax preparation services have been the most common, but among the least severe. From CAMICO’s experience, agreed-upon procedures (AUP) engagements have … Read more

CAMICO’s Loss Prevention and Claims departments work with CPA policyholder firms every day on difficult risk management issues. The following Q&A covers 11 of the questions and trends that our specialists hear about most frequently from you, our policyholders. Top Loss Prevention Trends Q: More and more of our clients are requesting some form of … Read more

Late-filing penalties for estate tax returns are often used as grounds for professional liability claims against CPAs, in large part because of their cost: Given the steeply progressive tax rates for estate tax and rapidly accruing penalties, they often exceed $300,000. Here are some tips for avoiding penalties…. There are several factors that may cause … Read more

CAMICO’s reported cyber-related claims show hacker attacks on CPA firm email systems were the most frequent cause of losses for firms for the 14-month period from July 2018 through August 2019. These claims accounted for almost two-thirds of cyber-related claims. Cyber-criminals who access firm email accounts often manipulate incoming and outgoing messages. In some cases, … Read more

Employer-hosted events to celebrate the holidays and thank employees for jobs well done often come with liability and other risks when the events include alcohol. “Impaired judgment and lowered inhibitions as a result of alcohol consumption give rise to a variety of dangers, such as driving under the influence, sexual harassment, slander and defamation,” said … Read more