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By Duncan Will, CPA/ABV/CFF, CFE Several AICPA pronouncements became effective May 1, 2017. Omnibus Statement on Standards for Accounting and Review Services – 2016 (SSARS No. 23) became effective (or most of it) when issued in 2016, but amendments to AR-C Sections 70 and 80 now address prospective financial engagements. The AICPA’s Auditing Standards Board … Read more

CPA firms have become prime targets for identity thieves, with cyber-attacks and data breach incidents growing in frequency. Most people assume that hackers will go after larger firms, where there is more information of value to hackers. Yet the reality is that small to mid-size CPA firms are just as prone to attacks because of … Read more

CAMICO claims experience consistently shows that fraud claims occur in a wide range of engagement types, not just in attest engagements, as illustrated by the following chart on “Fraud Claims by Engagement.” Another lesson learned is the importance of managing fraud risks by communicating and working with clients on fraud prevention. Many clients underestimate the … Read more

CAMICO, the nation’s largest CPA-directed program of insurance and risk management for the accounting profession, posted total policyholders’ surplus of $40.2 million and net income of $1.3 million for the year ended December 31, 2016. CAMICO continued to maintain key financial ratios at historically high levels, and the policyholder retention rate for 2016 was 93.3 … Read more

CAMICO, the nation’s largest CPA-directed program of insurance and risk management for the accounting profession, has been named the preferred provider of professional liability and employment practices liability insurance for the Oregon Society of CPAs (OSCPA). Created by CPAs to protect CPAs, CAMICO provides insurance products and comprehensive risk and claims management services to help … Read more

Document, document, document. Keeping good documentation is the single best way to manage your risk. If you’re ever the subject of a lawsuit, your documentation can be the difference between escaping unscathed and being held responsible for damages. When a lawsuit goes to trial, the plaintiffs have the right to look through all relevant documents … Read more