Engagement and Disengagement Letter Essentials
By Suzanne M. Holl, CPA Engagement and disengagement letters are two of the fundamental building blocks … Read more
Accounting
Trustee Red Flags and Best Practices
Many clients look to CPAs as the natural choice to fulfill the trustee role, manage the assets, and carry out client wishes. For CPAs good at managing and minimizing the unique risk attributes of a trustee role, trustee work can be satisfying and rewarding. On the other hand, if a CPA underestimates trusteeship risk, what … Read more
Implications of Recent Professional Standards
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
Risk Management Tips for the Tax Practitioner
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
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”
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
