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This is a notice for site visitors
Signed engagement letters help CPA firms improve communication with clients and protect the firm from litigation as “the first line of defense.” Use the following tips to help you write more effective engagement letters. Engagement letters should…• State the purpose of the engagement.• Define the scope and limits of the engagement.• Specify known negative conditions … Read more
Q: My firm has a Written Information Security Plan (“WISP”), but it hasn’t been updated since early 2023. How often should we be reviewing/updating our WISP? And have there been any significant changes to the regulatory guidance related to physical, technical, and/or administrative safeguards a CPA firm is required to have in place to protect … Read more
With cybersecurity threats coming from all directions, it’s crucial for CPA firms and their staff to be aware of how the risk exposures impact the firm as well as the client. When there is a claim, it is important to understand how cyber insurance coverages respond and it’s vital to engage with qualified legal and … 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 10 questions and trends that our specialists hear about most frequently from our policyholders. Top Loss Prevention Trends Q: What are some of the risks and general guidelines for our firm if we … Read more
On August 15, 2024, the IRS announced a second Employee Retention Credit Voluntary Disclosure Program (“ERC-VDP”) for the benefit of businesses and tax-exempt organizations that erroneously claimed the Employee Retention Credit (“ERC”) for 2021 and have received a credit or refund prior to August 15, 2024. The initial Voluntary Disclosure Program (“VDP”) for the 2020 … Read more
The new beneficial ownership reporting requirements under the Corporate Transparency Act (“CTA”) took effect on January 1, 2024, and months later, the small business community remains woefully unprepared for compliance with this complex reporting regime. CAMICO continues to receive numerous inquiries from policyholders regarding implications of assisting clients with the new beneficial ownership information reporting … Read more
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CAMICO Services, Inc. dba CAMICO Insurance Services, CA License #0C09618. CAMICO Mutual Insurance Company, (Rated A- (Excellent) by AM Best) San Mateo, CA, domiciled in California is licensed in all states and the District of Columbia, NAIC #36340. Copyright © 2024 CAMICO. All rights reserved. Website design by StyleSite.