Responding to Pressure to Provide CPA-to-Lender Comfort Letters
By Suzanne M. Holl, CPA Complying with requests from banks and other lenders for assurances regarding clients’ … Read more
Risk Management
Five Common Missteps in Managing CPA Liability Risk
Managing CPA liability risk exposures is a complex process, and it’s easy to underestimate the potential for risk along the way. The following five missteps can be avoided by being aware and taking the right actions. 1. Not discussing questions about the insurance application with your underwriter or agent. Whether it’s for a new or … Read more
Why It’s Important to Maintain Prior Acts Coverage
Do Not Lose Coverage for Your Prior Acts! Most Accountants Professional Liability insurance policies are “claims made and reported” policies. Two important features of claims made and reported policies include: The insurance applies only to claims that are first made and reported to the insurance company during the policy period. The insurance provides coverage for … Read more
The Dos and Don’ts of Disengaging
By Duncan B. Will, CPA/ABV/CFF, CFE Whether due to the “great resignation,” the “great reassessment,” or the “baby boomer departure,” the CPA profession is … Read more
Understand Your Risks: Generative Artificial Intelligence Solutions
Generative artificial intelligence (“AI”) solutions such as OpenAI’s ChatGPT continue to gain popularity. Many CPA firms seek to leverage the use of generative AI to accelerate innovation and increase productivity. As the use of AI technology evolves, CPAs need to obtain a solid understanding of their needs and objectives – and gain an understanding of … Read more
Corporate Transparency Act
CAMICO continues to receive inquiries from policyholders regarding implications of assisting clients with the new beneficial ownership information reporting guidelines under the Corporate Transparency Act (“CTA”). CAMICO issued a policyholder Alert in December 2023 on this topic, which included, among other things, a Frequently Asked Questions (“FAQ”) document that highlights many of the common inquiries … Read more
