Risk Management

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

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

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

Problems arising from billing and collections practices have often plagued CPA firms. By taking a few basic steps in the creation of a thoughtful billing and collections policy, firms can avoid or manage such problems. Further, those same steps will help firms improve the quality of their practices, attract a better client base, help generate … Read more