CAMICO eAlert: Coronavirus (COVID-19)

At CAMICO, we are keenly aware of the potential impact of the coronavirus (COVID-19). We are monitoring the coronavirus situation closely and taking steps to provide for the continuity of our services as well as the safety of our employees and the community.

CAMICO recognizes the unique challenges facing our policyholders in navigating through the uncertainty of the coronavirus pandemic. First and foremost, firms need to take the appropriate steps to protect the safety and health of their employees, their clients and their communities. To that end, CAMICO recommends the following minimum steps:

  • Stay up-to-date on the latest developments, which includes checking the following resources:

  • Maintain frequent communications with your employees, which includes instructing them to stay home if they feel sick, how to recognize COVID-19 and its symptoms, the benefits of social distancing, and reminders about proper hygiene and other mitigation strategies.

  • Consult your Disaster Recovery Plan for direction and guidance on additional steps to take (e.g., working remotely, etc.).

  • Consider curtailing business travel (even to currently low-risk locations).

Given the tax filings and financial statement regulatory deadlines rapidly approaching, advocacy efforts by many state societies and other organizations have been initiated requesting coronavirus relief from regulatory bodies (SEC, IRS, etc.), with some success. For example, the SEC has provided public companies, under certain conditions, with an additional 45 days to file certain disclosure reports that otherwise would have been due between March 1 and April 30 of this year.

On March 10, 2020, Congress wrote a letter to the IRS regarding the need to extend the tax filing deadline beyond April 15th, as well as requesting relief from filing deadlines and payment penalties for those impacted by COVID-19. In addition, on March 11, 2020, the American Institute of CPAs (AICPA) called for the Treasury Department and the IRS to provide broad relief to all taxpayers in light of the uncertainty and challenges caused by the spread of the coronavirus pandemic. Firms need to closely monitor the status of applicable filing deadlines as additional information becomes available. The AICPA has a great wealth of information on their Coronavirus Resource Center at https://www.aicpa.org/content/aicpa/news/aicpa-coronavirus-resource-center.html. In addition, since each state, county and municipality will reach their own decisions regarding possible relief, it is important for the firm to consult the website for each taxing authority to determine whether applicable filing dates have been changed.

Many policyholders have contacted CAMICO seeking sample language for a client notification regarding the potential impact of the coronavirus. Such a communication is very organization-specific so a “one size fits all” template is not appropriate. CAMICO has created the below example as a starting point for such a communication; however, you will need to tailor the firm’s communications so they are appropriate for your firm and its response to the pandemic.

Sample Client Communication:

At [Firm], we are keenly aware of the potential impact of the coronavirus (COVID-19). We are taking steps to provide for the continuity of our client services and the safety of our employees and clients as we navigate through the uncertainly of the outbreak.

We are staying up-to-date on the latest developments. The actions we are taking include monitoring resources such as the Centers for Disease Control and Prevention (CDC); the World Health Organization; the Occupational Safety and Health Administration (OSHA); and our local public health department.

As you know, this is one of the busiest times of the year for accounting firms with tax filings and financial statement regulatory deadlines rapidly approaching. Disaster preparedness is an integral part of our firm’s risk management program and includes a viable pandemic response plan. Below are some of the features of the plan and the actions we are taking:

  • Understanding the risk: This is a rapidly evolving situation, and we are monitoring reports from the CDC and other health agencies to enhance our knowledge and understanding of the spread of the coronavirus. We are tracking regional transmission in affected areas, and are actively taking steps to support our employees, clients and our surrounding communities. We have frequent communications with our employees, which include instructing them to stay home if they feel sick, how to recognize COVID-19 and its symptoms, the benefits of social distancing, and reminders about proper hygiene and other mitigations strategies.

  • Ensuring access to our firm:1 Based on current guidance and our own standards and practices, our office currently has no plans to shut down at this time and will remain open and accessible. We have implemented enhanced cleaning measures for our office(s) for the protection of our employees and clients in accordance with the current guidelines put out by the CDC and other health agencies. If you wish to meet with us, we ask that you call and schedule an appointment with us either in-person or via a teleconference meeting.
Our firm is also prepared in the event we need to operate from outside of our office(s) with the necessary equipment, as well as backup systems and technical support, that will allow our workforce to work remotely in compliance with our Disaster Recovery Plan and other policies. We remain committed to maintaining our firm’s quality control standards.

Our top priorities are the health and safety of our employees and clients. We will continue to monitor guidance from health experts and government recommendations, and will do our very best to maintain the quality and timeliness of our services to you. We appreciate your flexibility and support during this time, and our thoughts remain with everyone affected by the COVID-19 crisis.

Sincerely,

[Firm Name]



1 This section is organization-specific and must be modified as needed to address each firm’s unique situation.

Share this post

Leave a comment

Filtered HTML

  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <blockquote> <code> <ul> <ol> <li> <dl> <dt> <dd>
  • Lines and paragraphs break automatically.

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

Latest Articles

  • 27 Jul

    Exclusive Policyholder Benefits

    Risk management services and resources to help you with today's practice challenges

    CAMICO knows that insurance alone is not a solution for reducing risks. That's why you have access to CAMICO’s proven approaches that have helped numerous CPA firms manage risk and avoid claims.... read more

  • 27 Jul

    War Story 117 - Ransomware Attack

    A staff member of a mid-size CPA firm logged into a public wi-fi network at a coffee shop and spent the morning working on firm files while on the public network. A few days later the employee received an email message from a hacker stating that a ransomware attack had encrypted all of the... read more

  • 27 Jul

    Policyholders Respond to CAMICO Survey on the Pandemic

    More than 900 CAMICO policyholders responded to a survey recently regarding the COVID-19 pandemic impacts on CPA firms. CAMICO conducted the survey to learn more about how policyholders are being affected by the crisis and what they view as their top challenges. The survey also included co... read more

  • 27 Jul

    In Memoriam: Tag Wilson

    Tag Wilson Tag Wilson, a dedicated CAMICO claims team member, passed away unexpectedly in February 2020. Tag had been with CAMICO since 2001 and was a passionate advocate o... read more