Risk Management Tips for Tax Season

With the increasing complexities in tax law and regulations facing CPAs today, it is even more difficult to stay current on risk management and loss prevention practices. IMPACT presents the following overview of key liability areas, pitfalls and tips as a guide for tax practitioners heading into busy season.

Latest Engagement Letters Book Available

The 11th edition of the CPA’s Guide to Effective Engagement Letters is now available. It includes a CD of the electronic versions of all letters, the suggested wording, and the comments, along with risk management case studies. CAMICO policyholders can access many of the letters from the Engagement Letter Resource Center on the homepage of the Members-Only Site at www.camico.com.

The book has been updated throughout and includes:

DOL Employee Benefit Plan Audit Inspections

Special attention should be paid to a new consent form now accompanying document requests from the Office of the Chief Accountant (OCA) under the U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA). Recent OCA document requests now include a request for the CPA to consent to the release of the CPA’s audit workpapers to other authorities. Many CPAs, believing they are required to sign the consent or not aware of its implications, are signing the consent.

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