Trustee-Related Claims Trends

Many clients look to CPAs as the natural choice for the role of "trustee" to manage the assets and carry out their clients’ 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 CPAs underestimate trusteeship risk, what may appear to be a safe and simple role can become a Pandora’s box of sibling rivalries, aging parental battles, competing interests, disruptive lawsuits, and financial losses.

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Latest Articles

  • 05 Dec

    Six Tips for Safe Holiday Celebrations

    Employer-hosted events to celebrate the holidays and thank employees for jobs well done often come with liability and other risks when the events include alcohol.

    "Impaired judgment and lowered inhibitions as a result of alcohol consumption give rise to a variety of dangers,... read more

  • 13 Nov

    How to respond to subpoenas

    CPA firms are often uncertain about whether or how to respond to a subpoena, as they also need to comply with a number of rules and regulations that are intended to protect client confidentiality. The following Q&A focuses on understanding the nature of subpoenas and how CPA firms can ... read more

  • 13 Nov

    The New 'Hosting Services' Interpretation

    Under the new "Hosting Services" ethics interpretation in the AICPA's Code of Professional Conduct (ET §1.295.143), effective July 1, 2019, CPA independence is impaired by taking responsibility for hosting a client's data or records. As such, if the only way that the client can access its... read more