Impact #103 - Tax Engagement Letters Updated for 2014/15 Tax Season

Our tax engagement letters are updated for the 2014/2015 tax year and are available in the Engagement Letters Resource Center on the CAMICO Members-Only Site. Some letters have both “standard” and “expanded” versions. The expanded versions are generally intended for more complicated engagements, but please use your professional judgment as to which version is suitable for each client.

Impact #103 - Risk Factors and Warning Signs of Fraud

During the past 28 years that CAMICO Claims and Loss Prevention specialists have helped CPAs with fraud exposures and damages, many lessons have been learned. For instance, CAMICO claims experience consistently shows that fraud and defalcation are major contributors to significant professional liability claims for CPAs, as illustrated by the following chart on “What Causes the Big Claims.”

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Latest Articles

  • 26 Aug

    When fraud is suspected

    Before taking any steps to help a client that may have suffered a fraud or misappropriation of assets, ask yourself the following questions:

    • Do I possess the requisite professional competence?
    • Do I have the necessary experience/qualifications?
    • Will my assistance i... read more

  • 27 Jul

    When to Use Mediation and Arbitration

    Mediation for all disputes

    Claims experience has shown that mediation has a high success rate when used as a first step to resolve all disputes, regardless of the engagement. CAMICO therefore recommends mediation for all disputes and engagements, except when the anticipated cost of... read more

  • 18 Jun

    AICPA Benevolent Fund

    As a CPA, you are a member of a growing, vibrant professional community that has afforded you great opportunities. As you plan your future, you may be considering ways in which you can help safeguard your community during times of struggle.

    ... read more

  • 18 Jun

    CAMICO War Stories #111-A and #111-B

    #111-A: Tax Return Preparation, Hacker Attack — When a hacker penetrated the CPA firm’s computer network, the firm’s cyber coverage responded with an investigation and comprehensive services.

    #111-B: Business Management Services, Email Fraud — The client... read more