Protect Your Clients Against the Rise in Cyber-Attacks

CPA firms have become prime targets for identity thieves, with cyber-attacks and data breach incidents growing in frequency. Most people assume that hackers will go after larger firms, where there is more information of value to hackers. Yet the reality is that small to mid-size CPA firms are just as prone to attacks because of hackers’ perception that smaller firms are softer targets with weaker security systems.

CAMICO Posts 2016 Financial Statements, Operations Report

CAMICO, the nation’s largest CPA-directed program of insurance and risk management for the accounting profession, posted total policyholders’ surplus of $40.2 million and net income of $1.3 million for the year ended December 31, 2016.

CAMICO continued to maintain key financial ratios at historically high levels, and the policyholder retention rate for 2016 was 93.3 percent, consistent with an average policyholder retention rate of more than 93 percent for the past 23 years.

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Latest Articles

  • 13 Sep

    Proactively Managing Fee and Collection Issues

    An effective way to avoid having a collection problem in the first place is to communicate with the client regarding your billing and collection policies, and to include stop-work or disengagement provisions, or both, in your engagement letter. Such provisions can then be enforced if the c... read more

  • 03 Sep

    What’s the Right Policy Limit for Your Firm?

    If one had to choose the question most frequently asked by CAMICO policyholders, the likely winner would be, "What should our policy limit be?"

    This is not an easy question to answer, which may explain why it is asked so often. Regardless of your level of expertise in C... read more

  • 21 Aug

    Preparing for the Next Recession

    Economic conditions historically have a significant impact on CPA professional liability claims. When the economy is doing well, and businesses are relatively flush with money, people are less likely to notice funds missing. Fraud therefore tends to flourish and go undetected in good times... read more

  • 10 Jul

    Trustee Red Flags and Best Practices

    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 unde... read more