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Impact #103 – War Story #103: Merger, Embezzlement, Audit Services

The CPA firm of Granger, Edwards, McDonald, & Solo (GEMS) had audited Benjamin County Sanitation Agency (BCSA) for 10 years when GEMS purchased local practitioner Charles “Skip” Towne’s solo practice. Skip was assigned BCSA because it was of no interest to the other partners for two reasons: BCSA was perceived as a “no growth” client, … Read more

In Memoriam: Jeffrey C. Hohman, CPA

  Jeffrey C. Hohman, CPA CAMICO lost a good friend and dedicated colleague in Jeff Hohman when he passed away in late October 2014. Jeff had joined CAMICO in 2004 as a Loss Prevention Specialist and was always a passionate advocate on behalf of CPAs and the accounting profession. He brought to the company and … Read more

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 … Read more

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 … Read more

Impact #103 – Enhanced Platform for CAMICO Members-Only Site

CAMICO policyholders now have a members-only website that is responsive to the latest browser technology, including mobile and desktop devices. The new site offers an enhanced and more efficient experience for users with the newest browsers, and few functional changes. The user experience should be seamless and remain as secure as always. The website will … Read more

Impact #103 – Consequences of Not Filing the Required Tangible Property Regulation 3115s by Tax Year 2014

What are the issues or consequences to the taxpayer and the tax return preparer if a taxpayer does not comply with the new tangible property regulations (TPRs), i.e., file the required 3115(s)? It puts the client at risk for significant adverse consequences, such as: Permanent differences in deduction for repair and maintenance costs that were … Read more