FASB ASC 606 – Don’t Get Revenue Wrecked

by Duncan B. Will, CPA/ABV/CFF, CFE Of course, you’re relieved and exhausted – in addition to the traditional tax and accounting services you perform for your clients as their accountant and trusted adviser, you’ve helped them address the new tax law, consulted on a variety of issues, and assisted them with understanding and implementing the … Read more

New ‘Hosting Services’ Interpretation – Is Your Independence Impaired

The new “Hosting Services” ethics interpretation in the AICPA’s Code of Professional Conduct (ET §1.295.143) became effective July 1, 2019. Under this interpretation, CPA independence is impaired by taking responsibility for hosting a client’s data or records, but “hosting services” are broader than most CPAs originally thought. What are hosting services? Under the ethics interpretation, … Read more

Cyber Claims Dominated by Hacker Attacks; Ransomware Still a Problem

CAMICO’s reported cyber-related claims show hacker attacks on CPA firm email systems were the most frequent cause of losses for firms for the 14-month period from July 2018 through August 2019. These claims accounted for almost two-thirds of cyber-related claims. Cyber-criminals who access firm email accounts often manipulate incoming and outgoing messages. In some cases, … Read more

Test Your Cyber IQ

This interactive educational quiz poses 14 questions on various data security issues of concern to CPAs. Find out how well prepared you are. Click the image below or the following link to get started. Test Your Cyber IQ

War Story 115

Subject: Lack of client transparency Services: Audit Auditor Joe Lister was invited to audit the 2018 financial statements of the Summit’s (a condominium association’s) financial statements. Acceptance of the proposal was contingent upon satisfactory discussions with the predecessor auditor 1 . The Summit accepted the proposal. The dialogue with the predecessor auditor was open, transparent … Read more

Don’t Miss Out on Free CPE!

Webcasts and self-study courses are available at no cost to all members of CAMICO policyholder firms. These CPE opportunities span a wide variety of topics, all focused on preventing or minimizing risk in a CPA practice. CAMICO’s Loss Prevention experts share valuable strategies of time-proven techniques that have saved CPAs from countless disputes and lawsuits. … Read more