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WIIFM, the age-old acronym for “What’s In it For Me,” is the mantra of today’s workforce, whether for prospective candidates or long-term employees. Firms are being pressed into looking for creative ways to attract talent and to retain that talent. And with the cost of onboarding a professional rising to the tens of thousands, firms … Read more
CAMICO has been developing risk management solutions for CPAs for more than 37 years, and we recognize and understand the challenges facing CPA firms navigating each tax season’s nuances. Below are helpful documentation tips to get you through tax season: Engagement letters. While engagement letters won’t immunize you from lawsuits, they can be your first line … Read more
By Duncan B. Will, CPA/ABV/CFF, CFE Conflicts of interest have long been a major factor in professional liability claims against CPAs. Part of … Read more
Plaintiffs and their legal counsel often leverage noncompliance with professional standards to strengthen cases in support of allegations of harm caused by accountants. This article highlights risk management implications of recent professional standards and offers risk management tips regarding established standards governing financial statement services. Neither the Auditing Standards Board (“ASB”) nor the Accounting and … Read more
The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and related anti–money laundering rules since the U.S. Patriot Act. The CTA is intended to address and guard against money laundering, terrorism financing, and other forms of … Read more
CAMICO has been developing risk management solutions for CPAs for more than 37 years, and we recognize and understand the challenges facing CPA firms navigating each tax season’s nuances. For example, the pandemic years’ economic and tax relief programs had complex, wide-ranging impacts on CPAs, tax practitioners, and their clients. Although most agree that the … Read more