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This is a notice for site visitors
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CAMICO has been developing solutions for CPA professional liability problems for more than 35 years, and tax season has always been a major part of that activity. The use of engagement letters for non-audit work, including tax engagements, was pioneered by CAMICO as an effective way to help document the CPA’s understanding with the client. … Read more
CPAs are often so busy that they don’t recognize or acknowledge a potential claim as it is developing. This can be particularly devastating when the damages claimed are significant and are not covered because of late reporting. It’s important to pay attention to potential issues and to report them as soon as there may be … Read more
A frequently asked question by CAMICO policyholders is, “What should our policy limit be?” This is not an easy question to answer, which may explain why it is asked often. The answer to the question requires a careful consideration of a variety of factors that run the gamut from the relatively well defined, such as … Read more
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 underestimates trusteeship risk, what … Read more
Even when covered by insurance, claims can have a significant impact on your practice in terms of time, money, professional reputation, and peace of mind. By knowing the warning signs of a claim, and calling your risk advisor early on, you can help minimize the impact of lost billable hours, revenue and sleep. What are … Read more
CPA firms are experiencing an uptick in clients trying to embed indemnification and hold harmless clauses in various agreements. Many of the clauses are inappropriate for CPA services or overly broad – even to the point of shifting all before liability to the CPA firms. Here are some considerations to weigh agreeing to any such clauses.