Plan Ahead: Practice Continuation for Small Firms
By Suzanne M. Holl, CPA No one likes to think about it, but as we age, some of us … Read more
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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 underestimates trusteeship risk, what … Read more
Implementing Sound Billing and Collection Practices
Problems arising from billing and collections practices have often plagued CPA firms. By taking a few basic steps in the creation of a thoughtful billing and collections policy, firms can avoid or manage such problems. Further, those same steps will help firms improve the quality of their practices, attract a better client base, help generate … Read more
How to Respond to Subpoenas
CPA firms are often uncertain about whether or how to respond to a subpoena, as they also need to comply with a number of rules and regulations that are intended to protect client confidentiality. The following Q&A focuses on understanding the nature of subpoenas and how CPA firms can minimize their professional liability exposures when … Read more
Loss Prevention Best Practices for Tax Season
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
What’s the Right Policy Limit for Your Firm?
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