Conflicts of Interest Still Cause Trouble for CPAs
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
CPA
The Dos and Don’ts of Disengaging
By Duncan B. Will, CPA/ABV/CFF, CFE Whether due to the “great resignation,” the “great reassessment,” or the “baby boomer departure,” the CPA profession is … Read more
CAMICO Tip: Best Practices to Prevent Wire Transfer Fraud
Q: My client has asked our firm to initiate wire transfers. What risks are associated with agreeing to initiate wire transfers and what protocols should our firm consider? A: CPA firms continue to be at high risk of social engineering attempts due to the type of information firms gather and store. If the firm and/or a … Read more
CAMICO Tip: Tax Engagements – Managing Client Expectations
Are you taking the right steps to manage (and document) client expectations? Effective communication is a key factor in any CPA-client relationship, and when you work to stay in control of managing client expectations, you help to safeguard your firm. To that end, good documentation is critical to successfully managing client expectations. Jurors (members of … Read more
CAMICO Tip: Best Practices When E-filing Tax Returns
Q: With most tax returns being e-filed, has CAMICO noticed any trends in e-filings not going through? If so, what advice do you have for policyholders to prevent or address these situations? A: CAMICO has observed a rise in issues with e-filed tax returns, including processing failures and fraudulent filings. To address these challenges, firms … Read more
Loss Prevention Trend: The Information Security Plan (“ISP” or “WISP”)
Q: My firm has a Written Information Security Plan (“WISP”), but it hasn’t been updated since early 2023. How often should we be reviewing/updating our WISP? And have there been any significant changes to the regulatory guidance related to physical, technical, and/or administrative safeguards a CPA firm is required to have in place to protect … Read more
