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How to Respond to Subpoenas

A woman looking through a CPA Insurance folder

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

When to Use Mediation and Arbitration

A man talking to two employees behind a desk

Alternative dispute resolution (ADR) can be an effective way to reduce the time, expense and stress of resolving professional liability conflicts when used in the appropriate circumstances. Mediation and arbitration are forms of ADR that can reduce the cost and the emotional roller-coaster ride of disputes. The major distinction between these two ADR solutions is … Read more

Understand Your Risks: Generative Artificial Intelligence Solutions

Generative artificial intelligence (“AI”) solutions such as OpenAI’s ChatGPT continue to gain popularity. Many CPA firms seek to leverage the use of generative AI to accelerate innovation and increase productivity. As the use of AI technology evolves, CPAs need to obtain a solid understanding of their needs and objectives – and gain an understanding of … Read more

Tax Season Documentation Tips

CPAs are considered to be experts in documentation by jurors (who are members of the public). Falling short of that expectation when faced with a liability lawsuit may be viewed by the public as negligent and below the standard of care for the services rendered. The following are some documentation tips to follow for tax … Read more

Six Risk Management Mistakes CPA Firms Make

Managing CPA liability risk exposures is a complex process, and it’s easy to underestimate the potential for risk along the way. The following six mistakes can be avoided by being aware and taking the right steps. 1. Not discussing questions about the insurance application with your underwriter or agent. Whether it’s for a new or … Read more