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First-party damages: refers to losses directly suffered by the policyholder (or insured) firm in response to a firm’s data breach or other covered cyber event. Topic: First-Party Cyber Attack CAMICO policyholder Mary Davis had just signed on to her computer one morning when she received an email from a “potential client” named “Tim,” who was … Read more
Third-party damages: refers to damages alleged by clients or other third parties that the negligence of the CPA firm contributed in whole or in part to the third party’s cyber-related loss. Topic: Third-Party Cyber Attack CAMICO policyholders Michael Jones and Tom Smith of Jones & Smith Accounting Services were out of the office during the … Read more
By Duncan B. Will, CPA/ABV/CFF, CFE The AICPA’s Statements on Quality Management Standards’ (“SQMS”) December 15, 2025, effective date is fast approaching, and few firms are prepared. Since the SQMS were issued in June 2022, the AICPA has produced a plethora of related content. This article is not intended as a treatise on the SQMS. … Read more
In today’s digital landscape, it is no surprise that there appears to be a new cybersecurity story in the news every week, from attacks on major infrastructure to small companies being held for ransom. The risk of cyber threats continues to grow for CPA firms, along with other professional services firms, as all are considered … Read more
The role of CPA firms who perform “outsourced accounting services” for their clients has greatly expanded over the years into what many today refer to as “client advisory services and/or client accounting services” (“CAS”). With the evolution of CAS, many CPAs have questioned the appropriateness of applying the “preparation standards” (“AR-C 70”) set forth in … 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
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