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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

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

Corporate Transparency Act

CAMICO continues to receive inquiries from policyholders regarding implications of assisting clients with the new beneficial ownership information reporting guidelines under the Corporate Transparency Act (“CTA”). CAMICO issued a policyholder Alert in December 2023 on this topic, which included, among other things, a Frequently Asked Questions (“FAQ”) document that highlights many of the common inquiries … Read more

Indemnification Clauses in Client Agreements…the Saga Continues

There has been a significant uptick of clients attempting to embed indemnification and/or hold harmless clauses in various documents executed with CPA firms (e.g., non-disclosure/confidentiality agreements, business associate agreements, data protection agreements, etc.) to shift financial liability through contractual apportionment of risk. CAMICO has also noted an increasing trend of clients pushing back on firms’ … Read more