Implications of Recent Professional Standards

Wooden blocks spelling out CPA

Plaintiffs and their legal counsel often leverage noncompliance with professional standards to strengthen cases in support of allegations of harm caused by accountants. This article highlights risk management implications of recent professional standards and offers risk management tips regarding established standards governing financial statement services. Neither the Auditing Standards Board (“ASB”) nor the Accounting and … Read more

Corporate Transparency Act/ Beneficial Ownership Information Reporting — Risk Management Considerations for CPA Firms

A folder highlighted with the word "Reports"

The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and related anti–money laundering rules since the U.S. Patriot Act. The CTA is intended to address and guard against money laundering, terrorism financing, and other forms of … Read more

Claim Chronicles 123-B

A piece of paper that says "Paycheck Protection Program"

Topic: False Claims Related to PPP Loans The following Q&A with CAMICO Claims experts reflects recent claims experience involving potential false claims related to Paycheck Protection Program (PPP) loans issued (and forgiven) during the COVID-19 pandemic. Q: What concerns have CAMICO policyholders recently reported regarding some PPP loans? A: They have reported matters involving clients … Read more