With data privacy protection initiatives spreading across the U.S., it is important for CPA firms to continue developing a set of best practices to ensure the privacy and security of the personal information they collect, use, or store.
Many clients look to CPAs as the natural choice for the role of "trustee" to manage the assets and carry out their clients’ wishes. For CPAs good at managing and minimizing the unique risk attributes of a trustee role, trustee work can be satisfying and rewarding. On the other hand, if CPAs underestimate trusteeship risk, what may appear to be a safe and simple role can become a Pandora’s box of sibling rivalries, aging parental battles, competing interests, disruptive lawsuits, and financial losses.
Client screening is an important practice management tool and is the first step in an effective loss prevention program. It can also be used to identify less desirable clients that may be keeping your firm from developing the type of clients you want.