Practice Continuation for Small Firms

By Suzanne M. Holl, CPA

No one likes to think about it, but as we age, some of us will become critically ill or injured, and some of us will experience a long-term disability. Family emergencies and obligations can also call CPAs away from their businesses for long periods of time.

What would happen to our clients in such a scenario? When a client needs attestation services to obtain financing or satisfy loan covenants, or another client needs to have a tax return prepared by a certain deadline, who will complete the work?

Indemnification: Understanding Your Risks

By Suzanne M. Holl, CPA

CPA firms are experiencing an uptick in clients trying to embed indemnification and/or hold-harmless clauses in various agreements with the firms. Many of the clauses are inappropriate for CPA services or are overly broad, even to the point of shifting all liability to the CPA firms. Here are some considerations to weigh before agreeing to any such clauses.

Client Assessment Checklist

By Suzanne M. Holl, CPA

Any client, whether new or established, can become problematic for a variety of reasons. For example, a problem client may—

  • be unhappy with the results of an engagement, though there was nothing wrong with the services performed;
  • believe that the CPA rendered substandard services (especially if the client is unhappy with the results);
  • manage financial affairs poorly, creating maelstroms for which the CPA is held responsible;

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