CAMICO makes available to callers the resources of professional advisors who deal exclusively with the concerns and issues facing CPAs.
Our loss prevention specialists have an average of 20 years experience in risk management and over 25 years of experience in public and private practice. These specialists are professional liability and public accounting professionals with the knowledge, skill and commitment to help CPAs with practice and risk management issues. At CAMICO, we believe in the value of our risk management services and strongly encourage members to take advantage of these free services.
General Loss Prevention Hotline
CAMICO has specialists available to help policyholders with a variety of general risk management topics such as Client screening, Disengagement issues, Fraud, Internal control, and much more. We also provide guidance to CPAs engaged in attest services. Areas of advice include statements on auditing standards, statements on standards for accounting and review services, going concern issues, code of professional conduct, independence, conflicts of interest, and quality control standards. Loss Prevention specialists also perform engagement and disengagement letter review services for members.
Tax Advice Hotline
Over 50 percent of the claims CAMICO sees are tax-related, and CAMICO has determined that certain tax areas present greater liability risks. Our tax specialist is on hand to help policyholders gain an understanding of the federal tax issues and potential problems associated with high-risk estate, gift and corporate tax work, which bring about the most severe claims.
CAMICO provides tax hotline service in the following two formats:
- Cold Review Format: CAMICO will review your firm's fully researched tax treatment of a given complex transaction. After completing this review, CAMICO will confer with you about the proposed treatment, suggest any possible alternate treatments and highlight other tax issues relative to the facts provided.
Accounting and Auditing Advice Hotline
CAMICO provides guidance regarding a variety of accounting and auditing issues, including statements on auditing standards, statements on standards for accounting and review services, going concern issues, code of professional conduct, independence, conflicts of interest, and quality control standards.