Third-party Claims Against CPAs and Accounting Professionals

Many CPAs don’t purchase professional liability insurance coverage because they think they’ll never be sued by their clients, but they forget about third-party claims. If a client goes bankrupt, their lenders, shareholders, and business partners could file a lawsuit against a CPA to recover their losses. Unfortunately, accounting firms, CPAs, and professional service firms frequently […]

Cybersecurity and COVID-19: What You Need to Know

The COVID-19 pandemic is one of the biggest challenges people alive today have experienced during their lifetime. It’s not only attacked our health but just as bad it’s attacked the global economy. And if that’s not enough, cybercriminals are attacking adding another variable of risk individuals and businesses should be aware of. Most people who […]

Retirement and Succession Planning: What Accounting Professionals Need to Know

When accounting professionals think about leaving their practice, whether through retirement or as part of a career change, many find themselves unprepared for the future. They fail to consider that they might face claims for professional malpractice after their departure. To navigate these changes as smoothly as possible, professionals need to address succession planning, policies […]

What CPAs Should Know About File Retention in the Digital Age

File storage and retention is challenging considering the various types of information CPA firms encounter. Improper file storage exposes accounting professionals to liability claims and lawsuits. The digital age has expanded the types of documents that must be dealt with to include voicemails, emails, instant messages, fax documents, images, and electronic documents.   There is […]

Risk Management for CPAs Serving Cannabis Clients

As more states legalize cannabis for medicinal and recreational purposes, so too grows the need to understand the nuances of serving clients in the cannabis industry. Cannabis industry clients present all of the same risks as clients in other industries, coupled with risks unique to this growing industry. CPAs who work with cannabis industry clients […]