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Police Warn of New ‘Line-Trapping Technology’ Being Used to Scam People Over the Phone

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A new piece of sophisticated technology is being used by fraudsters to scam unsuspecting people over the phone. Police said a woman in the New York Region received a call earlier this month and was told by the scammers she had been a victim of identity theft. Police said the woman was directed to call […]

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Example Disengagement letters

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In a recent posting on the CPAFMA website there was a request for a specific template for client disengagement letter.  You may recall we blogged about the topic of client disengagement in 2018 (Go here). The following are two suggested templates for disengagement letters: a relative simple version aimed at individual clients from the AICPA […]

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Security Policy for CPA firms – a template

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We have received several enquiries from members of the CPAGold™ program for help with a suggested wording for a Cyber Security Policy as required by the IRS rules. As you will be aware, there is a lot of information available about this topic.  One of the best white papers is Small Business Information Security: The […]

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UP IN SMOKE IV – A Bill to end marijuana prohibition in the U.S. passes key committee

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Late last month a congressional committee approved a piece of legislation to end marijuana prohibition in the United States. According to a press release, the Marijuana Opportunity, Reinvestment, and Expungement Act, better known as The MORE Act (HR 3884), would remove marijuana from the Controlled Substances Act and impose a minor excise tax on the […]

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Outsourcing – malpractice risk management perils concerning subcontractor’s indemnification provisions.

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by Rickard Jorgensen, FCII, ARM, ACIArb. We have received several inquiries from CPAGold™ members about QBE’s coverage position when it comes to the use of sub-contractors for the provision of professional services to clients. The CPAGold™ policy is comprehensive and contains a broad definition of who is covered via DEFINITIONS 8,28 wherein its states: 8.28 […]

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Scammers deepfake CEO’s voice to talk underling into $243,000 transfer

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Based on an article by Lisa Vass of Nake Security by Sophos. Any CPA firm mind should be painfully aware of how much money they could loose via skillful Business Email Compromise (BEC) scams, where fraudsters convincingly forge emails, invoices, contracts and letters to socially engineer the people who hold the purse strings.  There have been […]

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Professional Liability for CPAs – Understanding your coverage – Part IV – Exclusions

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  AKA what’s not covered…. By Rickard Jorgensen, FCII, ARM, ACIArb Whereas the coverage grant provides affirmative coverage, the exclusions take coverage away. If an activity is listed in the exclusions section of the policy, you do not have any coverage, no matter what the other sections of the policy state. It is the absolute […]

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Equifax breach settlement

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by Rickard Jorgensen, FCII, ARM, ACIArb. You may recall that in September 2017 we reported on the data breach suffered by the national credit reporting agency.  Go here for the article. According to Reuters — Credit reporting company Equifax Inc. will pay up to $700 million to settle U.S. federal and state probes into a […]

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The Most Expensive Insurance Policy is Always the Cheapest One.

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This following is an article by guest blogger, Aaaron Lipson of FounderPro about the perils of buying coverage based upon price considerations alone.  In the past we have spent much time blogging about quality of coverage.  Even our competitors often focus upon coverage over costs (even when we can point to coverage flaws in their […]

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Professional Liability for CPAs Understanding your coverage – Part II – the declarations page

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By Rickard Jorgensen, FCII, ARM, ACIArb The Declarations Page The declarations page summarizes the coverage in an easy to read one or two page document.  It comprises: The preamble: Usually this is a statement about the basis of coverage which reiterates the wording that appears on the application and in the preamble of the policy.  […]

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