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How To Protect Your Accounting Firm From a Cyber Attack

Facts you need to know on cyber attacks

By Nick Matarazzo A data breach can wreak havoc on your business and its reputation. Not to mention the fines incurred and countless hours you will spend reviewing your computers and the source of the threat. Research suggests that 90% of cyber attacks stem from a phishing or social engineering attack. Educate your employees about […]

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De-mergers and prior acts coverage.

There is an old proverb that “all good things come to an end.” This may also apply to an accounting firm. If a once successful partnership decides, for whatever reason, that it should dissolve, there are a variety of options available to the partners with respect to professional liability insurance for prior acts. Generally the […]

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Protecting Confidential Data

Acting Reasonably Before and After a Breach By Ralph G. Picardi, Esq. You are a partner in a public accounting firm. When you return to your office Monday morning you discover with horror that someone broke into your firm’s office space over the weekend and removed a server. That server contains a broad range of […]

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How to Assess the Financial Strength of Insurance Companies

Four major independent agencies – A.M. Best, Fitch, Moody’s and Standard & Poor’s -rate the financial strength of insurance companies. Each has its own rating scale, its own analysis standards, a group of insurance companies and subscribers. Each agency uses numbers or letters, with plusses and minuses to indicate discrete variations in rating and qualifiers. […]

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What is CPAGold™?

Thank you for your past support of the CPAGold™ program. Since 1998 we have worked to secure high quality, competitively priced professional liability coverage for the best CPA firms. But what is CPAGold™? In simplest terms, it is a risk purchasing group formed under the auspices of the Federal Liability Risk Retention Act of 1986. This […]

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Being Careful with New Clients – Spotting Scams as a Lawyer or Certified Public Accountant

Exercising Skepticism When Assessing Prospective Clients (Your Best Protection Against Falling Victim to a Scam) By Ralph G. Picardi, Esq. In February I wrote in this space about the importance of your firm’s engagement risk assessment function, i.e., your policies and procedures surrounding whether to accept or continue with an engagement. At the foundation of […]

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Don’t Void Your Coverage

In every professional liability policy insurers include various ways to regulate their exposure to claims.  These might include restricting coverage for prior acts or claims that arose before the policy commenced, or exclusions that limit or remove coverage for certain activities. An insurer may also require certain risk management techniques like requiring engagement letters, inclusion […]

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Do’s & Don’t when submitting tax filings this year

Here’s an article from CPA Trendlines by Rick Telberg which is pretty helpful.  The salient point according to Experian are that Tax filers should keep the following actions in mind when submitting taxes this year: Do: Research any paid preparer or tax-preparation software. While plenty of free help can be found online, scammers also are out […]

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Fraudulent Electronic Funds Transfer Requests (An Engagement-Letter Solution)

As discussed in an earlier post on this blog [accountants targeted in new wave of wire-transfer scams] and also in the email alerts from the CPAGold partner-producer NAPLIA, accountants have been receiving, in recent months, a growing number of bogus client email messages requesting that the accountants initiate electronic transfers of funds from client bank accounts to […]

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UPDATE ON TAX REFUND FRAUD – a new variation

In October 2013, the AICPA produced an excellent report entitled:”The Top 5 Cybercrimes.” Tax refund fraud was ranked # 1 of all Cybercrimes committed against CPA firms. Fact pattern. The crime follows a specific fact pattern. Criminal steal an individual’s personally identifiable information  including valid name and social security number, most commonly the details are […]

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