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Cybercrime Uses Social Engineering Techniques to Steal Employee Credentials and Commit Payroll Diversion

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By Rickard Jorgensen, FCII, ARM, ACIArb Recent developments clearly shows the urgent need for security awareness training. The FBI warned September 18, 2018 about new criminal campaigns that target the online payroll accounts of employees in a variety of industries. METHODOLOGIES “Cybercriminals target employees through phishing emails designed to capture an employee’s login credentials. Once […]

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Using the engagement letter to reduce cyber liability exposure

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By Nick Matarazzo In this digital age, accountants are being forced to deal with all sorts of cyber threats. A well-worded engagement letter can help guard you against a cyber-related liability claim from your client and minimize your overall firm liability. Even if you are careful about your clients’ data, you may still be held […]

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Early Notice to insurers and claims mitigation has many benefits

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by Rickard Jorgensen, FCII, ARM, ACIArb. From a purely risk management perspective, bringing your insurer into the claims process is extremely prudent and can save you a lot of money.  The following outlines reasons why you should contact your malpractice insurer or insurance agent:  Reporting a potential claim enables your malpractice insurer to work on […]

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Up in Smoke II – What’s happening in Banking?

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by Rickard Jorgensen, FCII, ARM, ACIArb Although not directly connected to the practice of accounting it is useful to know what is happening in other industries. In this case in particular, we are talking about the highly controversial cannabis business. Big Tobacco and the brewing industry are watching with great interest developments at the Department […]

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Fundamental Coverage Deficiency – delayed notice of claims

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by Rickard Jorgensen, FCII, ARM, ACIArb WHY IS THIS IMPORTANT – if you have a multi-partner or multi-office firm and communication regarding potential claims might be delayed, then it is important to ensure that your insurer will not deny coverage if you don’t advise a potential claim until after the renewal date. —————————————————————————————————————— When reviewing the […]

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SEXTORTION – a new aspect to cyber crime and CPAs.

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by Rickard Jorgensen, FCII, ARM, ACIArb   Sextortion attacks against professional firms, including CPAs, are not uncommon and increasing in frequency.  Sextortion is a form of blackmail in which sexual information or images are used to extort sexual favors or cash from the victim.  The FBI offers an explantion of this new crime here. However, recently […]

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Why Full Tort coverage is crucial for CPAs.

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The first accountants’ professional liability insurance policy was written in the late 1930s following the decision in Ultramares Corporation v. Touche, 174 N.E. 441 (1932).  Coverage was basic – limiting the risks insured to claims made by clients arising from negligence acts.  In fact, the doctrine of negligence arose from the Scottish law case of […]

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The European Union’s General Data Protection Regulation ["GDPR']: A Brief Primer

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Think American-based companies can rest easy for the time being until regulation is enacted stateside? Think again. The GDPR’s territorial reach is not limited — and penalties can be colossal. See the following guest article from our friends at Goldberg Segalla. By Colin B. Willmott.  Go here for a bio. Even putting aside the U.S. Senate’s recent […]

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Smoke in our Eyes: Cannabis and Accounting Services

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By Rickard Jorgensen, FCII, ARM, ACIArb. Coverage for firms that provide services to cannabis growers, dispensaries and related activities has been a frequent question to the CPAGold hotline and our agents.  The marijuana related businesses require the expertise of a skilled CPA and to help pay their (not insignificant) taxes and comply with local business […]

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Best Practices to Keep Your Firm’s Accounting Software Secure

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By guest blogger – Ella Watson. Data is one of the most valuable commodities today. Aside from being used by companies as basis for all kinds of business strategies, it is also what powers most of today’s transformative technologies, such as artificial intelligence, automation tools, and analytics. With big data’s growing importance, several strategic processes […]

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