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Some Broad Guidance for CPAs on the Post-COVID-19 Reopening of Your Office

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By Rickard Jorgensen, FCII, ARM, ACIArb CPA Firms have a number of questions when planning the office reopening process.  The most significant challenge is staff safety, as well as clients and other visitors.  Liability if someone is contaminated, especially staff, is uncertain and Government guidance often.  It is wise to continually monitor guidelines from the […]

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Our first COVID-19 related claim against a CPA Client

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by Rickard Jorgensen, FCII, ARM, ACIArb. We have been scanning the metaphorical horizon to see how the pandemic is impacting CPAs and generally, although many firms have seen a depression or shift in fees to later in the year, there have been very fee actual professional liability claims against CPAs. However, there is always an […]

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The Statute of Limitations in Professional Malpractice

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Both Accountants and Wealth Advisers are “professionals” for the purpose of the various statutes of limitations. This means that firms’ decisions concerning document retention and the purchase of an extended reporting period can be heavily influence by a firm’s State of domicile (or the States where a firm practices).  The longest statute of limitation is […]

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Engagement Letter Defense Rejected

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This month, guest blogger Seth L. Laver of Goldberg Segalla writes about a recent legal development concerning the use of engagement letters in the defense of accountants’ malpractice claims. ——————————————————————————————————————— We often write about the importance of engagement letters, in fact we have an entire sub-category devoted to engagement letter defenses. That’s because the engagement […]

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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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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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Consent Armageddon is coming

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Guest blogger Paul Paray of the Paray Law Group has permitted us to repost a very informative article regarding the consent of clients about the use of data and the changing legal environment that is governing this. ————————————————- On November 19, 2018, the UK’s Register reported how even though the Washington Post was in technical violation of the GDPR, […]

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A new variation on Comfort letters – Third Party Verification Letter requests from Investment Professionals

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by Rickard Jorgensen, FCII, ARM, ACIArb Comfort letters issued to lenders and mortgage companies have been a quite common practice for Tax Professionals.  Such letters are used to verify income for the purchase of a home or other asset.  The provision of comfort letters is relatively simple and merely require a review of tax return […]

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Your Malpractice Insurance Policy May Not Cover You for Fraudulent Wire Transfers

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by Rickard Jorgensen, FCII, ACIArb., ARM Back in July 2017 we posted a blog about a protocol to minimize the possibility of a social engineering claim (Go here for the posting). This topic has become of interest to CPAs as the number of spoofing claims has increased.  A recent posting on the KnowBe4 website (go here […]

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The 10 Worst Corporate Accounting Scandals of All Time

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If there is one theme to rival terrorism for defining the last decade-and-a-half, it would have to be corporate greed and malfeasance. Many of the biggest corporate accounting scandals in history happened during that time. In acknowledgement of the excellent webinar about Fraud Detection recently offered by the CPAFMA, here’s a chronological look back at […]

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