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What is an Extended Reporting Period?

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by Shirley Fraser, CPCU, AMIM.   AVP – Jorgensen & Company Most Malpractice policies are written on a claims made and reported basis, which means all claims must be made against the policyholder and reported to the insurer during the policy period. Other than a mini-extended reporting period (usually for 60 days) there is no coverage […]

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Control of client funds

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by Rickard Jorgensen, FCII, ARM, ACIArb If your CPA firm has control of client funds and can write checks on clients’ bank or investment accounts you may have an exposure to CPAs or firm staff abusing the signatory authority by stealing or misusing the client funds in the firm’s custody and control.  This could apply to bill […]

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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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SOCIAL ENGINEERING/WIRE TRANSFER FRAUD – A NEW TWIST ON AN OLD SCAM.

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by Rickard Jorgensen FCII, ARM, ACIArb. As we discussed in prior postings, social engineering is a major problem for CPAs. Go to:  here for risk management advice and here for coverage details Social engineering is a deception to manipulate individuals into carrying out a particular act, such as transferring money, handing over confidential information or […]

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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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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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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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How to Make a Professional Liability Insurance Claim in Six Easy Steps

Making a professional liability insurance claim is a straightforward process. Usually, you have to: Contact your insurer or agent. Read your policy. Confer with your agent. Gather records and document all communications with your client. Dissatisfied clients sue.  It’s a fact of business.  Claims can arise for a variety of reasons, some justified, some not.  […]

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Mergers and Acquisitions – due diligence and the risk management process

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There has been a spate of firm consolidations in the past few years and the pace is unlikely to slow down. Retirements, business expansion, consolidation of practice areas or acquisition of a new specialty drive the reasons to merge firms together. Due diligence is essential in the evaluation of the firm.  Identifying issues before a […]

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