Click SOCIAL ENGINEERING/WIRE TRANSFER FRAUD – A NEW TWIST ON AN OLD SCAM.
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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Rickard Jorgensen - Posted in Bad policies, Cyber Liability, Cyber resources, email risk management, Phishing scams, risk management, security, social engineering, Uncategorized
Nov, 13, 2018
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A new variation on Comfort letters – Third Party Verification Letter requests from Investment Professionals
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 […]
- Posted by Rickard Jorgensen
- Posted in Accountants' professional liability insurance, accredited investor, comfort letters, due diligence, insurance, lawsuit, Personal Financial Planning, professional liability claims, risk management
- Nov, 13, 2018
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Using the engagement letter to reduce cyber liability exposure
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 […]
- Posted by Rickard Jorgensen
- Posted in Cyber Liability, Cyber resources, engagement letters, engagement letters, professional liability claims, risk management, security, Uncategorized
- Oct, 03, 2018
- No Comments.
Early Notice to insurers and claims mitigation has many benefits
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 […]
- Posted by Rickard Jorgensen
- Posted in Accountants' professional liability insurance, being sued, Claims, claims notification, due diligence, insurance, policy coverage, professional liability claims, risk management, Uncategorized
- Oct, 03, 2018
- No Comments.
SEXTORTION – a new aspect to cyber crime and CPAs.
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 […]
- Posted by Rickard Jorgensen
- Posted in Cyber Liability, Cyber resources, Fraud, Phishing scams, risk management, security, sextortion, social engineering, Uncategorized
- Aug, 12, 2018
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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. […]
- Posted by Rickard Jorgensen
- Posted in Claims, claims notification, client communications, Client records, Client relations, due diligence, email risk management, policy wording, professional liability claims, Ralph G. Picardi, risk management, Uncategorized
- Jun, 06, 2018
- No Comments.
Mergers and Acquisitions – due diligence and the risk management process
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 […]
- Posted by Rickard Jorgensen
- Posted in Accountants' professional liability insurance, due diligence, mergers, policy coverage, prior acts coverage, risk management
- Jun, 06, 2018
- No Comments.
QBE Cyber Resources – eRiskHub.
A recent report from Netdilgence highlighted the increasingly difficult cyber risk environment for by business. A copy of the paper is available here. CPAGold™ members have access to a broad range of cyber risk services. One of the most useful is the substantial support and resources provided by eRiskHub. eRiskHub offers a range of tools and information […]
- Posted by Rickard Jorgensen
- Posted in Cyber Liability, Cyber resources, insurance, Phishing scams, risk management, security, social engineering, social media
- May, 02, 2018
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The 10 Worst Corporate Accounting Scandals of All Time
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 […]
- Posted by Rickard Jorgensen
- Posted in Bad policies, being sued, checklist, coverage limitations, definition of professional services, due diligence, Fraud, lawsuit, professional liability claims, risk management, Uncategorized
- Apr, 08, 2018
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When to disengage
by Rickard Jorgensen, FCII, ACIArb., ARM Suspending services to a client can be fraught with problems and if not handled carefully could result in a malpractice lawsuit. The following scenarios may be the most obvious signs that it is time for you and your client to go your separate ways. Unresponsive or evasive clients If […]
- Posted by Rickard Jorgensen
- Posted in being sued, Client relations, Disengagement, insurance, lawsuit, professional liability claims, risk management, Uncategorized
- Feb, 05, 2018
- No Comments.
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