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Professional Liability for CPAs Understanding your coverage – Part II – the declarations page

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By Rickard Jorgensen, FCII, ARM, ACIArb The Declarations Page The declarations page summarizes the coverage in an easy to read one or two page document.  It comprises: The preamble: Usually this is a statement about the basis of coverage which reiterates the wording that appears on the application and in the preamble of the policy.  […]

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Gotcha! Three cyber policy traps to look out for (and a postcript to the CCH hack)

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The following is an article published by CFC Underwriting, a leading cyber insurer based in London. The original article appears here. ——————————————————————————————————————— Cyber insurance is projected to experience major growth in the years ahead and new insurers are regularly entering the market. While this is creating greater competition and providing more choice for customers, some insurers […]

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Private Company Management Liability Claims

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by Rickard Jorgensen, FCII, ARM, ACIArb We recently developed and filed a new endorsement for the CPAGold™ program which add coverage for Management Liability (otherwise known as Directors’ and Officers’ liability) claims.  Coverage is subject to a specific application and provides for defense and indemnification for a variety of scenarios arising from the management of […]

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Data Breach and Insider Trading

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CPAs practicing in mergers and acquisitions are familiar with the sensitive nature of their work and the potential for abuse of the information obtained. In addition to the conflict of interest created by trading on that information themselves, they must take extensive precautions to ensure that they do not allow that information to slip to […]

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Limiting Malpractice through Scope of Engagement

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by guest bloggers Jennifer H. Feldscher and Seth L. Laver. A recent NY Appellate Division decision serves as another reminder of the importance of carefully defining the scope of engagement in an engagement letter. This is because, under New York law, an attorney may not be held liable for failing to act outside the scope […]

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Using Indemnification Clauses to protect your firm

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by Rickard Jorgensen, FCII, ARM, ACIArb All CPAs know that a signed engagement letter is a crucial tool in the defense of a professional negligence lawsuit. The engagement letter memorializes the terms of the engagement, details what services you are performing and more importantly, the services you are NOT offering (i.e. you will not detect […]

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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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