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Tag Archives: errors and omissions

Professional Liability for CPAs – Understanding your coverage – Part I – the insurance application

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By Rickard Jorgensen, FCII, ARM, ACIArb This is the first of a series of 5 articles that together provide a good description of the underwriting process for accountants’ professional liability insurance and the coverage for CPA firms. ————————————————————— The insurance application is the primary document required by the insurer to “underwrite” a risk.  This underwriting […]

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Coverage for independent subcontractors via the CPAGold™ program.

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By Rickard Jorgensen, FCII, ARM, ACIArb We recently received an inquiry from a CPAGold™ policyholder about whether there was coverage for subcontractors under the program.  Simple, there is but only in regard to services performed on behalf of the Named Insured. While it is prudent and good risk management to verify that any subcontractors have […]

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A cyber coverage “Fire Drill” – professional liability insurance implications of the CCH Axcess (Wolters Kluwer Tax & Accounting) malware attack.

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By Rickard Jorgensen, FCII, ARM, ACIArb Last Monday we received a flurry of frantic phone calls from clients about the denial of access to the CCH Axcess program.  On Monday May 6, between the hours of 8-10 a.m. E.T., accountants across the country started realizing their CCH products, which are based in the cloud, were […]

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Evaluating Clients – Part Four – A Suggested Questionnaire

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By Rickard Jorgensen, FCII, ARM, ACIArb You may recall the blog postings on the subject of client screening which appeared last year.  To recap, these postings are: Evaluating Clients – Part One – Why you should evaluate clients? Evaluating Clients – Part Two – Assessing Potential Clients Evaluating Client – Part Three – Using Client […]

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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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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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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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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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