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Tag Archives: Limitation of Liability

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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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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Example IRS Circular 230 Email Disclaimer

A client recently requested an appropriate disclaimer for email communications. Ralph Picardi, risk management consultant to CPAGold™, suggested the following clause.  This is a repeat of our earlier posting here but worth restating. Example IRS Circular 230 Email Disclaimer (Following 2014 Revisions to Treasury Regulations) This example email disclaimer is intended solely for general educational […]

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An overview of the client screening process

By Rickard Jorgensen, FCII, ACIArb, ARM Extracted from Evaluating Clients – Engagement risk screening for CPA firms. There are solid reasons for screening new clients.  Many involve not getting paid, exposure to lawsuits or even the stress related to difficult individuals.  Effective client screening can avoid these problems. Implementing a formal screening process is the […]

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Fee Collection – a malpractice risk

Counter suits arising from fee disputes are one of the most common sources of malpractice claims against CPAs. In fact, such suits are a great risk for many professionals. Any steps taken to avoid a collection becoming a malpractice claim are essential. One of the key areas of attention should be a documented Collection Procedure.  […]

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Examples of Limitation of Liability Clauses

By Seth L. Laver, (with additional remarks by Rickard Jorgensen). Following the recent article (here) about limitation of liability clauses, I asked Seth L. Laver if he could suggest a limitation of liability wording for engagement letters.  This was the response: Before we get to the proposed language, a disclaimer: the enforcement of these clauses vary […]

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