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Tag Archives: professional liability

QBE Cyber Resources – eRiskHub.

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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 […]

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Your Malpractice Insurance Policy May Not Cover You for Fraudulent Wire Transfers

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by Rickard Jorgensen, FCII, ACIArb., ARM Back in July 2017 we posted a blog about a protocol to minimize the possibility of a social engineering claim (Go here for the posting). This topic has become of interest to CPAs as the number of spoofing claims has increased.  A recent posting on the KnowBe4 website (go here […]

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What are you really covered for and why a comprehensive definition of professional services is necessary for total firm protection?

by Rickard Jorgensen, FCII, ACIArb., ARM A recent podcast in Accounting Today highlighted the fact that CPA firms aren’t just merging with other CPA firms any more – they are looking to acquire practices in Human Resource, Information Technology, Cyber Security, Web Services, Marketing, Asset Management and financial planning.  The interesting presentation by Transition Advisors’ […]

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Malpractice coverage for retirees

What happens to your exposure for past acts when you cease practicing? Over the past years we have often received inquiries from clients that are considering retirement and are concerned about residual prior acts exposure.  No-one wants to have their golden years disturbed by an ugly, uninsured malpractice lawsuit.  Before packing the golf clubs or […]

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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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WannaCry provides a wakeup call for more training on email exploits

Originally posted May 14th, 2017 by Paul E. Paray, Esq. here. On May 12, 2017, WannaCry ransomware infections reportedly took hold of 200,000 computer systems in 150 countries.  Experts have been warning against ransomware exploits for years.  The recent rise of ransomware, however, has been a function of the low cost of financial data on the dark […]

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The Risk of Being Consistent

(How Claims Arise From Following Past Work and not Our Independent Judgment) By Ralph G. Picardi, Esq. “A foolish consistency is the hobgoblin of little minds….” When Ralph Waldo Emerson penned those words in his essay, Self-Reliance, almost 175 years ago I think it is fair to say he didn’t have accounting risk management in […]

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How to get sued……

There have been many articles about how to avoid law suits and what you should not do to attract problems with clients. So with a tongue firmly implanted in the cheek, we thought it would be fun to tell you what you should do to get sued. Accept an assignment that is beyond your expertise […]

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Claims 5 – a risk management protocol

The prior knowledge limitation wording in a Claims Made professional liability policy means that if a member of your firm fails to notify an insurer of a claim or an incident that might reasonably be believed to give rise to a claim during the period of coverage, then the insurer can deny coverage. Early detection, […]

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Coordinating Accountants’ Professional Liability Insurance and Cyber Liability Insurance

CPA firms make substantial investments in systems and software for the effective management of their practice, including the safeguarding of client information. With the frequent publicity surrounding cyber attacks on businesses and government there is also an increase interest in the purchase of cyber liability insurance, primarily in response to increased scrutiny by clients as […]

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