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Signed engagement letters help CPA firms improve communication with clients and protect the firm from litigation as “the first line of defense.” Use the following tips to help you write more effective engagement letters. Engagement letters should…• State the purpose of the engagement.• Define the scope and limits of the engagement.• Specify known negative conditions … Read more
The recently enacted One Big Beautiful Bill Act (“OBBB Act”) ushers in some of the most significant tax law changes since the Tax Cuts and Jobs Act. While many provisions are designed to simplify or stimulate economic activity, they also create traps for the unwary. CPAs need to remain alert to compliance challenges, client misperceptions, … Read more
With more than 60% of CAMICO’s claims originating from tax-related matters, addressing and managing the risk stress points associated with problematic tax clients can significantly improve a firm’s risk profile. There is no better time than now, before the final phase of tax season, to take proactive steps to better position your firm to ensure … Read more
In today’s digital landscape, it is no surprise that there appears to be a new cybersecurity story in the news every week, from attacks on major infrastructure to small companies being held for ransom. The risk of cyber threats continues to grow for CPA firms, along with other professional services firms, as all are considered … Read more
The role of CPA firms who perform “outsourced accounting services” for their clients has greatly expanded over the years into what many today refer to as “client advisory services and/or client accounting services” (“CAS”). With the evolution of CAS, many CPAs have questioned the appropriateness of applying the “preparation standards” (“AR-C 70”) set forth in … Read more
CPA firms are often uncertain about whether or how to respond to a subpoena, as they also need to comply with a number of rules and regulations that are intended to protect client confidentiality. The following Q&A focuses on understanding the nature of subpoenas and how CPA firms can minimize their professional liability exposures when … Read more