The Dos and Don’ts of Disengaging
By Duncan B. Will, CPA/ABV/CFF, CFE Whether due to the “great resignation,” the “great reassessment,” or the “baby boomer departure,” the CPA profession is … Read more
Accounting
CAMICO Tip: Best Practices to Prevent Wire Transfer Fraud
Q: My client has asked our firm to initiate wire transfers. What risks are associated with agreeing to initiate wire transfers and what protocols should our firm consider? A: CPA firms continue to be at high risk of social engineering attempts due to the type of information firms gather and store. If the firm and/or a … Read more
Responding to Pressure to Provide CPA-to-Lender Comfort Letters
By Suzanne M. Holl, CPA Complying with requests from banks and other lenders for assurances regarding clients’ … Read more
When to Use Mediation and Arbitration
Alternative dispute resolution (ADR) can be an effective way to reduce the time, expense and stress of resolving professional liability conflicts when used in the appropriate circumstances. Mediation and arbitration are forms of ADR that can reduce the cost and the emotional roller-coaster ride of disputes. The major distinction between these two ADR solutions is … Read more
Corporate Transparency Act
CAMICO continues to receive inquiries from policyholders regarding implications of assisting clients with the new beneficial ownership information reporting guidelines under the Corporate Transparency Act (“CTA”). CAMICO issued a policyholder Alert in December 2023 on this topic, which included, among other things, a Frequently Asked Questions (“FAQ”) document that highlights many of the common inquiries … Read more
Indemnification Clauses in Client Agreements…the Saga Continues
There has been a significant uptick of clients attempting to embed indemnification and/or hold harmless clauses in various documents executed with CPA firms (e.g., non-disclosure/confidentiality agreements, business associate agreements, data protection agreements, etc.) to shift financial liability through contractual apportionment of risk. CAMICO has also noted an increasing trend of clients pushing back on firms’ … Read more