Risk Management

Workplace discrimination continues today as the corporate approach to diversity, equity, and inclusion is in flux. In recent years, American businesses have ramped up their Diversity, Equity, and Inclusion (DEI) initiatives to combat racism in the workplace. Organizations appointed DEI executives, changed their hiring practices, and introduced new training programs aimed at: The U.S. Equal […]

The Uniform Accountancy Act (UAA) sets the foundation for CPA licensure requirements across the United States. These uniform standards provide consistency while allowing CPAs to practice in any state with just one state license. Recently, the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) released a proposed update […]

Environmental, Social, and Governance (ESG) initiatives have been increasing in popularity since the United Nations introduced the idea in 2004 to assess companies’ environmental impact and corporate responsibility. Today, the public and ethical investors are increasingly concerned about a company’s impact on society and the environment, with demand for ESG assets set to reach $53 […]

In this episode of Risky Records, we look at the role of client communication in risk management for accounting professionals. Our guest, Joe Jones, Vice President of Risk Management Services at Travelers Insurance, offers valuable insights into how thorough documentation and clear communication with clients can significantly reduce the risk of claims. Joe shares his […]

In this episode of Risky Records, we discuss engagement letter creep and managing expectations. My guest, Anthony Carolei, Risk Manager for Hanover Insurance, shares a compelling story about how engagement letter creep led to a claim against an accounting firm. Anthony highlights the importance of using risk management tools to mitigate legal exposure, incorporating protective […]

The United States government recently expanded its ban on Kaspersky cybersecurity products, citing the company’s Russian connections as representing an “undue or unacceptable risk to U.S. national security or the safety and security.” The ban, effective from September 29 for existing customers and July 20 for new sales, aims to eliminate the use of the […]

In this episode of Risky Records, John Pastore from Integrated Partners and I discussed the benefits of accounting firms partnering with advisors for investment advisory services. John emphasized clear communication, transparency, ongoing dialogue, and adapting to the evolving accounting industry.  To close out the session, we put on David Bowie’s Changes One album. Changes to the accounting […]

Non-compete agreements have long been used to bar employees from working for competitors or using sensitive information to kickstart competing organizations. A new ruling from the Federal Trade Commission has banned these agreements nationwide. The ruling will go into effect in late August, preventing companies from enforcing existing agreements with the vast majority of workers. […]

Business fraud costs organizations billions of dollars every year. While employees are often at the heart of these losses due to cybercrime schemes such as phishing and identity theft, 17% of all business fraud is due to expense reimbursements. Many large corporations give commercial credit cards to their employees to allow them to make purchases […]

In this episode of Risky Records, I spoke with the Editor-in-Chief of Accounting Today, Dan Hood, to get his perspective on the technology risk environment that accountants work in today. (Read to the end to see Dan’s album recommendation. Emerging technology risks for accountants The technological breakthroughs of the past few years, including remote work […]