Risk Management

One of the biggest mistakes you can make when leaving your practice is failing to consider that you can still face professional malpractice claims after your departure. Retirement or changing careers does not protect an accounting professional from possible litigation from past clients or third parties. For a smooth and stress-free transition, professionals need to […]

CPAs keep perhaps more sensitive and valuable personal data than any other profession. The type of data that cybercriminals would love to get their hands on and actively looking to exploit. Some of the most common CPA security breaches result in identity theft for fraudulent tax returns. Many victims never know their data has been […]

When business climate changes or partners approach retirement age, accounting firms often find themselves in a position where merging makes the most sense. Some firms will benefit from filling talent gaps, and others enjoy expanding their reach into new geographic markets. Whatever the reason for a CPA merger, firms need to tread lightly when acquiring […]

Despite what some accountants think, not all professional liability policies are created equal. The best policies cast a wide net of coverage at the best value with a trusted insurance provider. Then some policies are excellent. How? Policies that stand out provide high levels of service and benefits like risk management and education to invest […]

Every year more states are legalizing medicinal and recreational cannabis.  The growing cannabis industry means new client opportunities for CPAs, but with it comes the need to understand the nuances of serving this growing industry.  Cannabis industry clients come with all the same risks as clients in other industries but have an added layer of […]

Considering the various types of information CPA firms encounter every day, file storage and retention can become a big challenge. Improper file storage can lead to liability claims and lawsuits. Today, voicemails, emails, instant messages, fax documents, images, and electronic documents are considered reports that must appropriately be stored.  Because we’re in the digital age, […]

CPAs often find themselves woven into the complex financial affairs of their clients. And when their client’s finances dive for the worse, they usually look to their CPA to help them turn things around.  You can’t avoid every potential lawsuit, but you can take measures to minimize your risks of one. Here’s a look at […]

As a Certified Public Accountant, you are not immune to legal risks. You can find yourself in risky territory more than you would like. Unfortunately, ethical and legal dilemmas present themselves more than you’d imagine. It is something you have to deal with, so having a robust risk management strategy in place is a must. […]

The COVID-19 pandemic is something nobody living today has ever experienced. It’s attacked our health and done extensive damage to our economy and way of life. If that weren’t enough, cybercriminals have added insult to injury by attacking under the COVID-19 guise. Working remotely from home has become the “new normal,” and the trend will […]

Cybersecurity should be a top concern for accounting firms. There are countless cybersecurity tools and best practices to help mitigate the effects of a data breach and the impact they may have on accounting firms. Accountants, in particular, must prioritize cybersecurity as an on-going process as opposed to a one-time item that, once completed, does […]