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 […]

Disclaimer: The following article is not intended to replace legal advice. Always seek the opinion of a certified attorney to address the specifics of an individual case and learn about recent legal developments. Navigating the complexities of workplace training, particularly on sensitive topics like sexual assault, can be challenging for both employers and employees. It […]

Fraud is a significant concern for businesses and financial institutions, and understanding what drives individuals to commit these crimes is crucial for prevention. The four-element fraud diamond is one of the most insightful models for explaining the motivations behind fraudulent behavior. Built as an enhancement to the traditional triangular model, it adds a fourth element […]

The agile approach to working has become a cornerstone for businesses that need to be adaptable and respond swiftly to change. The accounting industry is one such sector where frequent updates to laws, regulations, and company policies necessitate adapting to new ways of working with ease. This blog explores the concept of agile accounting, its […]

Like many industries, accounting firms and CPAs must contend with labor shortages, wringing more efficiency out of already overworked staff. Forbes estimates that more than 300,000 accountants and auditors resigned during the Great Resignation of 2020 and 2021. The same article notes that the Bureau of Labor Statistics reports that there have been nearly 16% […]

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 […]