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 […]
Managing Ethical Dilemmas as an Accountant
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. […]
Top 10 Things That Should Be in an Employee Handbook (And 5 That Shouldn’t)
An employee handbook sets the tone for your business. The manual is one of the first documents a new employee receives in the on-boarding process. More importantly, having an employee handbook can minimize liability and avoid litigation, and help employees understand company policies and expectations. An effective employee handbook is a policy manual that clarifies […]
Accountants and Law Enforcement Collaboration Can Help Fight Cyberattacks
As people move more of their lives online, they become increasingly vulnerable to cyberattacks. Accounting firms are no different. In fact, they are at a higher risk of being targeted for a cyberattack because they deal with sensitive financial information. According to a CNN article, a McAfee report said ransomware incidents increased across all sectors by […]
COVID-19 and Cybersecurity Best Practices
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 […]
Incorporating Data Breach Response Coverage into Your IT Security Strategy
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 […]
How Accountants Can Keep Up with Cybercrime
Cybercrime should be at the top of the list of threats to any business, regardless of size. Accounts, who are responsible for the security of their own data as well as the financial data of their clients, need to recognize cybersecurity as a daily action item. Because accountants are responsible for sensitive client information, they […]
Accounting Profession Disruption
In the ’90s, the Internet exploded with the introduction of the web browsers, Apple was a struggling company, Google didn’t have a website while Yahoo was the king of search, and AOL inundated mail slots with CDs to keep its stranglehold on email. In the 2000s, BlackBerry was king of the smartphone, only to be […]
Why should you tell your clients about Fiduciary Insurance?
Fiduciary Insurance is designed to protect Plan Sponsors against allegations of breach of their fiduciary duty. Fiduciary Insurance is “first party” insurance, which means it is purchased by the named fiduciary, or Plan Sponsor, of a company ERISA plan. Investment Advisors, Third Party Administrators, and other financial professionals are “third parties” to the ERISA plan, and […]