What is E&O insurance? Errors and Omissions (E&O) insurance is a type of coverage designed for professionals that offers financial protection from litigation claims stemming from various professional mistakes. While technically, E&O is a type of professional liability, there are slight differences between the two policies. Professional liability covers mistakes made by service-oriented fields, whereas […]
Professional Liability
How to Defend CPA Against Malpractice Claims: Managing Litigation Risk
In Episode 16 of Risky Records, we sat down with Steve Tully and Natalia Greene, two attorneys experienced in defending legal claims against CPAs, to discuss what to do if a lawsuit is brought against your CPA firm. Because of the financial nature of the work, CPAs (auditors especially) are often targets of lawsuits. It […]
Four Tools You Need in Your CPA Risk Management Toolbox
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 […]
Can an Employee Refuse Sexual Assault Training?
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 […]
What Is the Fraud Diamond? Explaining the Motivations for Fraud
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 […]
What is Agile Accounting? An Introduction to Agile Finance Practices
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 […]
Beneficial Ownership Information Reporting: How to Stay Compliant
What the Corporate Transparency Act and its Recent Legal Developments Mean for Your Business What is the Corporate Transparency Act (CTA)? The Corporate Transparency Act (CTA) was a part of a much larger raft of bills that became law in 2021. As of January 1st, 2024, a vital component of the CTA became active, the […]
Best Practices of Client Advisory Services
What are client advisory services? Accounting professionals are adapting to clients’ changing needs, which demand greater insight and value from their advisors. For many, managing a growing business can be daunting. Making wise financial decisions to help their companies grow requires understanding various investment options, tax laws, market trends, and cybersecurity. CPAs providing advisory and […]