Practical Tools and Tips to Help CPAs Manage Risk

Overview

CPAs face an ever-present threat of malpractice claims regardless of the services performed. While impossible to eliminate all risk, accountants can, with forethought, identify and implement practical techniques to help mitigate the risk of a professional liability claim. This course will discuss day-to-day risk management protocols related to firm practice management and the delivery of services. Tools will also be provided for CPA firms to leverage related to client acceptance, engagement letters, client communications and more.

Objectives

Identify how professional liability claims arise related to the delivery of services by CPA firms.

Recognize risk management tools and techniques related to firm practice management to help reduce the potential for a client dispute.

Identify practices to incorporate during the delivery of audit and attest and consulting services to help mitigate the risk of a malpractice claim.

Evaluate practical risk management tools and techniques to implement based on your firm's unique characteristics.

Highlights

Claim data of the AICPA Professional Liability Insurance Program

Client and engagement acceptance

Engagement letters

Fee management

Client continuance and termination

Team management

Firm wide quality control

Audit and attest services - causes of loss and risk management tips to assist claim defense

Client accounting services - causes of loss and risk management tips to assist claim defense

Data security

Prerequisites

None

Preparation

None

Notice

By registering for this program and, accordingly, receiving the eMaterials, you’re acknowledging that you understand both the copyright restrictions on your eMaterials and the CTCPA cancellation policy.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Steven Platau, Professor of Accounting, University of Tampa John H. Sykes College of Business

Leader Bios

Steven Platau, Professor of Accounting, University of Tampa John H. Sykes College of Business

Steve Platau is a member and Chair of the University of Tampa’s Academic Faculty of Accounting. Steve is a frequent speaker before professional groups and his works have been published in numerous journals including the Journal of Accountancy, Practical Accountant, CPA Journal, The Practicing CPA, the Florida CPA Today, among others. Previously Steve practiced law and was associted with two “Big 5” accounting firms.

Steve is a consultant to Continental Casualty Company, one of the CAN insurance companies and the underwriter of the AICPA Professional Liability Insurance Program on accountants malpractice issues and regularyly moderates risk management seminars presented to CPAs insured in the AICPA Program.

Steve serves as an arbitrator on the American Arbitration Association’s National Panel of Arbitrators. His mediation experience includes certification by the Florida Supreme Court as a Circuit Court Mediator. Steve is a member of various organizations including the AICPA, the American Accounting Association, the Florida Institute of CPAs, the District of Columbia Bar Association-Tax Section among others. He has been a member of various FICPA and AICPA committees. Steve has been named Outstanding Committee Chairman for his ervice in chairing the FICPA’s Professional Liability Committee.

Steve holds a Bachelor of Arts and Master of Accounting degrees from The Ohio State University and a Juris Doctor from the University of Cincinnatti.

Return to Top