Education & Resources for CPAs

“Full Coverage” Car Insurance

Learn the difference between full coverage auto insurance and liability coverage and why you should consider having both.

What is the best time of the year to shop for car insurance?

Auto coverage can be purchased at any time, but you should consider shopping for insurance at certain times of the year. Here’s why.

How to get the best car insurance in 5 steps

5 steps to help you feel confident in getting the best car insurance for your unique situation. Get a quote in under 10 minutes through the AICPA Member Insurance Program and Liberty Mutual.

Here are 9 questions you should always ask your car insurance company

Ask your car insurance company these 9 questions to help you better understand the auto insurance coverage you need, and at the best price.

What to do after a car accident

If you're in an accident, you need to know what to do at the scene. We'll help you understand what steps to take.

Will the make and model of my car affect insurance rates?

Car accidents happen and can be scary. Be prepared by following these 5 steps after you’re in an accident.

Frequently asked questions about insurance and electric cars

How to insurance your electric car so you get the best coverage and rates for your EV.

5 Tips to Follow After a Car Accident

Car accidents happen and can be scary. Be prepared by following these 5 steps after you’re in an accident.

13 Ways to Lower Your Car Insurance Rate

Tips for CPAs to help save on car insurance

How does inflation affect insurance rates?

How can I lower my homeowner and auto insurance premiums as rates increase due to inflation?

5 reasons your car insurance rate changes

Liberty Mutual | March 2022

While it can seem arbitrary, there are actual reasons you can see your price go up and down.

Safe Driving Tips

Playing defense is a crucial part of safe driving. At its heart, defensive driving is made up of practices you should use every time you get behind the wheel.

3 simple steps to help lower your risk of a disability

Disability Insurance for Accountants

Help protect your income with disability insurance. Learn about short-term vs. long-term disability coverage, benefits, and how to evaluate the best plan for you.

How Life and Disability Insurance can help protect against life’s twists and turns.

Differences between Short Term and Long Term Disability explained.

Long-term disability coverage explained

Disability Insurance Needs Estimator

Most common causes of disabilities and how to prevent them

Consider for a moment the impact a long-term or permanent disability would have on you and your family.

Three new videos to help you choose an AICPA-endorsed Plan

Watch three new videos that can help you choose the AICPA-endorsed Life or Disability Plan that works best for your life.

Three steps to take when planning to return to work after a disability

A long-term disability can be life-altering, for yourself and for your family. It can impact your livelihood and your ability to continue to earn an income.

Why young people need disability insurance

If you are no longer able to work, how will you support yourself?

How Much Sugar is Hiding in Your Food?

Finding sugar on food labels can be tricky, but not impossible.

Understanding and Reducing Microstress in Your Life

Strategies to help recognize, manage, and minimize hidden microstressors, paving the way for a more balanced life.

Most common causes of disabilities and how to prevent them

Consider for a moment the impact a long-term or permanent disability would have on you and your family.

One of the Most Important Steps You Can Take to Improve Your Health

Be sure to share your health concerns with your health care providers.

Vitamin D - Are you getting the right amount?

Not enough vitamin D in adults can lead to osteomalica (brittle bones), causing bone pain and muscle weakness.

Your Wine Collection: Preserving Value Beyond Taste

Here are 4 tips to safeguarding your wine collection including how to insure, store, document and ship.

7 Tips for Holiday Home Fire Safety

Did you know 10% of fireworks fires occur around New Year’s Day? Here are seven holiday fire safety tips to keep you safe.

Your Jewelry Collection: Worth Protecting Beyond Sentimental Value

Learn the risks of home sharing and how to protect yourself as a host with the right insurance coverage.

How does a second home insurance policy work?

Learn the risks of home sharing and how to protect yourself as a host with the right insurance coverage.

How to Avoid Home Contractor Scams

Hiring a contractor? It's important to do the proper research and be aware of the red flags you can use to identify potential scams. Click to learn more

A Guide for What to Do to Prepare and Recovery from a Hurricane

A checklist of what to do before and after a hurricane to help minimize damage and injuries.

Home Insurance Deductibles: Frequently asked questions (FAQs)

Understanding what a home insurance deductible is, when it applies, and how to choose one can be confusing. We'll help you feel confident in choosing a home insurance deductible that's right for you.

Tips for insuring your high-value home

Learn the types of homeowners insurance to consider and having the coverage you need for your high-value home.

What isn't covered by homeowners insurance?

What isn’t typically covered by standard homeowners insurance?

Home sharing and your insurance: What you need to know

Learn the risks of home sharing and how to protect yourself as a host with the right insurance coverage.

Moving and your home insurance

If you’re moving, here are answers to common questions about how to handle your home insurance during a move.

How to keep your valuables safe from harm

If you have a collection of antiques, artwork, or other valuables in your home, you may need to take special precautions to keep these treasured possessions safe.

Internet safety. What does that really mean?

Internet safety can mean many things. Here are some ways to keep you and your family safe online.

A great way to avoid hackers? Password managers.

Managing online accounts with strong passwords can help keep you safe from hackers. Here are some ways to keep your passwords safe.

10 Ways to Protect Your Online Privacy

We are online all the time, so keeping your digital life private can seem overwhelming. Here are steps you can take to protect your online privacy.

How Device Protection can be a Lifesaver

Our devices are at risk from malware, which can lead to cybercrime. Here are some preventative measures to protect your devices.

Are Children at Risk of Identity Theft?

We typically think of adults as the primary victims of identity theft. After all, they're the ones who have developed a credit history and have assets attached to their name that people want to take advantage of.

Tips on How to Clean Up Your Digital Life

Aura is an all-in-one digital security solution that helps protect you and your family’s identity, finances, devices, and personal info.

Stolen Identity? Ways to avoid it and how to spot the signs.

Aura is an all-in-one digital security solution that helps protect you and your family’s identity, finances, devices, and personal info.

Risk Alert: The Rise of Unemployment Fraud – What You Need to Know

Unemployment fraud has surged during the Covid-19 pandemic targeting the employed and unemployed alike. Its affects are devastating. Here’s some information you should know.

Risk Alert: Identity Theft and Unemployment Insurance Claims

This Risk Alert explains how unemployment insurance fraud has exploded with the onset of COVID-19. Learn about the risks and remediation steps to respond to these situations.

Help Protect Your Identity While on Vacation

As a CPA, you are more aware than most people of the importance of protecting yourself financially.

Work From Home Cybersecurity Tips

Here are some tips to keep yourself, your clients and your organization secure while working from home.

Answers to life insurance questions you have (but are too afraid to ask).

Get answers to everything you always wanted to know about life insurance but were too afraid to ask.

Level premium term vs. step rate term life insurance

Whether you choose step rate term life insurance or level premium term life insurance is based on your individual situation, what you can afford, and how long you want to be covered.

Everything You Need to Know About Life Insurance: A Comprehensive Guide

Life insurance for CPAs: Insights, benefits, and how to choose the right policy and coverage for you.

Protecting Against Cracks in Your Financial Foundation

Discover a term life plan with rates that stay the same for the period you choose, even as you age or your health changes.

The importance of Life Insurance for financial planning

Life insurance can be more than just a safety net. It's a cornerstone of a comprehensive financial plan.

Three new videos to help you choose an AICPA-endorsed Plan

Watch three new videos that can help you choose the AICPA-endorsed Life or Disability Plan that works best for your life.

Life insurance checklist: plan now so you can relax later

Life insurance checklist: plan now so you can relax later.

Choose reliability, not luck when planning your financial future

What to look for when searching for a life or disability insurance plan

Do you have enough life insurance for your stage in life?

Purchasing life insurance can be a daunting proposition - besides the obvious reminder of your own mortality, the cost involved, and features and options to choose from, can be overwhelming.

5 Reasons to Apply for Life Insurance When You’re Young

If you’ve thought about life insurance but brushed it off because of your age and other financial obligations (like student loans, saving for your first place, and paying off debt), you might want to reconsider.

How life insurance can help pay for educational expenses.

After the chill days of summer comes back-to-school time, when parents have educational expenses on their minds. A good life insurance plan can help you plan for the unexpected.

The importance of having enough Life Insurance

If your spouse died today, would you be prepared?

Here are 5 things you can do now to help be prepared, so that if you or your spouse suffers an untimely loss, you have the measures in place to help you cope.

Level Premium Term (LPT) Life Explained

Discover a term life plan with rates that stay the same for the period you choose, even as you age or your health changes.

Frequently asked questions about getting life and disability insurance, answered.

We reached out to our Risk Advisors at the AICPA Insurance Trust to find out what questions they are asked most about the application process, and we got the answers.

Life Insurance Needs Estimator

The importance of life insurance for every woman.

Why It’s Important to Name a Beneficiary

When creating any type of financial account, whether it’s a savings account, retirement savings account, or life insurance, one of the more important details to consider is the naming of a beneficiary or beneficiaries.

How Life and Disability Insurance can help protect against life’s twists and turns.

From college to marriage, building a family and buying a home, there’s a lot that goes on between birth and death. One thing that can help keep us moving forward is having the right Life Insurance to help protect against all of life’s twists and turns. Find out why Life Insurance is so important, and what types of policies can help you depending on where you are in life. Coverage is issued by The Prudential Insurance Company of America (Prudential).

How to help lower your CPA Life, Spouse Life, and Group Variable Universal Life Insurance rates.

You could lower your CPA Life, Spouse Life, and GVUL Insurance rates even further by applying for a simple change in status.

A little can go a long way when it comes to long-term care coverage

Paying for senior care at home

Long-term care insurance isn’t for everybody, but having a plan should be. Find out what CPAs should do when planning for themselves and clients’ long-term care risks.

Millennials face additional challenges as caregivers

Many are at a point in their lives when they are still working to build their careers, and the time and cost of providing care can affect their ability to earn and save for their own goals and retirement.

Preparing for long-term care during a time of loss

With the passing of a loved one, you may have also experienced first-hand the emotional and financial impact caused by a long-term care event.

Why women should include long-term care in their retirement strategy

Women today often don’t have as much retirement savings as men, which means they’re more likely to outlive their savings.

Assess Your Personal Liability Risk

The majority of claims under umbrella policies are auto-related. Since virtually all of us drive, the need for Personal Liability Umbrella Coverage is obvious.

Quick Answers to CPA’s Questions about Personal Liability Umbrella Insurance

Valuable answers and why you should consider Umbrella insurance, especially if you have significant assets, you're looking to protect from costly personal liability claims.

Personal Umbrella Insurance Unpacked: Exploring a coverage option for CPAs’ unforeseen personal liabilities

What exactly is personal umbrella insurance and why do CPAs need it to help safeguard their lifestyle and financial assets.

Why CPAs Need Personal Liability Umbrella Insurance

Umbrella Liability Insurance: Protection for Your Retirement

See if you can guess what these AICPA Personal Liability Umbrella Insurance claims have in common:

Why women should include long-term care in their retirement strategy

Women today often don’t have as much retirement savings as men, which means they’re more likely to outlive their savings.

Umbrella Liability Insurance: Protection for Your Retirement

See if you can guess what these AICPA Personal Liability Umbrella Insurance claims have in common:

Your renters insurance questions answered

Let's clear up anything you still might be wondering about getting a renters insurance policy.

Do You Need to Insure Your College-Bound Child?

If you're the parent of dependent college students living away from home, you may not be aware that your homeowners policy will cover their personal property and personal liability.

How to Conquer Tax Season

Take the proper steps to help make sure you have everything in place to tackle tax season.

Top 3 ways to save on your teen’s car insurance

It’s true, adding a teen driver to your auto policy will likely increase your premium.

5 reasons your car insurance rate changes

Liberty Mutual | March 2022

While it can seem arbitrary, there are actual reasons you can see your price go up and down.

Top 3 ways to save on your teen’s car insurance

It’s true, adding a teen driver to your auto policy will likely increase your premium.

Work From Home Cybersecurity Tips

Here are some tips to keep yourself, your clients and your organization secure while working from home.

Diversification or Dabbling? You make the call

Learn the difference between diversification of services and dabbling for a CPA firm and the risk associated with dabbling.

Help Reduce Risk with Formal Client Onboarding

How formal client onboarding can help CPAs avoid miscommunications, misunderstandings, and misrepresentations – common elements in a professional liability claim

Unresponsive Clients Pose a Professional Liability Risk

A CPA's job would be so much easier if clients would just respond in a timely manner. In addition to creating unnecessary stress for CPAs, clients who fail to respond timely increase a CPA firm's professional liability risk. Let's walk through some of the ways CPAs have addressed unresponsive clients, the risks associated with those actions, and what may be a better path.

Client acceptance: A liability gatekeeper

While there are many factors a CPA firm may evaluate when deciding to take on a new client, there are three that can make a significant difference to the firm's professional liability risk.

Client continuance: A life vest for risky clients

Risks can arise with existing clients, catching the CPA off guard. Client continuance is designed to identify and address risks associated with existing clients.

Frequently asked risk management questions

The Accountants Risk Control team at CNA, the endorsed underwriter of the AICPA Professional Liability Insurance Program, fields thousands of questions annually from CPAs seeking risk management advice.

The Importance of Gauging Client's Tone at the Top

Integrity and ethical values are paramount for CPA firms and their clients. This article discusses how tone at the top can impact a firms’ risk.

Take a Hike: Ending Client Relationships

Terminating a client, whether contentious or cooperative, should follow a well-thought out process. This article provides tips to guide practitioners in terminating client relationships.

Client Termination Letters

When it becomes necessary to terminate a client relationship, it is important to confirm this action in a letter to the client to avoid future ambiguity regarding the status of the relationship.

Small actions, big fallout: Lessons from large claims

Seemingly benign actions, small decisions or quick conversations may have significant, and expensive, consequences. Consider these real-life claims and take note of lessons learned.

Risk Control in Outsourced Accounting Services

CPAs are often a client’s most trusted business advisor, and clients may look to the CPA to add value to the business in areas beyond accounting.

Managing risk related to consulting engagements

Consulting, while not a traditional service provided by CPAs, has become increasingly prominent. This article provides risk management tips to consider when providing consulting services.

Minding the Expectation Gap in a CAS Engagement

Client accounting services is a growing area of practice for many CPA firm. Learn how firms can manage expectation gap risk with their CAS clients.

CPAs as CFO: meeting client needs, managing the risks

If your client actually needs a CFO, consult with both your lawyer and your insurance broker about potential legal and insurance coverage issues before deciding how to proceed.

A Framework for Maintaining Ethics Compliance

Defending a claim is more difficult if the firm’s independence or integrity and objectivity is questioned. The Conceptual Framework outlined in the Code of Professional Conduct can help.

Auditor Independence Threats and Malpractice Claims

Questions of independence can damage the defense of an audit claim. Some independence threats are more impactful than others. Learn how to address them.

The risk suite: This teenager can mitigate liability angst

Failure to appropriately apply the risk assessment standards can lead to undetected misstatements and be problematic for claim defense. Learn why in this article.

The Importance of Audit Planning

Often overlooked, the real benefit of audit planning is gained from the process itself. Learn how planning can help mitigate risk.

Advice from the experts: Defending audit claims

Nobody wants to be the subject of a professional liability claim. Wouldn't it be nice to know what might help defend against that claim before it arises?

An Auditor's Dilemma: To Consent or Not to Consent?

Have you ever been asked by an audit client for consent to include an audit report in a public or private securities offering?

There’s No Substitute for Quality

The role quality, or lack thereof, plays in a professional liability claim cannot be over-emphasized.

Should I disclose my use of gen AI to clients?

The use of generative AI by accountants is increasing and leading to questions such as, “Should we inform our clients about our use of generative AI? If so, how?“

A CPA Firm’s Guide to Cyber Liability Basics Webinar – Part 1 of 3

Part 1 of a 3-part webinar series focuses on cybersecurity awareness basics for accountants and CPA firms. Learn what cyber criminals are looking for and techniques used in cyber-attacks.

A CPA Firm’s Guide to Cyber Liability Basics Webinar – Part 2 of 3

Part 2 of a 3-part webinar series explains why CPA firms of all sizes are such prime targets for cyber criminals.

A CPA Firm’s Guide to Cyber Liability Basics Webinar – Part 3 of 3

Part 3 of a 3-part webinar series explains risk management and risk transfer safeguards a CPA firm can establish to help protect from a cyber breach

10 tips to help avoid wire fraud scams

Wire transfer fraud is a risk to any business. Here are 10 actions to take to help prevent your firm from falling victim to a wire fraud scam.

Generative AI and risks to CPA firms

Cybersecurity is a necessity for CPA firms who accelerated their digital transformation during the pandemic and are now particularly vulnerable to an attack.

Cyber October 2024 – Securing Our World

Cyber Awareness Month is the perfect time for professional service firms to review and evaluate their cyber strategies.

How mental shortcuts expose you to wire fraud risk

Despite awareness, a CPA’s client service focus may lead to wire fraud claims. Learn to short-circuit a faulty mental process to help reduce wire fraud risk.

How Many Records Do We Have? Professional Service Firms and PII/PHI Records

CPA firms are facing an increasing regulatory risk around PII records. Learn about the implications and why insurers are increasingly concerned about it.

Table Stakes: Planning a Tabletop Simulation

Tabletop simulations are an indispensable part of a professional service firm’s preparation for a cyber event.

How the FTC Safeguards Rule may affect your CPA firm

Federal Trade Commission (FTC) guidelines intended to help protect financial institution customer information may apply to CPAs. Understand what the rules require.

Cybersecurity risk: Constant vigilance required

Today’s CPA firms face a multitude of cybersecurity risks. Learn the types of attacks and how to help prevent, reduce, and manage these unique risks.

The CPA’s Cybersecurity Imperative

Cybersecurity is a necessity for CPA firms who accelerated their digital transformation during the pandemic and are now particularly vulnerable to an attack.

Don’t get victimized by a cybercriminal

Cybercrimes have exploded in recent years. If the U.S. government or major U.S. companies can be infiltrated, so can a CPA firm.

4 Steps to better Cybersecurity

Whether you are back in the office or still taking video calls from home in your coziest pair of sweatpants, data security is something that you can never be casual about.

Crime Coverage Highlight Sheet

A decade ago, crime involved a robber walking into a bank with a weapon. Today, criminals do not necessarily use weapons—they use computers. Cybercriminals hack into your system, monitor your emails, then impersonate you to fraudulently convince an unsuspecting employee to wire transfer large sums of money to them.

A cyber-attack could spell disaster for your CPA firm

As aggregators of financial data, CPA firms are entrusted with their clients’ personal and financial information. As such, they’re primary targets for cybercrimes.

Professional Liability Risks Related to Cloud Computing

The concept of going paperless has been around for a long time, but CPA firms of all sizes are increasingly adopting a more virtual operating environment and taking advantages of the benefits allowed by Internet-, or “cloud-,” based computing service providers.

Controlling your data

Use these controls to secure your firm’s critical information

An Evolving ESG Landscape for Professional Service Firms

Today’s CPA firms are increasingly exposed to ESG issues. Understanding ESG risk factors impacting the industry is key to protect reputation and manage potential liability exposure.

Ensuring your firm’s DE&I strategy includes employee benefits

The benefits of an effective DEI strategy have reinforced the need for organizations of all sizes to disclose and show progress towards their goals.

Five Key Areas to Focus on to Help Advance an Inclusive Work Culture

Five key areas to focus on to enhance an inclusive culture where colleagues are free to bring their authentic and diverse selves to the workplace.

Aon Webinar – Workplace Futures: The Value of the ‘Social Contract’ in ESG

Looking through the ‘social’ lens of ESG, learn about effective strategies to address key organizational concerns and stand out as an employer.

Inclusive Future of Work : Are Inclusion and Diversity Part of Your Benefits and Retirement Program?

Decision makers behind compensation, employee benefits and retirement savings strategies have always had a significant, historic and sometimes underrated impact on how society functions. When some people have more opportunities for, or fewer barriers to, savings or caring for healthcare needs, a wealth and wellness gap is created and exacerbated.

Aon’s Lisa Stevens on shaping the modern workforce

Lisa Stevens, chief people officer at Aon, outlines how the broker is addressing ESG challenges and steps the industry can take to be more inclusive.

Diversity, Equity and Inclusion in the Workplace

The benefits of an effective DEI strategy have reinforced the need for organizations of all sizes to disclose and show progress towards their goals.

Building a Future-Ready Workforce for the Professional Services Industry

Workplace discrimination and harassment can result in costly lawsuits. This article discusses laws for accounting firms to be aware of, and risk management measures to consider.

Data Security Risk Resource Portal - eRiskHub

Navigating the patchwork of pay transparency laws

How CPA firms can help mitigate risk when dealing with pay equity and pay transparency laws.

How to mitigate employment practices liability risks

Hear from defense counsel what CPA firms can do proactively to mitigate risk of employment practices liability claims

Tread Carefully When Using Noncompete Agreements

Addressing third-party discrimination or harassment

Workplace discrimination and harassment can result in costly lawsuits. This article discusses laws for accounting firms to be aware of, and risk management measures to consider.

Employment Practices Legal Hotline

Employment Practices Liability Report a Claim

Employment Practices Resource Portal- CNA BeyondHR

Do I really need a new engagement letter for that?

Despite the known value of engagement letters, CPAs may not use them for small services or when responding to client questions. Is there an alternative?

Responding to Client Requests for Confidentiality

Clients are increasingly requesting CPA firms impose confidentiality agreements as a precondition to engaging the firm to perform professional services. This article is designed to help identify a roadmap on how to address these requests.

Use of e-signatures for engagement documentation

Electronic signatures are generally binding, however, there are caveats. This article explores them to help refute an assertion that an electronic signature is not authentic.

How Risk Allocation Provisions Can Mitigate Risk

Risk allocation provisions help allocate risk between the client and CPA and can help manage the defense and cost of a claim.

Frequently Asked Engagement Letter Questions

Engagement letters are useful tools to help resolve client disputes. We summarize engagement letter FAQs and answers provided by CNA’s Risk Control team.

CPAs, don’t get TKO’d in a liability claim by an evergreen engagement letter

Build a Better Engagement Letter: Standard Terms and Conditions

Using a set of standard, firmwide terms and conditions can help increase engagement letter efficiency and consistency. Learn how to implement one at your CPA firm.

Buckle Up: Crafting Effective Engagement Letters

Malpractice claims against CPAs are more difficult to defend if an engagement letter is not used. This article provides tips to help practitioners effectively and efficiently implement them.

Deflecting a Client’s Request for Defense and Indemnification

Client requests for the firm’s defense and indemnification are unnecessary and unfair, and may be unenforceable. Learn how to respond when a client make this request.

Sample Engagement Letters

Sample engagement letters for over 30 services and a terms and conditions document are available to CNA professional liability policyholders.

Apparent authority – liability that may retire you

A retired partner who doesn’t completely “retire” may expose a CPA firm to professional liability risk if clients believe the partner still speaks for the firm. Take steps to help mitigate “apparent authority” risks before it’s too late.

Professional liability risk stemming from CPA firm acquisitions – part 1

CPA firms, in the haste to close a deal, may ignore or shortchange red flags. Be sure to perform sufficient due diligence or face future claims.

Changes at the firm? What to do with working papers

CPAs need workpapers to help defend a malpractice claim or regulatory inquiry. When a firm undergoes a change, make sure workpapers aren’t lost in the shuffle.

A Guide to Maximize Your CPA Firm Sale

Discover how to sell your CPA firm effectively. Learn about optimal timing, valuation strategies, and boosting your firm's attractiveness.

Do names matter? Risk and the use of ‘merger’ or ‘acquisition’

Learn when to us the word merger or acquisition in an M&A transaction and the effect the wrong terminology may have in determining successor liability

Is Buying an Accounting Practice Right for You

If you’re considering buying a CPA firm, these eight questions will help you feel confident about buying the right accounting practice at the right price.

MERGER the new four-letter word: Risk Considerations of Firms “Combining”

Often overlooked, the real benefit of audit planning is gained from the process itself. Learn how planning can help mitigate risk.

Scaling Your Practice: FAQs about Expanding & Growing a CPA Firm

Ready to take on more clients? Learn the best strategies to minimize risks and increase profits when expanding and growing your CPA firm.

Starting a CPA Firm: 7 Key Questions Answered

Professional Liability Issues in “Success”ion Planning

Walking away from the CPA firm that you’ve put your heart, soul and life is difficult enough. Nobody wants their swan song to be a professional liability claim.

Succession and practice continuation agreements

Entering into a practice continuation agreement can help you plan and prepare for the unimaginable and decrease the likelihood of a break in client service.

3 P’s When Shopping for Professional Liability Coverage

This short and insightful video lays out the “The Three Ps” CPAs should consider when shopping for professional liability coverage: Paper, Program, and People.

Candace Coach, Aon Risk Advisor

2:46 minutes run time

Foundations of accountants professional indemnity insurance – a primer

Explore the principles of professional indemnity insurance, a foundational coverage that helps protect accounting firms from liabilities that arise while providing professional services.

Navigating Accounting Claims: Insights from Defense Counsel

Gain insights on how firms can best leverage resources to prepare for, address, manage and conclude professional liability claims efficiently.

Bad billing practices can affect malpractice risk

Client billing practices may not be perceived as a malpractice issue, learn how proactive management of collections is important to help avoid professional liability claims.

Outsourcing and Professional Liability

What professional liability risk am I taking as a CPA if I outsource, offshore, or use subcontractors? How can I help mitigate those risks?

How Professional Liability Insurance Helps Protect CPA Firms

Professional liability insurance helps protect CPAs in the event of a negligence claim. Find out more about this important coverage with AICPA Member Insurance Programs.

The Power of One Firm: Risks of individualized practices

Good record retention practices are crucial for a CPA firm. This article discusses considerations when creating and implementing a record retention policy.

3 terms to know before buying an accountant’s professional liability policy

Good record retention practices are crucial for a CPA firm. This article discusses considerations when creating and implementing a record retention policy.

Understanding the Professional Liability Claim Process

CPAs learn what to expect should you be the subject of a professional liability claim.

Lessons for every CPA firm from public audit

What’s Your Magic Number? Determining How Much Professional Liability Insurance Your CPA Firm Needs

How much professional liability insurance is needed to adequately cover my CPA firm?

All in a Dishonest Day’s Work

Sometimes CPA firm employees steal from clients. Consider using the tips in this article to prevent this from happening at your firm.

Avoiding Website Claims that Increase Malpractice Risk

How a CPA firm portrays itself through its website may be critical to its success but can also compromise the defense of a professional liability claim.

Building Blocks To Quality – The ABCs of Risk Management

There are fundamental risk management practices CPA firms should implement to help establish a foundation for quality and growth.

How Social and Digital Media Can be a #MajorRisk

Electronic communication can be fraught with peril for the unwary CPA and hinder the defense of a professional liability claim. Learn how to manage this risk.

Keep or toss? A guide to CPA firm record retention

Good record retention practices are crucial for a CPA firm. This article discusses considerations when creating and implementing a record retention policy.

Understanding the professional liability claim process

Learn what to expect should you be the subject of a professional liability claim.

By Sarah Beckett Ference, CPA

Navigating storms, and risk, with subcontractors

Unintended consequences of professional referrals

Regardless of the digitization and virtualization of how business is conducted and how people connect, a fundamental truism for all CPA firms is that relationships matter.

Think Twice Before Suing for Unpaid Fees

When a CPA firm sues for unpaid fees, the result is often a counterclaim for negligence. This article discusses the thought process CPAs should follow first.

Employee Theft

As an employer, you want to trust the people who work for you. Unfortunately, it's impossible to know everything that is going on in the personal lives of your employees.

Finding an insurance broker for your CPA firm

This article provides 3 fundamental tips on how to vet and select an insurance broker or agent agent best suited to address the unique needs of a CPA firm.

Facing Complexity, Uncertainty and Rapid Change: Accounting Firm Risks in 2025

This article provides insights into global trends and risk issues facing accounting firms in an increasingly complex, uncertain and rapidly evolving environment.

Risk management mantras to add to your daily practice

Certain catchphrase responses are more common than others when navigating tricky and challenging client situations. Consider adding our risk management mantras to your daily practice.

How to not lose sleep over NOCLAR

Misalignment between a CPA’s activities and the engagement letter can be problematic. This article discusses the risk of scope creep and provides related risk management tips.

Megatrends and Risk – How to Navigate the Impacts

The U.S. population continues to age. This article discusses the professional liability risks of working with elderly clients and provides risk management tips for consideration.

Resilience Confronting Complexity: Observations on the Risk Environment Facing Accounting Firms

Accounting firms are having to navigate a complex and evolving risk landscape. Identifying and understanding these challenges is key to developing a robust risk management strategy.

8 Reasons CPAs Get Sued and What to Do About It

Did you know that more than 40% of Americans say they'd feel the financial impact from the loss of the primary wage earner within 6 months.

Falling hurts. So does litigation.

Understanding the elements of ordinary negligence and litigation helps shed light on terrain riddled with professional liability cliffs for CPAs.

Risk management creates more soft landings

Understanding Risk – Professional Service Firms and Aon's GRMS 2023 Results

Explore the results of Aon’s 2023 Global Risk Management Survey, including the results from Professional Service Firm respondents.

Fraud risk applies to all CPA firm services

Wealthy or famous clients often rely heavily on CPAs to handle their financial affairs. This article discusses the risks and tips to be aware of.

Rogue behavior: Risks your CPA firm should avoid

Unintentional rogue conduct or failing to do what one is expected to do is a risk that can lead to professional liability claims for a CPA firm.

Risky business of serving the rich and famous

Wealthy or famous clients often rely heavily on CPAs to handle their financial affairs. This article discusses the risks and tips to be aware of.

Don’t let scope creep lead you out of bounds

Misalignment between a CPA’s activities and the engagement letter can be problematic. This article discusses the risk of scope creep and provides related risk management tips.

Considerations When Working With an Aging Client Base

The U.S. population continues to age. This article discusses the professional liability risks of working with elderly clients and provides risk management tips for consideration.

Early warning signs of a large malpractice claim

Unfortunately, there is no crystal ball to tell CPA firms what will happen when a new client or engagement is accepted.

Providing services to cannabis clients

Other People’s Money

When CPAs provide services related to a client’s money and the client incurs a loss, CPAs are at risk. The more money involved, the greater the risk.

An evaluation framework for responding to requests

Dedication to client service often leads to a gut response of, "No problem!" However, the manner in which a CPA responds to even a seemingly benign request may introduce unnecessary professional liability risk.

Working with third-party experts

Steps a CPA firm should take to help mitigate risk when working with third-party experts.

Why CPAs Believe They May Not Need Professional Liability Insurance & Why They’re Mistaken

Did you know that more than 40% of Americans say they'd feel the financial impact from the loss of the primary wage earner within 6 months.

Risk Control Training for Premium Credit

Select a course format that best suits your schedule and personal learning preference. Regardless of the format selected, you'll learn valuable risk management strategies to implement immediately.

Risk Update: AICPA Firms’ 5 Hot Risk Topics

A recap from the latest AICPA Professional Liability Insurance Programs Committee (PLIP) quarterly meeting

CNA Accountants Professional Liability Assistance Line

Data Security Risk Resource Portal - eRiskHub

Employment Practices Liability Report a Claim

Professional Liability - Report a Claim

The AICPA Professional Liability Insurance Program is dedicated to providing superior claims assistance.

Form 1065: Pay attention or pay up

Think that preparing Form 1065 is not a risky proposition? Structural changes at the IRS should force a rethink.

Avoiding fallout from aggressive tax strategies

If a planning strategy has one or more of the following characteristics, it may be too good to be true.

The risk of providing unintentional financial advice

CPAs may provide financial advice ancillary to another service. When anticipated financial benefits do not materialize, a professional liability claim may follow.

Client breakups can create malpractice risk

Divorcing clients and business breakups can threaten a CPA’s objectivity and add additional malpractice risk and headache. Learn how to mitigate these risks

Missed due dates: Diligence and the lurking danger

Claims involving missed due dates are rising while IRS penalty relief is decreasing. Learn how diligence can help a CPA avoid the claim related to late or non-filing.

Managing Conflicts of Interest

IRS funding and a potential rise in malpractice claims against CPAs

Defense counsel and experts provide their insight into what helps them (and hurts them) in the defense of tax and other claims.

How to Help Reduce Your Professional Liability Risk During Tax Season

Personal liability risks for CPAs are enhanced during tax season. Read more to find out how to help reduce the potential for lawsuits.

Risk Management and the Corporate Transparency Act (including sample engagement letter)

Learn how to mitigate the unique risks CPA firms may encounter when delivering CTA compliance/BOI reporting services. A sample engagement letter is included.

Oh BOI: The Corporate Transparency Act and CPA firms

Docket systems provide CPA firms with a comprehensive method of monitoring workflow. This article discusses what should be included in the docket and its management.

Mitigating risk of large FBAR and international tax claims

Why are claims relating to U.S. filing obligations for foreign activity, including the FBAR, getting increasingly more severe?

Risk Alert: Navigating Corporate Transparency Act/Beneficial Ownership Reporting

What to know about professional liability risks for accounting firms as businesses are required to comply with the Corporate Transparency Act/Beneficial Ownership Information.

Risk Alert – Aggressive Employee Retention Credit Calculations Can Create Professional Liability Risk

CPAs may face a malpractice claim when preparing tax returns that reflect ERC, even if they didn’t calculate it. Learn how to mitigate this risk.

Docket or Lose It: Avoiding the Risk of Missed Deadlines

Docket systems provide CPA firms with a comprehensive method of monitoring workflow. This article discusses what should be included in the docket and its management.

Checklists to help you survive tax season

Planning for the upcoming tax season is an important step in managing the professional liability risk associated with providing tax services. The following checklists provide many suggestions firms should consider in planning for this work.

Updated Risk Alert: IRS Scrutiny of Abusive Micro-Captive Insurance Companies Can Increase a CPA Firm’s Professional Liability Risk

IRS scrutiny and skepticism of micro-captive insurance companies may increase the professional liability risk of a CPA firm.

Should a CPA be a Partnership Representative?

Some partnership clients may ask their CPA to serve as the partnership representative.

Kovel agreement basics for you and your client

Kovel agreement basics for CPAs. What you need to know when working with counsel and how to avoid potential pitfalls.

The Accidental Investment Adviser

CPAs are often asked for investment recommendations or their thoughts on a client’s potential investment. These client favors can lead to claims alleging the provision of erroneous investment adviceCPAs

Managing Conflicts of Interest

Conflicts of interest can be stressful for the CPA and create additional professional liability exposure. Learn how to manage this risk in this article.

The Unexpected Risks of Trustee Services

Professional liability claims from serving as a trustee can be severe. Find out why the service is risky and what can be done about it.

Considerations In Avoiding Becoming A Casualty In the Divorce Wars

Anyone who has even a passing acquaintance with divorce, professionally or personally, will usually concede that it is a steaming cauldron of emotions bubbling up from broken dreams, anger, fear about the future, and the financial disaster that it usually visits on its participants.

Expert advice on defending tax and other claims

Defense counsel and experts provide their insight into what helps them (and hurts them) in the defense of tax and other claims.

Updated Risk Alert: IRS Scrutiny of Conservation Easements Increases a CPA Firm’s Professional Liability Risk

Tax practitioners should be cognizant of the Internal Revenue Service’s (IRS) increased activity related to conservation easement transactions.

Third Party Verification Letters

CPAs that are not familiar with third party verification requests should count themselves lucky. While they are far from the most complex issue facing the profession, they can be an unexpected annoyance and involve an unnecessary drain on valuable time.

How to keep your valuables safe from harm

If you have a collection of antiques, artwork, or other valuables in your home, you may need to take special precautions to keep these treasured possessions safe.

Help Protect Your Identity While on Vacation

As a CPA, you are more aware than most people of the importance of protecting yourself financially.

Medicare Fraud – Protect Yourself and Medicare

Medicare fraud is purposely billing Medicare for services that were never provided or received.

How could life insurance fit into your retirement plan?

Life insurance has been an important part of your financial planning during your working years. See how it can fit into your retirement plan.

Do you have a strategy for caregiving?

Discussing caregiving with your loved ones can ensure that your family will know what steps to take should you end up needing it.

Navigating the Ever-Changing World of Long-Term Care Insurance Solutions

Long-term care insurance isn’t for everybody, but having a plan should be. Find out what CPAs should do when planning for themselves and clients’ long-term care risks.

Millennials face additional challenges as caregivers

Many are at a point in their lives when they are still working to build their careers, and the time and cost of providing care can affect their ability to earn and save for their own goals and retirement.

Preparing for long-term care during a time of loss

With the passing of a loved one, you may have also experienced first-hand the emotional and financial impact caused by a long-term care event.

Tax Benefits of Long-Term Care Insurance

A look at the tax incentives of traditional long-term care insurance

Why women should include long-term care in their retirement strategy

Women today often don’t have as much retirement savings as men, which means they’re more likely to outlive their savings.

8 Things to Know About Medicare

Choosing Medicare Coverage

Choosing Medicare coverage can be broken down into 3 main steps.

Medicare Terms: Glossary At a Glance

A handy glossary to help you understand the meaning of basic Medicare terms.

Questions to Consider Before Turning 65

Making Sense of Medicare: 4 key things to remember when you turn 65

Turning 65? Here are a few important tips and steps you can take to help you get started with Medicare including when to enroll.

Medicare Fraud – Protect Yourself and Medicare

Medicare fraud is purposely billing Medicare for services that were never provided or received.

Assess Your Personal Liability Risk

The majority of claims under umbrella policies are auto-related. Since virtually all of us drive, the need for Personal Liability Umbrella Coverage is obvious.

Umbrella Liability Insurance: Protection for Your Retirement

See if you can guess what these AICPA Personal Liability Umbrella Insurance claims have in common:

Retirement Planning Tools

Interactive tools and solutions can help you plan and enjoy a financially secure retirement.

Navigating the Ever-Changing World of Long-Term Care Insurance Solutions

Long-term care insurance isn’t for everybody, but having a plan should be. Find out what CPAs should do when planning for themselves and clients’ long-term care risks.

Education & Resources

While it can seem arbitrary, there are actual reasons you can see your price go up and down.

While it can seem arbitrary, there are actual reasons you can see your price go up and down.

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