Practical Tools and Tips to Help CPAs Manage Risk (Tax Services Focus)

Overview

Managing the risk of offering tax services

Providing tax services can help attract new clients to your firm, unlocking significant growth. At the same time, there are risks to offering tax services. The tax services practice area is particularly prone to professional liability claims, according to the latest data.

You can mitigate the risks of professional liability claims by implementing processes designed to curb the potential for client disputes.

Protecting your firm from risk

This session will present day-to-day risk management protocols and provide realistic ways to adjust your operations to insulate your firm and staff from risk.

You can learn tips for:

• Client acceptance
• Engagement letters
• Client communications
• Onboarding
• Billing and fee management

Acknowledging risks beyond your tax practice

Although tax services represent a significant share of all malpractice claims against CPA firms, other practice areas come with their own risks.

You'll also examine the risks of offering certain accounting services and learn how to create processes that reduce the risk of malpractice.

Additional benefits

In addition to earning CPE credits, CNA policyholders may earn up to a 10% premium credit for three consecutive years on their AICPA Professional Liability Insurance policy.

*Please consult your agent for further details regarding eligibility.*

Prerequisites

None

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 tax and consulting services to help mitigate the risk of a malpractice claim.
• Select practical risk management tools and techniques to implement based on specific situations at your firm.

Highlights

• AICPA Professional Liability Insurance Program claim data
• Client and engagement acceptance
• Engagement letters and fee management
• Client continuance and termination
• Firmwide quality control and team management
• Causes of loss
• Risk management tips to assist claim defense when providing tax and client accounting services
• Data security