Practical Tools and Tips to Help CPAs Manage Risk (Audit & Attest Services Focus)

Overview

What are the risks of offering A&A services?

CPAs face an ever-present threat of malpractice claims regardless of the services performed. Offering audit and attest (A&A) services exposes professionals and their firms to certain risk.

Although it is impossible to eliminate all risks, you can identify and implement practical techniques to help mitigate the risk of a professional liability claim.

Processes to mitigate risks in A&A

You will gain insight into day-to-day risk management protocols related to firm practice management and service delivery.

You’ll also learn about the many ways a firm can manage risk in offering A&A services, including:

Writing effective engagement letters

Creating a robust onboarding process

Identifying scope

Managing billing and fees

Deep dives into A&A loss data

Examining the recent data that breaks down the causes of loss related to A&A professional liability claims can help you understand the threats to you and your firm, and focus your risk management practices.

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.*

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.
Select practical risk management tools and techniques to implement based on specific situations at your firm.

Highlights

AICPA Professional Liability Insurance Program's claims data

Client and engagement acceptance

Engagement letters and fee management

Client continuance and termination

Team management and firmwide quality control

Causes of loss

Risk management tips to assist claim defense

Data security

Designed For

CPAs and CGMA designation holders

Auditors and attestation service providers

Accounting and finance professionals

Legal personnel

Prerequisites

None

Notice

You will receive an email from the AICPA with instructions to access this webinar.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Jennifer Elder, Educational Speaker, The Sustainable CFO

Leader Bios

Jennifer Elder, Educational Speaker, The Sustainable CFO

Jennifer Elder, CPA, CMA, CIA, CFF, CGMA helps businesses survive in turbulent times with strategic solutions. For more than 20 years, she has been helping organizations future-proof their business by solidifying their strengths, developing eternal vigilance, and creating a future-focused mindset. As a consultant and keynote speaker Jennifer is known for being energetic and enthusiastic, She has conducted seminars for the Fortune 500, the US Government, State CPA Societies, and CPA firms in 44 states and 2 countries. She is a business generalist and an accounting expert who can make the complicated simple, awesomely simple. She is a published author, named a “2015 Woman to Watch” by the AICPA and MACPA, and been awarded Outstanding Educator bythe AICPA for the past three years. When not on the road teaching, she is either living on her boat on Chesapeake Bay or skiing the slopes of New Hampshire with her husband and two cats (no the cats don’t ski!)

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