Managing Your Practice, Managing Your Risk

By Barry, Joanne S. | The CPA Journal, October 2014 | Go to article overview

Managing Your Practice, Managing Your Risk


Barry, Joanne S., The CPA Journal


CPAs know about risks and obligations. When a CPA provides an opinion, it's not only the client who relies on that information to be true, but also regulators, the public, stockholders, lenders, and other financial institutions. With so many vested interests, it is not surprising to find that professional liability is a significant concern for most CPAs.

New Program Tailored for Risk Management

As authors Sarah Beckett Ference, Vincent J. Love, and Thomas R. Manisero point out in "Mitigating the Risk of a Professional Liability Claim," on page 62 of this month's issue, no CPA is immune from being sued, even though some CPAs still believe that if they don't have professional liability insurance, they won't find themselves in court. This is often not the case. That's why the NYSSCPA's Foundation for Accounting Education is establishing a Risk Management Certificate program that will help CPAs learn how incorporating risk management techniques into their practices will increase their firm's profitability and lower their likelihood of finding themselves at the center of litigation. CPAs who complete the program will earn a significant discount on professional liability insurance with Cárnico, one of the Society's affinity partners.

The program launches in April 2015, in conjunction with a full-day conference at the Society's offices in New York City that will also available via live webcast and, later, on demand. This conference will help participants develop a better understanding of CPAs' liability risks, acquaint them with the real world of CPA malpractice, and provide a greater awareness of the claims rules by which CPAs will be judged. …

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