What now? Responding to a subsequent discovery of fact – AICPA Professional Liability Spotlight

Consider the following scenario. One morning, you see your audit client’s name emblazoned across the front page of the local newspaper. The story describes a long-term business deal gone awry and hints of embezzlement by the corporate controller. Doubt enters your mind as you envision every document you inspected and recall every conversation you had during … Continue reading

Due diligence with CPA firm subcontractors – AICPA Professional Liability Spotlight

CPA firms often use subcontractors to help provide payroll, tax, accounting, and audit services or to provide administrative support to the firm. In the course of rendering these services, subcontractors may obtain access to a vast amount of confidential client data. Examples of subcontractors include part-time help hired during busy season, other accounting firms assisting with … Continue reading

General Liability & Professional Liability: What’s The Difference?

Many businesses have and need both general and professional liability policies; although many business owners have trouble distinguishing the two.  Both general and professional liability policies protect a business from risks related to individuals who come into contact with the business.  Professional liability, however, is more specific to clients of the … Continue reading