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

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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.*

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

Prerequisites

None

Designed For

CPAs and CGMA designation holders

Auditors and attestation service providers

Accounting and finance professionals

Legal personnel

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.

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Jennifer Elder, Business Learning Institute

Leader Bios

Jennifer Elder, Business Learning Institute

Jennifer Elder, CPA, CMA, CIA, CFF, CGMA is an executive coach who helps smart professionals transform from technically talented to strategically savvy. As a keynote speaker and trainer, she has presented her engaging and highly interactive sessions to over 15,000 people in all 50 states and 12 countries. Her clients include Home Depot, Campari, Experian, HP, Capgemini, and Oracle. She started her career in public accounting at a regional firm. She chaired the accounting department at a New Hampshire college and spent 15 years as a CFO in a variety of industries including homebuilding, technology, and insurance. In 2022, she received the Women Who Count award in education by the Accounting and Financial Women’s Alliance (AFWA). In 2018, Jennifer earned the designation of Certified Speaking Professional (CSP). Making her one of only 15 people worldwide who hold both the CPA and CSP designations. CPA Practice Advisor named her one of the Top 25 Women in Accounting in 2018. She received her BA from the University of Massachusetts and an MS in Organizational Management from Antioch University New England. She has been published by the Journal of Accountancy, FM Magazine, the National Association of Home Builders, Triple Pundit, and the Journal of Corporate Accounting and Finance.

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