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.*
Learning 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.
Major Topics
- 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
