In spite of efforts to ensure engagement quality, many CPA firms find themselves periodically facing professional liability concerns. It is critical that firms understand the most common causes of litigation claims and how they can protect themselves against them.
In this course, we’ll explore the most common claims faced by CPA firms of all sizes, as well as common defenses strategies and the various methodologies of resolving the claim process. The course will emphasize best practices in avoiding claims, analysis of recent court decisions, and exposures related to new and emerging claims, including cannabis, the Wayfair decision, the CARES Act, and COVID-19.
DESIGNED FOR
Accounting and auditing practitioners at all levels involved in the quality and risk management process at their firms
BENEFITS
- Common claims against CPAs
- Understanding the statute of limitations
- The private defense theory
- The pros and cons of jury trials
- Alternative dispute resolution processes
- Civil vs criminal litigation
HIGHLIGHTS
- Identify key areas of litigation exposure for CPA firms
- Recall best practices in claims and litigation avoidance and management
- Identify common defense strategies for CPA firms when facing processional claims
- Recall new and emerging issues in CPA litigation
- Understand being countersued when suing for fees
- Advise both sides of a deal
- Get involved in deals with clients
- Write engagement/retainer letters and disengagement letters
- Understand the applicable duty of care and corresponding damages
COURSE LEVEL
Basic
PREREQUISITES
Experience in accounting and attestation