Free Site Registration


10 'Get Out of Court Free' Cards

10 ways to keep your firm from getting sued for professional malpractice

Want to keep your firm out of court, and keep your professional malpractice insurance premiums low? These 10 tips from Rickard Jorgensen, president and chief underwriting officer of Jorgensen & Co., can help.

Image: Shutterstock

10. Have the expertise to provide the services you offer. Beware moving out of your comfort zone to “round out” service to a client.

Image: Shutterstock

9. Be cautious of emerging high-risk areas, such as SEC attest and financial institutions, investment funds, etc.

Image: Shutterstock

8. Manage client expectations at the outset, and throughout the engagement. Don’t make unattainable promises or predict outcomes.

Image: Shutterstock

Advertisement

7. Screen new clients and do background checks. There may be a scary reason why a potential client is switching accountants.

Image: Shutterstock

6. Include a mediation clause in all engagements. Even better, if possible, include a limitation of liability clause.

Image: Shutterstock

5. Where you have access to client funds, carefully supervise your own employees. Consider purchasing an employee dishonesty bond with a third-party (client coverage) extension.

Image: Shutterstock

4. Be aware of what is a reasonable fee -- especially when dealing with trusts, or unsophisticated, elderly or otherwise vulnerable clients. Someone else may see it as gouging.

Image: Shutterstock

Advertisement

3. Do not create conflicts of interest by investing in clients, loaning to clients, or borrowing from clients.

Image: Shutterstock

2. Do not sue for fees. Ever.

Image: Shutterstock

1. Always get an engagement letter, and be alert for engagement drift -- do not perform additional services for a client without a new engagement letter or signed rider.

Image: Shutterstock



10 Year-End Tax Tips

As 2014 draws to a close, there may be more planning opportunities than ever before, but also more traps for the unwary, according to Grant Thornton LLP.

View the slideshow >>


The 2014 MP Elite

The third edition of our annual report highlights 10 outstanding accounting firm leaders.

View the slideshow >>


Most Unusual Resume Lies

The pressure to stand out in a sea of applicants may tempt job seekers at accounting firms and other businesses to be less than honest on their resumes. When CareerBuilder asked about the most unusual lie they've ever caught on a resume, employers recalled these doozies.

View the slideshow >>


10 Ways to Be More Memorable

Tips to help professionals stand out (in a good way)

View the slideshow >>


6 Tips to Prevent a Data Breach

The steps businesses should take to protect against a credit card breach, according to the AICPA

View the slideshow >>


7 Signs Your Best Employees Are About to Leave

Tell-tale indicators that your rock stars are eyeing the door

View the slideshow >>


The Top People in Public Accounting - 2014

The most influential people in the field of accounting, as chosen by their peers.

View the slideshow >>


Top 10 Cities for Accounting and Finance Pros

Accounting Principalsí list shows where your next job should be

View the slideshow >>


Most Unusual Things Employees Were Caught Doing When They Should Have Been Working

Productivity can be a big problem, even at major accounting and tax firms and other types of businesses. Employers recently shared some real-life examples with the staffing company CareerBuilders of some of the more unusual things they've seen employees doing when they should have been busy working:

View the slideshow >>


Back-to-School Tax Tips

Rising education costs mean clients canít pass these up

View the slideshow >>



Advertisement

Advertisement

Advertisement

Advertisement