Amber
Be Prepared: The Quality Management Standards Are Coming
By Duncan B. Will, CPA/ABV/CFF, CFE The AICPA’s Statements on Quality Management Standards’ (“SQMS”) December 15, 2025, effective date is fast approaching, and few firms are prepared. Since the SQMS were issued in June 2022, the AICPA has produced a plethora of related content. This article is not intended as a treatise on the SQMS. … Read more
Claim Chronicles 126-A
First-party damages: refers to losses directly suffered by the policyholder (or insured) firm in response to a firm’s data breach or other covered cyber event. Topic: First-Party Cyber Attack CAMICO policyholder Mary Davis had just signed on to her computer one morning when she received an email from a “potential client” named “Tim,” who was … Read more
Claim Chronicles 126-B
Third-party damages: refers to damages alleged by clients or other third parties that the negligence of the CPA firm contributed in whole or in part to the third party’s cyber-related loss. Topic: Third-Party Cyber Attack CAMICO policyholders Michael Jones and Tom Smith of Jones & Smith Accounting Services were out of the office during the … Read more
Post-Tax Season Tips for Managing Risk
With more than 60% of CAMICO’s claims originating from tax-related matters, addressing and managing the risk stress points associated with problematic tax clients can significantly improve a firm’s risk profile. There is no better time than now, before the final phase of tax season, to take proactive steps to better position your firm to ensure … Read more
The Cyber Saga Continues… Protect Your Firm from First-Party and Third-Party Cyber Exposures
In today’s digital landscape, it is no surprise that there appears to be a new cybersecurity story in the news every week, from attacks on major infrastructure to small companies being held for ransom. The risk of cyber threats continues to grow for CPA firms, along with other professional services firms, as all are considered … Read more