Risk management for accounting firms: accuracy in output and advice
Accuracy in output and advice are the cornerstone components of the accounting profession. The three biggest liability risks facing accountants are: Data security Accuracy in output and advice Protecting facilities and property from damage We covered data security and protecting facilities and property from damage. Today we will focus on accuracy in output and advice. The professional need for accuracy [...]
Risk management for Accountants: protecting facilities and property from damage
Risk management is a prudent practice for all types of businesses. As time goes on, it is essential to re-examine your company’s landscape and compare it with current business practices. It is even more critical for accountants who have access to various sensitive, personal and corporate financial data to conduct a routine risk management check-in. The three biggest liability risks [...]
Risk management insight for accounting firms: data security
Accounting is a highly regarded and respected profession. Being a professional Accountant comes with a responsibility to protect data, provide relevant advice, and be accurate in execution. Beyond this, many Accountants who also operate their firm are tasked with ensuring regular business operation. These operations include maintaining their office and equipment, managing the firm’s reputation, being up-to-date on employee practice [...]
Why do professional accountants need Errors & Omissions coverage?
Accountants play a critical role in our society. Being able to entrust professionals to ensure ledgers are balanced, accurate, and on-time allows our entire economic system to run efficiently and effectively. Slight changes in provincial and federal tax codes for individuals and businesses, amendments to generally accepted accounting principles, and ongoing digital transformation make it challenging for any accounting professional [...]