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Professional Liability: Balancing Risk and Reward — Tax Focus
Firm Practice Management
Webcast

Professional Liability: Balancing Risk and Reward — Tax Focus

Learn professional liability exposures that arise from offering tax services. This interactive webcast will provide you with the information you need to assess and mitigate risks that could arise from decisions you make in your everyday practice.

Do you have an AICPA or CIMA membership? Log in to apply your member discount.

Format

Webcast

NASBA Field of Study

Regulatory Ethics

Level

Basic

CPE Credits

4

Instructor

Jan Lewis, Henry J. Grzes, Deborah K. Rood, Nick Magone

Availability

3 months

Product Number

WC3164486

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 Business & partner 
Product Details

Identify and evaluate risk

There are risk implications in every decision a CPA makes and every action a CPA takes. The benefits of each decision made must be balanced with its professional liability risk.

In this webcast, you'll learn how to identify and evaluate the risk implications of your decisions and learn strategies to respond based on your firm’s level of risk tolerance.

Join the AICPA and CNA, the endorsed underwriter for the AICPA Professional Liability Insurance Program, for this panel discussion. 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.

Key Topics

  • Claim data of the AICPA Professional Liability Insurance Program
  • Practice management:
    • Firm culture and going to market
    • Client and engagement acceptance
    • Engagement letters
    • Client and engagement continuance and termination
    • Billing
  • Data security
  • Tax services:
    • Risk management issues related to tax services
    • Addressing “hiccups”
    • Documentation
  • Consulting services:
    • Risk management issues related to consulting services
    • Addressing “hiccups”
    • Documentation

Learning Outcomes

  • Recognize how to assess the professional liability risks of new and existing clients and services in relation to the firm’s risk appetite.
  • Identify claim data by area of practice and understand implications for the firm.
  • Identify how risk changes as a result of new information, client action (or inaction,) or other events that arise during a tax or consulting engagement.
  • Recall strategies to respond to those changes in risk to help maintain alignment with the firm’s risk appetite.

Who Will Benefit

  • All tax practitioners
  • Accountants and finance professionals
More Details
NASBA Field of Study
Regulatory Ethics
Level
Basic
Prerequisites
None
Access
This is a digital product. With full paid access the content will be available to you for 3 months after purchase date.
Duration
4 hrs
Pricing
Do you have an AICPA or CIMA membership? Log in to apply your member discount.

Group ordering for your team

2 to 5 registrants

Save time with our group order form. We’ll send a consolidated invoice to keep your learning expenses organized.

Start order

6+ registrants

We can help with group discounts. Email client.support@aicpa-cima.com
US customers call 1-800-634-6780 (option 1)

Contact us
Speakers
Jan Lewis
CPA
Jan Lewis is a Tax Partner with BMSS Advisors and CPAs in Ridgeland MS. Her responsibilities include income and estate tax planning, research, and compliance for individual and business clients. Her areas of practice include healthcare, oil & gas, construction, real estate, and high net worth individuals. She has taught continuing education classes throughout Mississippi and nationwide to CPAs in the areas of income tax planning, business tax matters, and S Corporation tax matters, and has given presentations on financial literacy, tax reform, and other tax issues to various groups across the country. Jan has authored articles on tax matters for the Tax Adviser publication and has served as a webcast presenter for the AICPA’s Tax Division. She has been interviewed by Fox Business News, NPR, Forbes, Wall Street Journal, Bloomberg, Bankrate, and the Detroit Free Press for her insight on various policy and practice matters affecting taxpayers. She was selected as one of Forbes Top 200 CPAs in America in 2024. Jan is active in the Mississippi Society of CPAs, previously serving as President of the Society, a member of the MSCPA Board of Governors, an officer of the Society’s Central Chapter, and a trustee of the Mississippi Tax Institute. Jan currently is a member of the MSCPA's Long Range Planning Committee and the MSCPA's Young CPAs Liaison Committee. Jan has held many leadership roles within the AICPA throughout her career. She has served as the MSCPA’s elected representative to the AICPA Council, and on the AICPA Life Insurance and Disability Plans Committee. She was a member and chair of the AICPA's Tax Practice and Procedures Committee, and member and chair of the AICPA's Tax Executive Committee, the senior committee overseeing the work of all Tax Division committees and technical resource panels. Jan has served on the AICPA Board of Directors since 2023. She was recently elected as Vice Chair of the AICPA, and in that role, Jan is part of the executive committee that directs the strategic vision of both the AICPA and the Association of International Certified Professional Accountants (the Association). As Vice Chair, Jan looks forward to working with the Association to be the global voice of accounting and finance professionals worldwide, while advocating for the profession, the public and her clients. Jan is a native of Jackson, MS, and a 1985 Summa Cum Laude graduate of Mississippi State University. She is a member and past chair of the Adkerson School of Accountancy Advisory Board at MSU and was selected as the MSU College of Business's Alumni Fellow for 2016. She was chosen as MSU Beta Alpha Psi Alumnus of the Year in 2000. Jan and her husband, John, live in Jackson with their spoiled dachshunds, Connie, Rocky and Snoop.
Henry J. Grzes
CPA
Henry Grzes is the Lead Manager, Tax Practice & Ethics – Public Accounting at AICPA® & CIMA®, together as the Association of International Certified Professional Accountants.
Deborah K. Rood
CPA
Deb is a Risk Control Consulting Director for the Accountants Professional Liability Insurance Program of Continental Casualty Company, a CNA company and the underwriter of the AICPA Professional Liability Insurance Program. She previously practiced public accounting for 16 years with a regional public accounting firm. As a state and local tax (SALT) practice leader with a regional public accounting firm, Deb provided consulting and compliance services to clients in a variety of industries including but not limited to manufacturing, distribution, professional services and transportation. She has conducted presentations at various AICPA and state CPA society conferences and has authored numerous articles. Deb provides risk control consulting services for CPA firms in the AICPA program. She participates in the development and delivery of risk management training and education products including the live risk management seminar and self-study programs.
Nick Magone
NJ CPA, CGMA, CFP®
Managing Partner at Magone & Company, P.C. NJ CPA Nick Magone lends a global view based on his 25 years of audit and business advisory experience to clients’ business and personal needs. His clients include a variety of U.S.-based foreign companies in industries from professional services to technology and distribution, as well as closely held U.S. businesses — the heart of his practice. Magone serves as a speaker for the American Institute of Certified Public Accountants (AICPA) Business Solutions Workshop, ""Delivering on Your Trusted Advisor Status,"" having delivered the workshop to the Rhode Island Society of CPAs, Minnesota Society of CPAs and the New Jersey Society of CPAs, where his expertise in practice and client management issues provides practioners with concrete examples of how he has handled various practice management challenges. He has also appeared on the AICPA’s national webcast, ""Accountant’s Liability: No Good Deed Goes Unpunished."" His presentation covered topics ranging from client privacy and data security to conflicts of interest, engagement management, investment advice claims, and fiduciary and valuation services. Magone has also authored a Case Study on Key Considerations in Paperless Processes published in the AICPA’s September/October 2007 issue of InfoTech Update. A past chair for the New Jersey Society of Certified Public Accountants (NJSCPA) Government Accounting and Auditing Committee’s non-profit sub-committee, Nick is a licensed Certified Public Accountant in New Jersey and New York, a Chartered Global Management Accountant, a New Jersey Public School Accountant and a Certified Financial Planner. He is a graduate of Seton Hall University, where he currently serves on the University’s Presidential and Accounting Advisory Committees. Nick also speaks Italian. Specialties: Closely-held businesses, US subsidiaries of foreign corporations, hedge funds, entrepreneurial businesses, real estate and non-profit organizations.
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