2020 has been a tumultuous and unpredictable year. The upcoming busy season promises to be different than the last one. Adding to the disruption is a shaky economy with an uncertain future and the looming threat of business failure for many clients. And when a client fails, a professional liability claim against the auditor often follows. Additionally, while tax practitioners may find comfort in the traditional March 15 and April 15 deadlines, they can expect new and exciting issues to deal with — Paycheck Protection Program expense exclusions are just the start. Claims related to incorrect advice or the failure to advise can arise as a result.
In this “choose your own adventure” webinar series, defense attorneys and experts join CNA’s Claim and Risk Control leaders for the AICPA Accountants Professional Liability Insurance Program to share their experience related to professional liability claims against CPA firms, including drivers of negative claim outcomes. The early warning signs of a large claim will be shared as well as risk management tips for CPAs to consider during the upcoming busy season in order to reduce the risk of a future malpractice claim.
This program will provide attendees suggestions on how to mitigate the risk of a professional liability claim related to services delivered during the 2020 busy season, including:
- Historic claim experience following economic declines and anticipated future claims
- Drivers of large claims and early warning signs related to such
- Risk management considerations to implement this busy season to help mitigate the risk of a future claim