SEPTEMBER 28 @ 1 PM
SESSION 10: Tips on How to Manage Professional Liability Risk Beyond the Engagement Letter (1 CPE)
Presenter: Joe Jones, Esq., AIA | Director of Risk Management Travelers Insurance and Neil Bermingham | Managing Director, Travelers Insurance
Delivery Method: Group Internet Based | Field of Study: Business Management & Organization
The engagement letter is an important risk management tool, but risk management does not start nor end with an engagement letter. There are numerous things that accounting professionals can do, such as: client screening and intake as well as good communication. These things will help identify potential risk and minimize the chances of a professional negligence claim. Should a claim of professional negligence occur, there are things accounting professionals can do along with having well-written and executed engagement letters, such as: proper documentation, record retention, and knowing when to seek help. These things and more will aid defense and minimize potential liability. Accounting professionals, as a prudent business practice, should have a comprehensive and expansive view of identifying and managing their professional liability risk.