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The Balance Sheet

February 2020

A risk management publication for accounting professionals

Female accountant talking with client

Risk Management Tip

Your Client Asks for Records: What Should You Do?

Although we like to believe that clients are happy with our services into perpetuity, the unpleasant scenario occasionally arises when a client decides to part ways and request the return of his or her records.

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Accountants collaborating

Tips from the Bar

In this month’s Tips from the Bar, Alex A. Graft, Esq. and Kendall A. Layne, Esq., Lewis Brisbois Bisgaard & Smith LLP discuss The Importance of Documentation and Record Retention.

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Stack of documents in folders

News from the Profession

The First Time Abatement Procedure (FTA): The Modern-Day Eraser

Prior to the advent of the Excel spreadsheet, accountants plied their trade utilizing pencils and paper. In some respects, the most unique aspect of that pencil was its eraser.

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Documents spread out with a calculator and glasses

Claim Study

Documentation and Retention

A wise precept to follow is, “Failure to document means it never occurred.”. Documentation helps to establish the facts. Make sure your files actually show what happened. It will go a long way if and when a claim is made.

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Gavel on lawyers desk

Ask Adele

In this month’s feature, Adele responds to the question: Does my policy provide coverage if I receive a subpoena related to my professional services?

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Male accountant talking to client

Risk Management Highlight

How to Mitigate and Manage Exposure to Conflicts of Interest

Accountants and accounting firms are at risk for liability-related exposures to conflicts of interest.

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Legal Section

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This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this document can depend on underwriting qualifications and state regulations.

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