The number of local governmental entities and tax-exempt organizations is over 1.5 million. As these agencies require yearly audits that fall on fiscal years rather than year-end, these audits can provide additional business opportunities outside of the usual busy season for CPAs. However, the malpractice claims from auditing mistakes can be the most severe, requiring a greater awareness of risk management.
In this AICPA® Professional Liability Spotlight article Daniel J. Gartland, CPA, examines the pitfalls of expanding your practice into government and not-for-profit organization auditing, as well as how you can prepare yourself and your team for success. He discusses the following topics:
- Train for fraud awareness
- Staff engagements appropriately
- Become an expert
- Maintain competence through CPE
- Report identified issues
- Maintain professional skepticism
- Keep it professional
- Ethics matter
Should you or your firm enter into not-for-profit or governmental auditing services, make sure your Accountant Professional Liability Insurance is up for these specialized responsibilities by contacting a Brunswick Companies expert today at 800-686-8080.
Brunswick Companies is an independent insurance agency representing only A Rated carriers. We value our carriers’ investments in research and proudly share their market insights.