CPAGold™ welcomes members and friends to the on-line loss control education website. This self-study course is based upon the work of Ralph Picardi, Esq., CPA, of the law firm of Lapping & Picardi, the manager of the CPAGold™ loss control hotline. Successful completion of the loss control course secures for current policyholders a discount of up to 7.5% of the annual CPAGold™ premium for up to three years. The premium discount is adjusted in proportion to the number of professional staff from an individual firm that successfully completes the course. This course provides an overview of the sources and causes of malpractice claims, their legal basis and relatively simple and effective loss mitigation techniques.

After completing this course you will be able to recall, identify and/or determine:

• Identify the most common practice forms for an accounting firm
• Identify the most appropriate practice form to obtain the maximum liability protection for your firm
• Identify the most important components of engagement letters and their use as tools for risk management
• Recall how the application of the Sarbanes-Oxley Act of 2002 and the operation of the Public Company Accounting Oversight Board ("PCAOB") impact your firm's attest practice, including the potential penalties for lack of compliance
• Determine the extent of your firm's liability exposure to claims for failure to detect client fraud, theft or other illegal acts and the protective measures available to accountants at each stage of the client engagement
• Recall the most commonly encountered challenges to protecting the confidentiality of client information
• Determine the risk of new engagements and disengagements
• Recall effective means of safely collecting fees, without the risk of generating a client dissatisfaction dispute
• Identify the important components of a file retention policy, and how to establish a policy to fit your firm's needs
• Determine the extent to which your firm is exposed to risk from claims by third parties, and loss control measures to reduce that risk
• Recall how to utilize Alternative Disputes Resolution techniques to reduce risk and resolve disputes with clients
• Determine how to conduct engagements to maximize the chance of a successful defense of a suit alleging negligence
• Recall what matters are covered by professional liability insurance coverage and how to notify an insurer of a potential claim, or make use of a pre-claim assistance hotline

This interactive educational program is aimed at CPA's with only a basic knowledge of the legal liabilities faced by CPA's in professional practice, and a working knowledge of professional standards. No advance preparation is required.

The course is divided into twelve separate modules. Each module is followed by a multiple choice review quiz. A pass level of 70% is required to complete the module and move to the next section. You have three chances to pass the quiz. If you are not successful you may download and review the materials again and retake the quiz. All twelve units do not have to be completed in one attempt. Participants may log-off at the end of any module and then resume to the course at a later stage to complete the course. The entire course must be completed within 12 months of the initial sign-on. At the end of the course you must take a final examination of 60 questions which requires a pass mark of 70%. Upon sucessful completion of the examination, a certificate of completion will be issued. Please keep a note of your login name and password if you wish to do this. No credit will be granted until all twelve units are completed.

The Modules are:

1.0 LIABILITY PROTECTION AND THE FORM OF YOUR FIRM
2.0 ENGAGEMENT LETTERS
3.0 SARBANES - OXLEY
4.0 DETECTING FRAUD, THEFT AND OTHER ILLEGAL ACTS
5.0 PROTECTING CLIENT CONFIDENTIALITY
6.0 REJECTING OR WITHDRAWING FROM CLIENT ENGAGEMENTS
7.0 FEE COLLECTION
8.0 FILE RETENTION FOR ACCOUNTANTS
9.0 LIABILITY TO THIRD PARTIES
10.0 ALTERNATIVE DISPUTE RESOLUTION
11.0 DEFENDING AGAINST THE CULPABLE CLAIMANT
12.0 CLAIM REPORTING

For more information regarding refund, complaint and program cancellation policies, please contact our office at 201-447-4400.

As follows:

Business Management and Organization : 5
Regulatory Ethics: 3
Business Law: 4> Total: 12 hours

In accordance with the standards of the National Registry of CPE Sponsors CPE credits have been granted based upon a 50-minute hour.

In accordance of NASBA Standard 24, Amwins Program Underwriters will retain the following information for 5 years:

Records of participation.

Dates and locations.

Author/instructor, author/developer, and content reviewer, as applicable, names and credentials.

Number of CPE credits earned by participants.

Results of program evaluations.

Program descriptive materials.

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FOR NEW YORK PARTICIPANTS

In accordance with the rules of the New York State Education Department State Board for Public Accountancy, this course is approved for CPE Credit as follows:

Auditing: 2
Specialized Knowledge 10
Total: 12 hours

New York participants will be allotted credit in accordance with the foregoing.

Question regarding New York State CE Sponsorship may be directed to:

New York State Education Department
State Board for Public Accountancy
89 Washington Avenue Albany, NY 12234
518-474-3817 x160
E-mail: CPABD@mail.nysed.gov
Website: http://www.op.nysed.gov

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CPAGold™ is the leading professional liability insurance and risk management program for accountants. Full details of the coverage and services available from CPAGold™ are available at www.cpagold.com .

The managing general underwriting for CPAGold™ is Amwins Program Underwriters (www.amwins.com). The underwriter for CPAGold™ is QBE Insurance.

Amwins Program Underwriters, 25 East Spring Valley Avenue Maywood, NJ 07607

This course revised on 2/28/2024