GBD111. Modernising Your CPA Practice II. Growth Risks, Numbers, EPL, and Matters for Consideration.

"Actionable insights on a topic impacting firms and, really, ANY growing organisation".

A bumper episode for any certified professional accountant who wants to innovate and grow their practice. Steven A. Menges (AICPA & CIMA, CPA.com California) presents this special compilation of interviews from CPA.com's "Modernising Your Practice" audio and content series. There's plenty of global relevance in this in-depth, new collection of best practices from the US accounting profession. Hear and share the individual interviews at CPA.com/MYP.

Segment 1 (starts at 02:15). Rebecca Toffolon, from the Accountants Professional Liability Claims department at corporate insurance giant CNA, takes us through some eye-opening numbers from claim data. She discusses key insights for accounting firms to use to protect themselves. 

Segment 2 (starts at 17:40). Steven is joined by Laura Lapidus and  Timothy Domanick  They discuss employment practices liability (EPL) risk, a topic that is especially important to growing firms in this new remote working era. 

Segment 3 (starts at 55:55). CPA.com’s Matt Towers digs into “Matters for Consideration” as well as considerations for building a quality and risk-wellness plan. His guests are Richard Hill, Kristy Illuzzi, and Mike Glynn.

TOPICS.

1) The Cost of Liability Risk.

• Lawsuits and claims and potential claims (oh my!)
• The “Pain Period” – a new statistic every firm should know
• Severity: How much, why, and who; key indicators for which to watch (and avoid)

2) Fast & Furious (& Safe) Firm Growth: Managing EPL (Employment Practices Liability) Risk.

• EPL and employment law issues
• Good firms gone bad: Discrimination, harassment, and still charting at #1: Retaliation
• Tips to both stay true and avoid EPL risk as you grow

3) Matters for Consideration: A CPA Firm Quality and Risk Wellness Plan Discussion.

• Importance of building a firm quality wellness plan
• what firms can do to begin creating and executing against a plan right now
• What matters come up when auditors review their peers?

OUR GUESTS.

• Rebecca Toffolon, JD, Assistant Vice President, Accountants Professional Liability Claims, CNA. In addition to her law degree, Ms Toffolon has an M.S. in Negotiation and Conflict Resolution from Columbia University and she uses both when firms get sued. 
• Laura Lapidus* is an employment attorney and the Management Liability (EPL) Risk Control Director at CNA.
• Timothy Domanick is Principle at Jackson Lewis P.C, a preeminent workplace law firm.
• Richard Hill has been a peer reviewer for over 25 years and is managing partner at Mitchell Emert & Hill, P.C. in Knoxville, Tennessee
• Kristy Illuzzi is Senior Technical Manager and Staff Liaison to the AICPA’s Technical Issues Committee
• Michael Glynn is Senior Manager, AICPA Audit & Attest Standards Team.

FURTHER RESOURCES

SEGMENT 1.

• GoBeyondDisruption (Episode 88) “Modernising Your CPA Practice”
• “Be Aware or Beware: Common Indicators of High Severity Claims” On-Demand webinar presented by Sarah Ference, CPA and Rebecca Toffolon, Esq. Download the webinar.
• CNA.com
• AON.com
• Statements on Quality Control Standards

SEGMENT 2.

• CPA.com/MYP
• U.S. Equal Employment Opportunity Commission (EEOC)
• EEOC Americans with Disabilities Act (ADA) – Q&A
• ADA Update: A Primer for Small Business
• EEOC Charge Statistics (Charges filed with EEOC) FY 1997 Through FY 2019
• EEOC Litigation Statistics, FY 1997 through FY 2019

• EPL insurance and EPL articles - CNA
• Jackson Lewis Coronavirus/COVID-19 Resources
• Jackson Lewis Insights Blogs
• Jackson Lewis Insights Workplace Law Publications

• CNA Insurance for Accountants

• AICPA EmployerGard

• CNA’s Beyond HR (note: password protected site for CNA policyholders)
• Five Important Reasons for Employment Practices Liability Coverage - CNA
• Risk Control Bulletin Computing in Comfort for Telecommuters - CNA

SEGMENT 3.

• Peer Reviewer Alert
• AICPA Technical Hotline
• Statements on Quality Control Standards
• CPEA (Center for Plain English Accounting)
• Preparation, Compilation, and Review Engagements Guide (note: purchase required)
• OnPoint PCR

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ABOUT OUR PODCAST

The Voices. These conversations with expert guests are recorded by different members of the AICPA & CIMA team from our offices around the world. While the sound quality may vary, we hope that the insights will be consistently useful.

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©2018-2020 Association of International Certified Professional Accountants (AICPA & CIMA)

* Ms. Lapidus’ opinions are her own:  they should not be construed as legal advice; they are not solicitations to buy insurance; and they do not necessarily reflect those of the positions of the CNA insurance companies.  Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions, and exclusions for an insured in the context of a specific claim situation.