CPAGold™ Loss Prevention Course
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 identify and/or determine:
- the most common practice forms for an accounting firm
- the most appropriate practice form to obtain the maximum liability protection for your firm
- the most important components of engagement letters and their use as tools for risk management
- 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
- 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
- the most commonly encountered challenges to protecting the confidentiality of client information
- the risk of new engagements and disengagements
- effective means of safely collecting fees, without the risk of generating a client dissatisfaction dispute
- the important components of a file retention policy, and how to establish a policy to fit your firm's needs
- the extent to which your firm is exposed to risk from claims by third parties, and loss control measures to reduce that risk
- how to utilize Alternative Disputes Resolution techniques to reduce risk and resolve disputes with clients
- how to conduct engagements to maximize the chance of a successful defense of a suit alleging negligence
- 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
Jorgensen & Company is an approved QAS sponsor of the National Association of State Boards of Accountancy. This course provides for 12 hours of Continuing Professional Education. For those participants that require Continuing Professional Education credit, this course provides 12 CPE credits (as listed below). Those participants requiring a specific NASBA recognition for completion of this Loss Prevention course please contact Rickard Jorgensen on 201-447-4400 or firstname.lastname@example.org.
For more information regarding refund, complaint and program cancellation policies, please contact our office at 201-447-4400.
Jorgensen & Company is registered with the National Association of State Boards of Accountancy (NASBA) as a Quality Assurance Service (QAS) sponsor of continuing professional education. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding QAS program sponsors may be submitted to NASBA through its website: www.learningmarket.org.
Management and Organization : 5
Regulatory Ethics: 3
Business Law: 3
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.
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:
Specialized Knowledge 10
Total: 12 hours
New York participants will be allotted credit in accordance with the foregoing. Jorgensen & Company is a New York State CPE Sponsor License #: 002049.
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
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 Jorgensen & Company (www.jorgensenandcompany.com). The underwriter for CPAGold is Greenwich Insurance Company (XL Group plc).
Jorgensen & Company, 1200 East Ridgewood Avenue, Ridgewood,
QAS sponsor ID number 040
This course revised on 9/12/2013