By Mark Thomas, Ken Mackunis and Stan Sterna.
For CPAs and their firms, 2021 was a year of unexpected challenges and opportunity – both of which producing new risks for the profession. And the outlook for the coming year is not much different, with accelerated change and emerging issues impacting how accountants approach the services they provide.
As we enter 2022, there are three key areas of risk that CPAs should keep in mind as they serve their clients and look to grow their firms.
Professional Liability Risks:
In 2021, CPAs dealt with unprecedented change. One of today’s biggest professional liability risks may be somewhat unexpected: relationship building. As a CPA, knowing your client is a crucial part of a successful, collaborative relationship. However, many CPAs struggled to stay on the same page as their clients amid ever changing world events, revised laws, an evolving economy and the advent of a remote environment. If you’re a CPA, it’s likely that your client is not the same person as they were a year ago – maybe their business concerns have changed or they may have even taken a new job recently – the expectation of you as their trusted financial advisor…
