Write-Up, Payroll and Other Accounting Services: Managing the Risks

Most sole practitioners and local CPA firms routinely provide write-up, payroll and other accounting services to their clients. Since there are no related technical standards or issued opinions related to these types of engagements, many CPAs view them as risk-free. Be forewarned — they are not! These services can generate a surprising number of significant malpractice claims; one case resulted in a judgment of $1 million! This course identifies the risks and proven risk mitigating practices throughout the entire life-cycle of an accounting services engagement, from client acceptance, to engagement performance, to withdrawal.

Highlights include how to have critical conversations with your clients regarding engagement scope, firm responsibilities and client responsibilities; supervision of client employees; prevention of engagement creep; maintenance of quality control throughout the engagement; withdrawing from an engagement; and numerous illustrative examples, flowcharts, observations, and engagement suggestions.

OBJECTIVES

• Identify the risks inherent in write-up, payroll and other accounting services
• Identify the risk management practices available

PREREQUISITE: Experience in write up, payroll and other accounting services