{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Liability lessons on documentation, high-profile clients, CAS engagement letters","description":"Sarah Ference, CPA, a risk control director at CNA, joins the Journal of Accountancy podcast to discuss recent topics of the JofA\u2019s Professional Liability Spotlight column.  The conversation covers lessons learned from claims involving bankrupt clients, the importance of strong and consistent documentation, and the particular risks associated with serving high-net-worth or high-profile clients.  The episode also highlights the April column on writing effective engagement letters for client advisory services. The articles discussed in the episode: January: \u201cDon't Let a Bankrupt Client Bankrupt You.\u201d February: \u201cTell a Story With Your Documentation.\u201d March: \u201cLuxury Liabilities: Serving High-Net-Worth Clients.\u201d April: \u201cTips for Writing CAS Engagement Letters.\u201d What you\u2019ll learn from this episode: The reasons CPA firms can be drawn into litigation when clients face bankruptcy. How strong client acceptance and continuance practices can help firms identify and manage higher\u2011risk engagements before problems arise. Why documentation acts as a firm\u2019s voice in a professional liability claim \u2014 and how gaps or inconsistencies can weaken defense of a claim. Why Ference has been told that \u201ccelebrities and CPA firms don't mix.\u201d What makes high\u2011net\u2011worth and celebrity clients higher risk and why firms should avoid relaxing standard risk management protocols for them. Why for engagement letters related to CAS, Ference said: \u201cThe devil is really in the details of that engagement letter.\u201d ","author_name":"Journal of Accountancy Podcast","author_url":"https:\/\/www.journalofaccountancy.com\/podcast.html","html":"