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Professional Liability: Balancing Risk and Reward — A&A Focus

Professional Liability: Balancing Risk and Reward — A&A Focus

Professional liability exposures can arise when providing audit and attest services. In this webcast, you'll learn how to identify and evaluate the risk implications of your decisions and strategies for a response that aligns with your firm’s level of risk tolerance.

Do you have an AICPA membership? Log in to apply your member discount.



NASBA Field of Study

Regulatory Ethics



CPE Credits



Nick Magone, Howard H. Fine, Sarah B. Ference, Jennifer H. Elder


3 months

Product Number


 Business & partner 
Product Details

How to understand and balance risk and reward

You may have asked yourself: Which clients should I serve? What services will I provide? How will I deliver those services?

Every decision you make has risk implications. The benefits of each decision must be balanced with its professional liability risk.

During this interactive webcast, you will hear a panel of experts discuss professional liability exposures that can arise when providing audit and attest services, and you will learn how to assess and respond to the professional liability risks that arise from the decisions you make in your practice every day.

In addition to earning CPE credits, CNA policyholders may earn up to a 10% premium credit for three consecutive years on their AICPA Professional Liability Insurance policy. Please consult your agent for further details regarding eligibility.

Key Topics

  • Claim data of the AICPA Professional Liability Insurance Program
  • Practice management:
    • Firm culture and going to market
    • Client and engagement acceptance
    • Engagement letters
    • Client and engagement continuance and termination
    • Billing
  • Data security
  • Audit and attest services:
    • Risk management issues that arise during planning and fieldwork
    • Addressing “hiccups”
    • Documentation
  • Consulting services

Learning Outcomes

  • Recall how to assess the professional liability risks of new and existing clients and services in relation to the firm’s risk appetite
  • Identify claim data by area of practice and understand implications for the firm
  • Recognize how the level of risk changes as a result of new information, client action or inaction, or other events that arise during an attest or consulting engagement
  • Identify strategies to respond to those changes in risk to help maintain alignment with the firm’s risk appetite

Who Will Benefit

  • Accountants and finance professionals
  • Auditors
More Details
NASBA Field of Study
Regulatory Ethics
This is a digital product. With full paid access the content will be available to you for 3 months after purchase date.
4 hrs
Do you have an AICPA membership? Log in to apply your member discount.

Group ordering for your team

2 to 5 registrants

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6+ registrants

We can help with group discounts. Call us at 1-800-634-6780 (option 1) or email us at

Contact us
Nick Magone
Managing Partner at Magone & Company, P.C. NJ CPA Nick Magone lends a global view based on his 25 years of audit and business advisory experience to clients’ business and personal needs. His clients include a variety of U.S.-based foreign companies in industries from professional services to technology and distribution, as well as closely held U.S. businesses — the heart of his practice. Magone serves as a speaker for the American Institute of Certified Public Accountants (AICPA) Business Solutions Workshop, ""Delivering on Your Trusted Advisor Status,"" having delivered the workshop to the Rhode Island Society of CPAs, Minnesota Society of CPAs and the New Jersey Society of CPAs, where his expertise in practice and client management issues provides practioners with concrete examples of how he has handled various practice management challenges. He has also appeared on the AICPA’s national webcast, ""Accountant’s Liability: No Good Deed Goes Unpunished."" His presentation covered topics ranging from client privacy and data security to conflicts of interest, engagement management, investment advice claims, and fiduciary and valuation services. Magone has also authored a Case Study on Key Considerations in Paperless Processes published in the AICPA’s September/October 2007 issue of InfoTech Update. A past chair for the New Jersey Society of Certified Public Accountants (NJSCPA) Government Accounting and Auditing Committee’s non-profit sub-committee, Nick is a licensed Certified Public Accountant in New Jersey and New York, a Chartered Global Management Accountant, a New Jersey Public School Accountant and a Certified Financial Planner. He is a graduate of Seton Hall University, where he currently serves on the University’s Presidential and Accounting Advisory Committees. Nick also speaks Italian. Specialties: Closely-held businesses, US subsidiaries of foreign corporations, hedge funds, entrepreneurial businesses, real estate and non-profit organizations.
Howard H. Fine
Howard H. Fine, CPA/ABV/CFF, CVA, a Partner at Gettry Marcus CPA, P.C., has over 30 years of experience providing accounting, auditing, and tax services to middle market closely-held businesses. He is the Partner-in-charge of Gettry Marcus’ Accounting & Auditing Group. Mr. Fine has extensive experience in diversified industries such as professional service firms, wholesale distribution, employee benefit plans, manufacturing, health care, retail, apparel and textile, and not-for-profit organizations. He also is Chairperson of the firm’s Quality Control Committee where he overseas the firm’s internal inspection process and its peer review.
Sarah B. Ference
Sarah is a Risk Control Director for the Accountants Professional Liability Insurance Program of Continental Casualty Company, a CNA company and the underwriter of the AICPA Professional Liability Insurance Program. She previously practiced public accounting for 15 years with a national public accounting firm.
Jennifer H. Elder
Jennifer Elder, CPA, CMA, CIA, CFF, CGMA is a keynote speaker, trainer, and business coach dedicated to business transformation. For more than 20 years, she has been helping businesses by peeling back the layers of "administrivia" and finding the hidden strengths and core values that make you and your company awesome. Ms. Elder works with businesses to develop a compelling business strategy that is quick to implement that transforms your company from what you are now to what you have always wanted to be. Known for being energetic and enthusiastic, Ms. Elder has been delivering high-quality, customized training that make complicated topics easy to understand, relevant, and useful for years. She has conducted seminars for the Fortune 500, US Government, State CPA Societies, and CPA Firms in 33 states. Her sessions are highly interactive, full of discussion, and even entertaining. Ms. Elder received her BA from the University of Massachusetts and an MS in Organizational Management from Antioch University New England. She lives on her boat near Annapolis, Maryland.

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