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AZ CPA is published by the Arizona Society of Certified Public Accountants (ASCPA) to provide information, news and trends to the accounting profession. It is distributed six times a year as a benefit to ASCPA members. The ASCPA, its members, board of directors and administrative staff assume no responsibility for advertisements herein. The ASCPA and the above people also assume no liability for business decisions made by readers in reference to statements and/or claims in articles or advertisements within this publication. Opinions expressed by contributors are not necessarily those of the ASCPA.
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Andrea Beth Levy, CPA, CFE, CGMA, MBA
By John Cotton, CPA
Heidi Frei, CAE
ASCPA Chair’s Message
Lauren E. Murro, CPA Chair, Arizona Society of CPAs
Partner, Eide Bailly
Embracing Change in 2025
Well, it’s happened again. The holidays have come and gone in a flash, and it’s January, a time of year that most of us probably feel comes too quickly. Many of us have a seasonality in our work. If you’re in public practice like me, we have busy seasons based on client year-ends or filing requirements. If you’re in industry, you might also have shorter busy seasons at month and year-end or related to other special projects you’re assigned. Regardless, these shifts equate to change, and we all avoid change, don’t we?
We can easily fall into a workday routine which we find comfortable, with any minor deviation from the routine making us feel anxious or out of sorts. However, I would argue that this is good for us. Change from a daily routine forces our brains to think differently and even allows for mental breaks, giving us a chance to recharge. New experiences often stimulate the brain and demand a higher level of attention, getting us out of that “auto-pilot” mode.
In recent months, I have been fortunate to have a slower period with respect to client-work which allowed me to attend various events such as Converge, AICPA Fall Council and other networking opportunities. Each of these threw me off my routine but provided me with new information or connections and a chance to recharge. Converge was an excellent opportunity to hear from topic experts and interact with fellow CPAs from around the state, including conversations over technical matters, as well as business culture and values. Similarly, the AICPA Fall Council hosts a larger group of CPAs from across the globe, with presentations from top leaders in our profession. I was fortunate one day to sit with a CPA from Guam and learn about the business environment he faces in the Western Pacific Island. Although I wasn’t behind the comfort of my laptop, each of these events provided a break from the norm while assisting me with soft skills and knowledge expansion necessary to be a leader.
As I look to the coming months, my focus will shift to the more traditional side of work as a CPA (which involves an abundance of Excel workbooks). I will work more hours with additional challenges and discussions focused on GAAP accounting and auditing standards. Again, change from my recent routine. Despite the longer hours at work, this change provides me with the opportunity to build camaraderie with my team members, further develop my technical skills and strengthen my relationships with clients as I work on their accounts.
During all these changes with our work seasonality, we must remember not only professional development but to also focus on our own well-being outside of work and make the necessary changes to our self-care routine. Whether related to physical or mental fitness, it’s important to ensure our goals are attainable. For me, my physical activity has declined over the years, and I know that an intense daily gym session is no longer feasible like it once was. I’ve changed my goals to being more active throughout the day. This has also led to more time for the things that are important to me at home, like taking my dog on walks and enjoying dinner each night with my husband.
As we dive into the new year, let’s approach the changes ahead with open minds and a readiness to adapt. Whether it’s the shift to a busier work season, the opportunity to build new connections, or the need to modify our self-care routines, each change presents a chance to grow personally and professionally. Embracing change allows us to step out of our comfort zones, recharge our minds and develop new perspectives that ultimately make us better CPAs and better individuals.
So, let’s tackle 2025 with a focus on flexibility, a commitment to growth and a determination to prioritize our well-being. After all, change isn’t just inevitable, it is an opportunity to thrive. Here’s to a productive, balanced, and fulfilling year ahead! l
Warm Regards, Lauren Murro
Member & Staff News
Lohman Company, PLLC, announced the retirement of its founder and president, Jay A. Lohman, CPA, after more than two decades of service. Lohman’s retirement aligns with the company’s 25th anniversary milestone. Thank you to Jay for his leadership and impact on the CPA profession in Arizona.
Adela E. Jiménez, PhD, CPA, CGMA, MBA, was appointed by the Governor to the State Board of Accountancy in October for a five-year term. Dr. Jiménez has extensive experience in supporting Fortune 500 companies and nonprofit organizations in finance and operations, including serving as chief operating officer and chief financial officer for the ASCPA.
BDO USA named Stephanie Mondloch, CPA, a principal in the firm’s tax practice and Bradley G. White, CPA, a principal in the firm’s assurance practice.
Heidi Frei, CAE, senior director of marketing & membership, celebrated her 25th anniversary as a staff member with the Arizona Society of CPAs.
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Congratulations to the Arizona CPAs licensed in 2024 and now ASCPA members! We’re excited to support your journey in the CPA profession and maximize your professional growth. To view a list of our outstanding new members, please visit www.ascpa.com/classof2024
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Reducing Labor Costs Through Employee Retention
By Andrea Beth Levy, CPA, CFE, CGMA, MBA
According to the Q3 2024 Bureau of Labor Statistics employment cost index report, compensation and benefit costs for workers have increased close to 9% over the past 24 months. Labor costs are typically the largest employer costs incurred during the year. Finance professionals around the globe are noticing one similar trend; the cost of labor is rising. How can we solve this problem?
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One (often overlooked) way to combat the rising costs of labor is to slow the pace of employee turnover. According to a Gallup article, a conservative cost estimate of replacing one individual may range from one-half to two times an employee’s salary. For example, “a 100-person organization that provides an average salary of $50,000 could have turnover and replacement costs of approximately $660,000 to $2.6 million per year.” This is a costly issue with a large financial impact.
According to a recent Gallup study, 52% of voluntary departing employees say their manager or organization could have done something to prevent them from leaving their job. The most regrettable and costly turnover is losing your reliable achievers, your critical thinkers and efficient problem solvers. Let’s discover a few reasons why employees voluntarily quit, then offer solutions to manage this problem.
Based on my research, key reasons for employee turnover include employee burnout, poor communication with leadership and lack of career growth.
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Burnout
Burnout can occur for a variety of reasons. Managers may not be clear about the quantity of tasks an employee should perform, the expectations of the deliverables and the speed at which the tasks should be performed. Unclear expectations of the role can lead to employee burnout. According to a recent Time article, one main reason employees leave their jobs is because of consecutive difficult tasks without time for reprieve. Completing one difficult task is not the issue. Workers are facing a breaking point when consistently provided hard tasks without breaks.
Without time to refresh and reset, employees feel consistent pressure to perform. In addition, managers may create an environment where refreshing and resetting is against the corporate culture. Over time, the constant high-stakes pressure may create a corporate culture heavily weighted in fear. When we react to fear, it is easy to take on more work than we can perform because we’re afraid of saying no to a colleague or boss. I recall a supervisor who would calculate the volume of work our team could accomplish, then add 25% to 30% more work to the annual team project goal. This sequence of events resulted in high team burnout and employee turnover.
One solution to this issue includes analyzing the current workload and adopting a different way of project delegation. Instead of consistently assigning difficult tasks one after the other, consider breaking them up by including one easy task for every two difficult tasks. This is called “task sequencing.” Managers can immediately reduce turnover by re-ordering the worker’s tasks, or “task sequencing.” This will allow team members to refresh after achieving important goals.
Communication
The second common reason for employee turnover includes poor communication with employees and leadership. This can range from bitter office politics to micromanagement and personal insults. An ineffective leader who consistently falls short on communication can leave employees guessing, and employees are expected to become mind-readers and future tellers. Leaders who are unresponsive and unreliable can leave their employees struggling for clarity. What’s the antidote? Set clear expectations on deadlines, projects and important milestones. Be available to answer questions. Help employees obtain necessary data from leaders in higher ranks and invite your team to important stakeholder meetings. Be respectful of employees even if you disagree with their point of view. In addition, develop service level agreements between your internal team and key stakeholders. Service level agreements determine the expected turnaround time to respond and answer. Employees are then responsive but not reactive. For example, during operating business hours, instant messages should be replied to within two hours and emails should be replied to within eight hours. This allows the team clear expectations on response times.
Career Growth
Advancing career-minded employees requires an attentive manager. Keeping employees engaged while developing their critical-thinking skills and solutionsoriented mindset can be difficult when faced with a packed schedule. Where should managers start? Listen to employees and their work interests and long-term goals. Allow employees to attend training that aligns with their work interests. Provide employees with a clear path to the next title or steppingstone.
Ensure requirements for promotion are transparent, substantive and objective. Consider developing a mentoring program at your company or sponsoring employees to attend a leadership program. Years ago, I had the opportunity to send employees to the leadership growth alliance program with the ASCPA. The experience provided them with a cohort of peers to collaborate and learn alongside, and their new network provided support for years to come.
As finance professionals, we’re constantly looking for ways to reduce costs and streamline efficiencies. Focusing on employee retention has a positive impact on reducing labor costs and increasing the bottom line. Listed in the column on the right are proactive management tips to mitigate potential reasons for employees leaving. l
Andrea Beth Levy, CPA, CFE, CGMA, MBA is the head of finance & operations with the Greater Phoenix Chamber. Levy currently serves as the Arizona CPA Foundation for Education & Innovation Chair and is an audit committee member of the Institute of Internal Auditors Phoenix Chapter. You can connect with her at linkedin.com/in/andrealevyfinance.
References:
“You are not a rock” by Mark Freeman
“Why People Quit Their Jobs, and How Employers Can Stop it” by Polly Kang, David Daniels, and Maurice Schweitzer (Time Magazine)
“Employment Cost Index Summary – 2024 Q03 Results” by U.S. Bureau of Labor Statistics
“People Quit Bosses, Not Jobs: Why Employees Are Frustrated with Leadership in 2024” by Thomas Griffin.
“This Fixable Problem Costs U.S. Businesses $1 Trillion” by Shane McFeely and Ben Wigert
“8 Detailed Pieces of Career Advice for Accountants” by Indeed Editorial Team
POTENTIAL REASON FOR EMPLOYEE TURNOVER
Are you scheduling regular check-in meetings with direct reports?
• Where are employees stuck?
• Can you help employees prioritize their tasks?
Can you ask for data on behalf of your employees during meetings?
• Are you accurately estimating the time and effort needed to complete deliverables?
• Are assignments sent with advance notice?
Are employees encouraged to take vacation?
• Are employees performing additional job duties well beyond their job descriptions?
Are you able to communicate proactively rather than reactively?
• Do you communicate department goals with your team?
• Do you create realistic individual goals for employees?
Can employees challenge the status quo without fear of retribution?
• Is the required response time for instant messages and emails clear for employees?
• When are employees expected to work and respond after business hours?
• Do team members have time to attend training?
• Is training encouraged?
Are there opportunities to provide transparent pathways for career growth in your department?
• Are job descriptions available to show employees progressive job advancement?
• Is there an opportunity to invite employees to key stakeholder meetings?
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By John Cotton, CPA Laura Belval and Amanda Brown contributed to this article
Registrants go to great pains to obtain their license, so why put it at risk by submitting sloppy work product for the audit of their license renewal?
Getting a letter from the IRS stating that you are being audited can cause most people to feel apprehensive; however, we, as licensed CPAs may be subject to a similar letter. It could be just as disconcerting when receiving a “Timely Response Required” letter from the Arizona State Board of Accountancy (Board). The letter announces the registrant has been randomly selected to have their continuing professional education (CPE) verified by a group of individuals who audit the coursework. The audit is performed by the Continuing Professional Education Advisory Committee of the Arizona State Board of Accountancy (Committee).
Using data from 2019 to 2023, the Committee has performed audits on 774 registrants’ CPE. Of those 774 audits, 653 or 84% of those registrants presented sufficient evidence with their original audit submissions that shows the CPE was completed. However, the audits conducted from January 2024 to September 2024 so far have shown a disturbing trend. In 2024, the percentage of registrants who submitted sufficient evidence with their original audit dropped to 74%. In 2024, 30 out of 116 registrants failed to provide adequate proof for their CPE with their original audit submission. Each of these registrants had their license suspended by the Board.
The purpose of this article is to present the opinions and thoughts of the Committee regarding the CPE course work submitted with renewal applications every two years. But first let us discuss what those requirements happen to be.
1. The registrant is required to have participated in 80 hours of CPE over a two-year period. Of those 80 hours, 16 hours must be in the field of accounting, audit or taxation. A further 24 hours must be in the fields of business law, consulting services or additional hours of accounting, auditing or taxation. Another way to describe this is that 50 percent of the CPE must be in core specific subjects.
2. Of those 80 hours, 16 hours must be in a live format. Examples include live classroom, seminar and interactive webinar or webcast formats.
3. Of those 80 hours, four hours must be in the subject of ethics. Of the four hours, one must review the Arizona statutes and administrative rules of the Arizona Board of Accountancy. Another hour must address the practice of accounting including the American Institute of Certified Public Accountants Professional Code of Conduct.
4. When a registrant submits their renewal application, they are stating, under penalty of perjury, that they have completed all the CPE requirements and are maintaining the appropriate records documenting those hours. The initial statement is a list of hours that includes the sponsoring organization, location of the program, title or description of the program and dates of the program.
5. Once the CPE has been completed, the registrant must retain the record of attendance for at least three years. The records include course outlines, proof of attendance or participation, and proof of completion. The purpose of retaining these records is to provide the necessary documentation should the registrant’s renewal application be selected for audit.
After the letter is received by the registrant from the Board announcing their renewal application has been selected for audit, if the registrant is prepared, it should be a snap. The registrant’s response should contain one set of documents (course outline, proof of attendance or participation and written proof of completion) for each course listed in the renewal application.
The Committee has seen renewal application work product that is professional and concise. We have also seen work product that is thrown together in a haphazard way. It is distressing to see sloppy audit submissions from registrants. First, it puts an undue burden on the Board’s staff that admirably assembles the submissions for the Committee’s review. More importantly, the Committee cannot always find the required documentation in the submission, even though it could be there, leading to delays in the completion of the audit process and/ or unnecessarily sending registrants to the Board for action. Registrants go to great pains to obtain their license, so why put it at risk by submitting sloppy work product for the audit of their license renewal?
The Arizona statutes and rules provide us specific direction as to the form of the CPE submitted; however, the substance is open to interpretation. Two members of the Committee will each review the audit work product and do one of three things: confirm that it meets requirements, conclude that there are deficiencies and revert back to the registrant for further information, or send the registrant’s file directly to the Board for action. If the audit work product is complete, the CPE is accepted. If on the other hand, the audit work product does not include the appropriate documentation, the Committee will provide the registrant one more opportunity to submit the documentation in
support of the reported CPE. If the requested documentation is not submitted to the Committee, the registrant is referred to the Board for noncompliance with CPE requirements
The Committee will also review the audit work product for proper classification. The course work is reviewed for status as live or selfstudy, as well as categorized properly as audit, accounting, taxation, business, consulting, ethics or other. The reviewer will make any corrections deemed appropriate for proper classification. These types of corrections may have an impact on the overall determination of acceptance of the submission based on the criteria previously defined.
In conclusion, it is not difficult for a registrant to meet the requirements to retain his or her license. The Committee’s responsibility is to ensure that registrants meet their CPE requirements in an effort to fulfill the Board’s primary duty, which is to protect the public from unlawful, incompetent, unqualified or unprofessional certified public accountants through certification, regulation and rehabilitation. l
Note: There are several other issues and requirements with CPE that are not covered in this article. We suggest you visit the Arizona Board of Accountancy website for further information. Specifics can be found at https://www. azaccountancy.gov/Renewals/CPE.aspx.
John Cotton, CPA, is a member of the Arizona Board of Accountancy committee on Continuing Professional Education, Laura Belval is a former member, and Amanda Brown is the Assistant Director of Qualifications with the Board.
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Building a Powerful LinkedIn Presence: How
Three CPAs Are Connecting, Growing and Thriving Online
By Heidi Frei, CAE
LinkedIn has become an essential platform for professionals looking to expand their networks, find new career opportunities and build their personal brand. For CPAs, it is not just about listing qualifications, it is about creating meaningful connections and establishing a strong online presence.
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In this article, we highlight three CPA members who have mastered the art of leveraging LinkedIn to build communities, advance their careers and market their businesses. From thoughtful engagement and insightful content creation to networking with industry leaders, these professionals have turned their LinkedIn profiles into powerful tools for success.
Create Community Through Connections
Ross Grainger, CFO of Paradox, decided to become active on LinkedIn to connect with others in similar roles and in similar industries. “Especially in the Phoenix area, I didn’t feel like there was a strong presence of tech-focused accounting and finance professionals. Trying to find that community somewhere else online was one of the main drivers for engaging on LinkedIn,” says Grainger. He looked for people doing interesting things in his industry and reached out to set up 15- to 30-minute Zoom calls to learn more about specific industry challenges. He found that with his online presence, it allowed him to create real-time interactions with industry leaders.
Prudence Zhu, founder and CEO of Enso Financial, finds that networking on LinkedIn is all about building genuine relationships and offering value first. “I make it a routine to intentionally reach out to people I want to connect with on LinkedIn. I also follow up by engaging with their content, whether it’s commenting on their posts, sharing their articles or supporting their work in other ways,” says Zhu.
Find Your Next Career
The most important connection Grainger found on LinkedIn was Aaron Matos, founder of Paradox. Grainger says, “Aaron found me on LinkedIn, and we sparked a conversation. Through that, I ended up going to work for Paradox and that got me my first CFO role.”
Grainger credits Matos finding him through his strong LinkedIn presence. Grainger’s profile clearly showed the key elements of what he had done in prior roles and what he wanted to do next. Grainger adds, “Having my LinkedIn presence match who I am as a person and how I show up in real life was important so that it really made sense when Aaron and I connected that what he saw online was me.”
Grainger highly suggests LinkedIn as a tool for finding your next career opportunity. “It can help you further your career, it can help you find your next job and it can help you find people you want to hire. The more your presence pops up as a leader in your space, the more likely others are to find you. It is one of the places that people look to see what you’re about and what you’ve done. Make sure you are highlighting your talents.”
When setting up your profile, in addition to including a recent professional photo and listing your previous jobs and responsibilities, it is important to take the time to create a compelling headline. “That tagline under your name is important,” says Grainger. “Some people just list their current role, but it should be so much more than your current role. You should use very few words in that little space to explain who you are because it shows up in all the preview views. Mine is unique: Father, Sometimes Endurance Athlete, Coffee Enthusiast, SaaS CFO.”
Zhu echoes the importance of LinkedIn for career growth. “At the start of my career, I’d add alumni, headhunters and people at companies I was interested in. I’d set up coffee chats and short phone calls, followed by handwritten thank-you cards. In 2016, the year I got laid off and later joined a great company, I added over 1,300 people to my network!”
Ideas to Elevate Your LinkedIn Presence
• Create a compelling headline that highlights your strengths, something you are passionate about and your current role.
• Share insights from conferences or seminars you attend.
• Post about charitable organizations’ events and accomplishments.
• Take photos with colleagues at events you attend and tag them in the photo.
• Comment on other people’s posts (congratulate them or add your thoughts about their post).
• Share interesting content that your connections post.
• Follow experts and thought leaders to expand your knowledge.
• Share your thoughts on hot topics in your industry.
• Tell your story of how you faced a challenge or opportunity.
Post for Engagement
Lisa B. Lumbard, founder and CEO at Lumbard Consulting, LLC, joined LinkedIn back when it started in 2003 and decided to become more active when she started her own not-for-profit consulting firm. Lumbard makes it a point to get photos with colleagues when she attends events in the community and posts them on LinkedIn. “It is important to post photos because it shows my involvement in the not-for-profit community, and by tagging others in the photos, I can potentially reach their followers in addition to my own.” Lumbard says you shouldn’t shy away from asking others to join you for a photo. “Usually, people are flattered when I ask them to join me for a photo. I have never had anyone say no.”
Lumbard stresses the importance of posting about what impacts you and what you know. “If you go to a conference like the Governmental Accounting Conference or the Not-for-Profit Conference, and you learn about a new pronouncement that’s directly going to impact your client base, share a quick one or two lines about it to say, here’s something new out there you need to know and if you have any questions, reach out.” By sharing this knowledge, you are helping your followers learn, and you may be able to provide follow-up assistance.
Many CPAs serve on boards and participate in community service projects. There is a wealth of content from these organizations that you can post. “If you work for or serve a charitable organization and they’re having a big fundraiser, you can post the event, and if they get awarded a big grant, you could post about that,” says Lumbard. “When I participated in the Feed My Starving Children community service program with the ASCPA and student members, I posted about my experience at the event and included pictures.”
Zhu finds that what resonates most with her audience is a mix of personal storytelling and practical advice. “Whether I’m sharing lessons from transitioning from corporate life to entrepreneurship or offering tips on tax and financial planning, it’s about giving relatable insights with actionable takeaways,” says Zhu. “I’ve also found that personal reflections, like the experiences that shaped my career path and the decisions that got me to where I am help engage my audience more deeply.”
While many people only show the rosy side of their career and personal life on social media, Zhu sees the value in sharing the challenges and opportunities. “When I talk about financial strategies, I also share the highs and lows of my personal journey, whether it’s achieving financial freedom, balancing work and life, or making tough financial decisions,” says Zhu. “This balance helps my content feel more human and relatable, making it easier for others to connect.”
Grainger finds value in a variety of post types, including expressing original thoughts and sharing interesting articles, webcasts and podcasts. He finds that he gets more views and more interaction when he is sharing others’ content than when creating his own because it is landing in other people’s feeds. “When I create my own content, I am trying to make it relevant and talk about something that’s meaningful for me, something I’m going through –whether it’s a budgeting process or trying to find a vendor or sometimes about a course I took that had value.”
If creating your own content sounds daunting, one of the easiest things to do is repost the content that your company is posting. “Repost it with your thoughts,” says Grainger.
“It will get you used to posting on LinkedIn and only takes a few minutes. You don’t have to spend hours and hours on LinkedIn; you can just spend a few minutes a week. I am on LinkedIn every day because the content is so interesting. I don’t read every article, obviously. I look at the headlines, and sometimes it will help me stay informed on trends that are happening. And the more you interact, the more focused your content is going to be.”
Market Your Business
LinkedIn offers various tools for business owners to reach their clients and potential clients. One of those tools is a LinkedIn newsletter. Zhu decided to start a LinkedIn newsletter as a more efficient way to share valuable financial insights with her growing network.
“I had been running a YouTube channel with weekly uploads, but I wasn’t seeing the impact I expected for the 20 hours my editor and I put in for each video,” says Zhu. “LinkedIn allowed me to reach more people in a structured format, and it’s worked wonders.” Zhu says her content ideas come from common client questions, industry trends and personal experiences that resonate with her audience. “I also pay attention to feedback, which helps me tailor my content to their needs and interests.”
Building her LinkedIn brand has opened several doors for business opportunities for Zhu. “One of the most rewarding experiences came when a client wrote a glowing referral for me on LinkedIn,” says Zhu. “Then, a small business owner friend of theirs shared it, and that led to a new client who signed up for my ongoing financial planning services. I have also been invited to podcasts and networking events due to my presence on LinkedIn. I am confident that the more people follow my content, the more opportunities will naturally arise.”
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LinkedIn can be a great source for research on people, companies and industries. “I use LinkedIn as a resource,” says Lumbard. “If I meet someone at a networking event and we get talking, I will look up their LinkedIn profile after the event and learn more about them through their postings. I also use it to research potential clients.”
Get Started
Now that you know the benefits of participating on LinkedIn and have heard insight from your peers, it is time to take action. “It’s never too late to start,” Grainger says. “Even if you don’t have an account and you are toward the end of your career, that’s okay. Get started, just do it. It’s not that hard and shouldn’t be daunting.”
Zhu adds, “Don’t worry about being perfect – just show up and be true to yourself. Engage with others, respond to comments, join conversations and be open to learning from your peers.”
You can connect with our three featured CPAs for inspiration, and we always appreciate additional followers on the Arizona Society of CPAs company page. l
Heidi Frei, CAE, is senior director of marketing & membership at the Arizona Society of CPAs. You can connect with her at https://linkedin.com/ in/heidifrei.
Connect
With Our CPAs
Ross Grainger
Father, Sometimes Endurance Athlete, Coffee Enthusiast, SaaS CFO www.linkedin.com/in/rossgrainger
Lisa
B. Lumbard
Founder/CEO
at Lumbard Consulting, LLC
www.linkedin.com/in/lisa-b-lumbardcpa-cgfm-5226109
Prudence Zhu
Empowering YOU to Live a Life Without Regrets or Guilt –Start Today with a Solid Financial Plan Aligned to Your Values! www.linkedin.com/in/prudencezhu
Elevate Your Tax Season With the ASCPA Tax Community on Connect
The ASCPA Tax Community on Connect is the most active group on the site, providing valuable knowledge to help answer your pressing questions. It is an excellent platform for sharing insights and supporting fellow professionals.
Log in using your ASCPA website credentials. Scan the QR code or visit www. ascpa.com/taxcommunity to get started.
Top Loss Prevention and Claims Trends for CPA Firms
CAMICO’s Loss Prevention and Claims Departments work with CPA policyholder firms every day on difficult risk management issues. The following Q&A covers some of the questions and trends that our specialists hear about most frequently from our policyholders.
Q: What does CAMICO recommend when a client passes away and there is a new point of contact for the engagement?
A: We recently had a situation where an accountant prepared tax returns and did bookkeeping for the matriarch of a family for many years. Upon her passing, the client’s daughter became the point of contact. The daughter said she was going to engage a new CPA to prepare taxes and was going to take over the bookkeeping duties herself. The policyholder did not confirm the conversation in writing and did nothing further. A couple years later, the daughter was surprised to find that the tax returns had not been prepared and filed. A claim was brought against the CPA for the penalties that were imposed by the IRS.
An engagement with a client is fundamentally a relationship. As with all relationships, there should be an understanding between the parties as to what they should expect. Many times, people make assumptions about what the other person will do or not do. These assumptions are often different than what the other person expects will happen
in the relationship. An engagement letter is the best way to develop an understanding with the client about what they should expect from the accountant and what the accountant expects of them. There may be conversations between the parties about what they expect to happen, but perceptions may differ, and memories will fade. When an accountant uses a well-drafted engagement letter or disengagement letter, both parties know exactly what to expect of the other. If the client were to later make an unwarranted assertion about the relationship, the accountant can refer to the letter to justify his or her action or inaction. This is especially important in the confusion surrounding the death of a client. Engagement letters also enhance the accountant’s professionalism and make it easier for their actions to be defended in any later dispute.
— Mark Rooks, Claims Specialist
Engagement letter templates can be found in the Engagement Letter Resource Center, located on CAMICO’s Members-Only Site (https://member. camico.com/portal/Policyholder-Login).
Q: Do CPAs often get brought into family disputes related to inheritance?
A: When dealing with family disputes, especially when it comes to money, emotions will run high, and these matters can become very contentious with CPAs getting pulled in and stuck in the middle. While these situations may be unavoidable, there are steps that can be taken for policyholders to protect themselves from exposure.
Documentation and communication are key. Everything pertaining to the CPA’s work should be memorialized in writing, and the CPA should ensure that both they and the client understand the decisions and actions that will be taken. If a CPA advises a client to take a specific course of action, written proof of the advice should be preserved. Engagement letters can also be a vital tool in protecting the CPA’s interests. The letter should spell out precisely the work that will be performed for the client and should be updated as the engagement changes. Finally, if the appearance of a conflict arises, the CPA should consider whether disengagement is the appropriate action. If the CPA decides to disengage, the disengagement should be clear (and in writing), and a copy should be preserved.
— Jill Cavenaile, Claims Executive
CAMICO is the ASCPA’s preferred provider of professional liability insurance. Interested in a no-obligation insurance quote, or review of your current professional liability insurance? Contact Harris Hauptman, CAMICO senior account executive, at (800) 642-1772, Ext. 6727 or hhauptman@camico.com.
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What’s Happening at the ASCPA?
Converge24 Conference
Oct. 16 & 17
We’re grateful to all who joined us for two days filled with insightful sessions, meaningful connections and inspiring moments. A huge thank you to our platinum sponsor, McGuire Sponsel, and to our gold sponsors for their generous support in making this event possible!
Member Appreciation Free CPE Days
Nov. 13 & 14
In honor of member appreciation month, more than 400 ASCPA members participated in two days of free CPE, for a total of 12 hours. Thank you to our members and sponsors who presented and attended this event. If you are interested in learning about sponsor presentation opportunities, please reach out to advertise@ascpa.com.
ABC Networking Event
Nov. 21
Awesome connections were made at the ABC Networking Event on Nov. 21. Members of the Arizona Society of CPAs, The Risk Management Association - Arizona Chapter and Maricopa County Bar Association joined forces with more than 200 members attending. Thank you to sponsors Arizona Escrow & Financial Corporation, Paychex, McGuire Sponsel, Brown & Brown Insurance and Arizona Capital Source.
Get Involved
Feb. 14
Behind the Scenes at Insight: Exploring Generative AI (GenAI) in the Finance Sector
9:30 – 11:30 a.m. CPE: 1 hour
Members-Only Event: $50 Register: www.ascpa.com/bts
Join us for an exclusive members-only Behind the Scenes event at Insight presented by Insight’s Chief Accounting Officer, Rachael Crump, CPA. After the session, tour the Insight facility and network with CPAs and accounting students. Don’t miss this unique opportunity to explore the future of finance!
May 8
ASCPA Annual Meeting & Awards Luncheon
11:30 a.m. – 1:30 p.m. Westin Kierland Resort Register: www.ascpa.com/annual
Join us as we celebrate Life Member Gary Fleming, our Excellence in Teaching Award recipient and recognize Lauren Murro for her service as chair of the ASCPA.
Fall Student Events
Career Exploration Day at Eide Bailly
Thank you to Eide Bailly for hosting our Accounting Careers Exploration Day, giving student members an exciting glimpse into the world of accounting. It was an unforgettable experience for all in attendance. Do you want to bring student members to your firm or company? Learn more about our student sponsorship at www.ascpa.com/ sponsorstudents.
Inspiring Future CPAs at Grand Canyon University Roundtable Event
The ASCPA held a roundtable event with GCU students and CPA members discussing essential tools and generative AI in accounting. Special thanks to Nicholas Ryan Carlson, CPA, and Daniel Hurtado, CPA, for their expertise.
Financial Literacy Workshop at La Joya High School
High school students attended a financial literacy workshop by the ASCPA in partnership with Accounting Plus. Thank you to ASCPA member, Amo Acheampong, CPA, for joining.
To expand your client base, consider registering for the ASCPA Find a CPA online directory. This members-only resource can help you promote and grow your practice. The directory is accessible to the public at no charge, enhancing your visibility in the community.
To review your listing, visit www.ascpa.com/ find-a-cpa. To register or update your listing, log into your ASCPA account at www.ascpa.com/my-firm or email membership@ascpa.com.
AZ CPA Quick Quiz
You’ve Read It, Now Get Credit
Earn one hour of CPE credit in specialized knowledge by completing the AZ CPA Quick Quiz, available online. Receive a score of 70 percent or more about this issue’s articles for credit. It’s that easy!
Fees: Members: $25 Nonmembers: $40
Online Access
Go to www.ascpa.com/quickquiz to access links to all active quizzes. Once a quiz is purchased, a link and password will be emailed to you. Your results will be sent immediately after completion, and certificates are emailed within five business days.
