Accountants Professional Liability Assessment

Assessment Introduction

Questions?

lkachulis@gilbertsrisksolutions.com 800-660-6832
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Welcome to the Accountants Professional Liability IQRM!

The leadership team of any accounting firm should be aware of a number of common exposures relating to client fraud, cyber liability, and claims mitigation and management.  When addressing these types of exposures, it is vital that a risk advisor support your organization when considering strategies to reduce, avoid, retain, or transfer these risks.

Please click below to begin a 18 statement survey to gain your organization’s IQRM Effectiveness Risk Audit Score for Accountants Professional Liability.

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Assessment Introduction
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Question 1

My firm has a comprehensive process for monitoring our professional staff’s continuing education and loss control related education.

Question 2

My firm has undergone our states peer review process within the past three years and passed with an unqualified score.

Question 3

My organization has a documented process to have all financial statements or statements of financial condition signed by a partner.

Question 4

My organization maintains a calendar system to ensure timely completion of reports filings and tax returns. We have a detailed process where all work papers are indexed to reflect what was done, when, and by whom.

Question 5

My organization uses engagement letters for all services performed. Our engagement letters include alternative dispute resolution language and are reviewed regularly by outside counsel.

Question 6

It is very unlikely for my organization to need to sue clients for unpaid fees.  If we need to, we follow an established process.

Question 7

My organization has a formal client acceptance process where multiple senior managers must weigh in and agree before taking new engagements.

Question 8

My organization has a formal process defined to review current clients and to disengage with troubled clients.

Question 9

In completing our professional liability application, we reflect all exposures and all entities or persons to be insured.

Question 10

My organization has effective communication with our attorney, insurance broker, and an insurance carrier after a claim is reported.

Question 11

Our general counsel or outside counsel reviews all ‘client-facing’ contracts to ensure that requests to add any parties as additional insureds is either avoided or handled through mutual indemnification language.

Question 12

When my organization hire sub consultants we verify that they maintain their own professional liability insurance and have a suspense system to follow up for updated evidence of coverage upon expiration.

Question 13

We understand how a claim is defined in our professional liability policy and have a good understanding of the policy exclusions.

Question 14

My organization discloses all related entities including ownership affiliation and the nature of services on our professional library application and always indicate those for which coverage is desired.

Question 15

My organization understands our professional liability policy and the enhancements provided.  We have historically utilized the risk management offerings from our professional liability policy including having our engagement letters reviewed and/or calling a risk management attorney hotline to vet potential claims and issues.

Question 16

My organization maintains an internal quality control document and reviews and updates at least annually or semi-annually.

Question 17

Discussing optional law firms for handling our defense instead of the insurance carrier’s panel counsel before a claim actually occurs is an important part of the professional liability insurance buying process.

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Assessment Questionnaire
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Business Information
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