Risk, Retainers & PII - A Guide for Accountants When Things Go Wrong
This webinar is aimed at accountants and tax advisers and will help you identify where things can go wrong in practice, provide practical advice on how to reduce the chances of things going wrong and guidance on what to do when a client complains or makes a claim. It considers the decision in Manchester Building Society -v- Grant Thornton 2021.
The webinar also includes a section on how to avoid problems arising with your professional indemnity insurer.
What You Will Learn
This webinar will cover the following:
- What Can Go Wrong
- Common pitfalls
- Missed deadlines - tax returns, effect on penalties
- File notes
- Communication and supervision
- Retainer Issues
- Who is your client?
- What am I doing and what am I not doing?
- The purpose of the retainer (MBS -v GT)
- Ineffective liability caps
- How to Reduce Risk
- Engagement letters - to ensure that letters are issued, returned and reviewed
- Liability caps - how to protect your firm against excessive claims beyond the limit of your PII cover
- Consumer cancellation notices
- Effective file reviews to improve audit quality
- Culture/communication in the accountancy team and how to achieve this
- If Things Go Wrong
- Dealing with the problem
- Release of papers and retention of papers - dealing with claims and tension with GDPR
- What can you tell the client?
- Your Insurers
- Is it a complaint, a circumstance or a claim? - Overlap with ICAEW/ACCA complaint process
- Is there prejudice?
- Is there a policy point?
- Surveying the firm - handy tips
This webinar was recorded on 31st May 2022
at your organisation