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Risk Management

Risk Management. Stephen Vono, Principal NAPLIA. The Risk Environment. Culture Risk Assessment: Employee & Client Engagement Letters Fraud Cyber Risk. Culture. Risk Assessment: Employee & Client. First line of defense New client acceptance forms Predecessor accountants

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Risk Management

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  1. Risk Management Stephen Vono, Principal NAPLIA

  2. The Risk Environment Culture Risk Assessment: Employee & Client Engagement Letters Fraud Cyber Risk

  3. Culture

  4. Risk Assessment: Employee & Client First line of defense New client acceptance forms Predecessor accountants Background checks

  5. Engagement Letters • Second line of defense • Comprehensive contract: not a fee agreement • Purposes: • Define scope of engagement • Mutual responsibilities • Provide for contingencies • Prevent differing expectations

  6. Percentage of Audit Claims(By Source of Claim)

  7. Who Commits Fraud? Position in the Organization

  8. Who Commits Fraud? Median Loss by Position

  9. Employee Fraud(Opportunity) • Experienced employee • Lack of segregation of duties • Uninterrupted service • Annual vacations not required • Weak management oversight

  10. Client Risk Assessment(Centralizing the Process) Risk assessment committee Must be willing to reject prospects and terminate existing clients

  11. Cyber Liability

  12. Employees Non-client Accountant/Owner Client First Party vs. Third Party Third Party First Party

  13. Professional Liability vs. Legal Liability

  14. Notification Letter • WISP • Notification laws • Best practices policies • Portal usage

  15. Thank you! www.naplia.com Stephen Vono SteveV@naplia.com linkedin.com/in/stevevono @naplia

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