Managing Risk: A Guide for Accountants and Tax Advisers

This short, practical book addresses issues that are relevant for all accountants and tax practices. Aimed especially at smaller and mid-sized firms, the book highlights areas where they may be vulnerable to claims and advises how firms can develop processes to reduce the risk. The book includes commentary on, and key extracts from, guidance issued by the CIOT and other professional organisations on such topics as professional standards; dealing with client irregularities (including disclosure issues, balancing client confidentiality and the adviser's own need to act with integrity); conflicts of interest; ceasing to act in particular circumstances; second opinions; keeping proper records, etc. The book also offers practical advice on such topics as engagement letters (both content of and systems for), liability caps, invoicing, and managing planned and unplanned staff absence.