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Risk mitigation best practices

CPAs can limit liability risks by carefully drafting engagement letters, avoiding giving informal advice, fully vetting new clients, assessing the firm’s
competence to handle clients’ issues, and maintaining appropriate data security practices.

Professional responsibilities in the virtual age

As the COVID-19 pandemic forces firms to accelerate the adoption and overall use of virtual
communication tools, practitioners need to be aware that the foundational principles of ethics and best practices still apply when using these
technologies.