Video transcript:

When people ask me what I have learned since to coming to CNA Insurance, the number one thing is write it down, documentation, whether it be an engagement letter or documenting your oral advice. Writing it down is key. Why is it key? Because it demonstrates the limitations on what you’ve said and an understanding. It gives the client an opportunity to come back and say, no, you are wrong, that’s not what I meant. Is that really what you said? Here’s what I heard. So when you write it down, you give the client an opportunity to agree or disagree and you give, in the event of a professional liability claim, you’ve got something for your defend, for your lawyer to defend versus that he said, she said.

Where to find January’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Get Clients Ready for Tax Season

This comprehensive report looks at the changes to the child tax credit, earned income tax credit, and child and dependent care credit caused by the expiration of provisions in the American Rescue Plan Act; the ability e-file more returns in the Form 1040 series; automobile mileage deductions; the alternative minimum tax; gift tax exemptions; strategies for accelerating or postponing income and deductions; and retirement and estate planning.