Liability lessons on documentation, high-profile clients, CAS engagement letters

Sarah Ference, CPA, a risk control director at CNA, joins the Journal of Accountancy podcast to discuss recent topics of the JofA' s Professional Liability Spotlight column. The conversation covers lessons learned from claims involving bankrupt clients, the importance of strong and consistent documentation, and the particular risks associated with serving high-net-worth or high-profile clients. The episode also highlights the April column on writing effective engagement letters for client advisory services. The articles discussed in the episode: January: " Don't Let a Bankrupt Client Bankrupt You ." February: " Tell a Story With Your Documentation ." March: " Luxury Liabilities: Serving High-Net-Worth Clients ." April: " Tips for Writing CAS Engagement Letters ." What you'll learn from this episode: The reasons CPA firms can be drawn into litigation when clients face bankruptcy. How strong client acceptance and continuance practices can help firms identify and manage higher ‑ risk engagements before problems arise. Why documentation acts as a firm's voice in a professional liability claim — and how gaps or inconsistencies can weaken defense of a claim. Why Ference has been told that " celebrities and CPA firms don't mix." What makes high ‑ net ‑ worth and celebrity clients higher risk and why firms should avoid relaxing standard risk management protocols for them. Why for engagement letters related to CAS, Ference said: " The devil is really in the details of that engagement letter."

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Liability lessons on documentation, high-profile clients, CAS engagement letters is an episode from Journal of Accountancy Podcast by AICPA & CIMA.

This episode is 13:12 long.

This episode was published on Apr 2, 2026.

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