Create your risk management framework

As a member, you now have access to an online tool that will help you develop a custom risk management framework (RMF) for your practice, tailored to your individual circumstances. It will help you identify, assess, mitigate, implement and monitor the risks to your practice.

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Risk mitigation strategies for public accountants

1. Have appropriate documentation in place

Ensure that the terms of engagement are documented and communicated each time a professional service is provided for a client. This letter of engagement needs to be reviewed regularly to ensure it contains an accurate description of services provided and the applicable fee structure.

2. Refer work you can't perform

Accept work which is within your professional capacity and don't provide services where your skills are limited.

3. Review your client list regularly

Conduct a client engagement review regularly to assess your client's integrity and consider whether it would be appropriate to terminate the engagement.

4. Know your employees

Be prudent in your recruitment of new employees and conduct integrity checks, including references, social media and police checks.

5. Have appropriate insurance and work with your insurer in the event of a claim

Ensure that your professional indemnity insurance cover is appropriate for the services you provide. Notify your insurer immediately in the event of a potential claim and explore alternative dispute resolution options.

6. Utilise risk resources