31. The "Trusted" but "Careful" Advisor - How to Manage Liability Risks in the Advisory Service Line

Offering profitable, high volume advisory services today has its rewards but also its own set of unique risks.  Traditional accounting services primarily report on “what has happened”.  Advisory services frequently provide insight on “what may happen”.  A successful advisory practice not only requires a long term perspective from the point of view of the client but also from the point of view of your practice in managing risk.  In this session, we will discuss quality control Best Practices for advisory services, review effective language to use in engagement letters, how to manage your exposure when using third party cloud providers and how to use the cloud while maintaining client confidentiality and your own independence.