We used a final hotspot with a unique interaction to reset the quiz. To accomplish this we have an interaction to show all of the "Content" layers, and hide all of the "Correct" and "Wrong" layers.
Each question is made up of 3 different layer groups - 1 for content, 1 for if they answer the question correctly, and 1 for if they get the question wrong. Simply set up the hotspots to show the "wrong" layer group for the incorrect answers, and the "correct" layer group for the right answers.
To achieve the cascading text effect in this section, we created four different text boxes and then used a "Fade in Up" animation with a small delay difference between the objects.
Pro tip: Easily copy and paste animations by right clicking on the animated object and selecting "Copy Animation".
There’s room to improve your risk management knowledge… but not to worry, we have a robust library of risk management content for you to continue learning!
Read More
Conclusion
See your Results
Question 5/5
See your Results
As we stated earlier, employee lawsuits have increased 400% with the average cost of a claim at $130,000. EmployerGard policyholders of the AICPA Member Insurance Programs have access to BeyondHR, a self-service portal providing risk management resources on various workplace topics, including the investigation of discrimination and harassment complaints.
The correct answer is...
Oops!
Sorry that is the wrong answer!
Question 5/5
C $60,000
B $130,000
A $300,000
What’s the average cost of an Employee theft claim?
Question 5/5
Go to next question...
Go to next question...
C Retirement, Merging, and/or
Selling a Firm
B Buying and/or Selling a firm
D Retirement, Buying a Firm,
Merging, and/or Selling a Firm
Go to next question...
Go to next question...
C 400%
B 60%
A 110%
Go to next question...
CPA firms are under constant threat of a cyber-attack based upon the abundance of confidential and sensitive client data they receive, use, and store. Not all threats emanate from outside the firm. CPA firms can also face threats as a result of their failure to properly and timely address their own system vulnerabilities.
Question 2/5
C 60%
B 10%
A 30%
% of small companies close within 6 months of falling victim to a data breach or cyber attack
Question 2/5
Go to next question...
That’s correct!
Right On!
Question 1/5
Go to next question...
Forthcoming filing or
other deadlines and the consequences if the client should miss the deadline(s).
The letter should clearly map out the client's responsibilities going forward and issues that should be raised with a successor CPA. Matters of particular importance to include are deadlines (statutory, regulatory, or operational), internal control weaknesses or breakdowns and indicators of potential fraud or violations of laws and regulations.
The right answer is...
Oops!
Sorry that is the
wrong answer!
Question 1/5
C The need to consult with a
successor CPA.
B Forthcoming filing or other
deadlines and the consequences if
the client should miss the deadline(s).
A A reminder to the client of
outstanding fees due to the CPA.
From a risk management perspective, what is the key component in the Items for Client Follow-up section of a termination letter?
Question 1/5
Get started!
CPA RISK MANAGEMENT
CRASH COURSE 101
WELCOME TO THE
Question 2/5
Right On!
60% of small companies close within 6 months of falling victim to a data breach or cyber attack
That’s correct!
Go to next question...
Oops!
Sorry that is the
wrong answer!
The correct answer was...
60% of small companies close within 6 months of falling victim to a data breach or cyber attack.
In the past 20 years, employee lawsuits have increased approximately :
Question 3/5
Question 3/5
Oops!
Sorry that is the
wrong answer!
The correct answer was...
Employee Lawsuits arise in many forms, including discrimination due to: disability, gender, equal pay, pregnancy, age, religion, and many other situations. The average out-of-court settlement is $217,000 if you go to court and lose!
400%
Question 3/5
Right On!
Employee lawsuits have increased approximately... 400%
That’s correct!
Question 4/5
When Should a CPA Purchase Tail Coverage?
Question 4/5
Oops! Sorry that is
the wrong answer!
The correct answer is...
Retirement, Merging,
and/or Selling a Firm
If a CPA is considering closing, selling their firm, merging with another firm and/or retiring, they should consider purchasing an Extended Claim Reporting Period endorsement. This is commonly referred to as “tail” coverage. Generally, tail coverage provides an extended period of time after the end of the policy period during which claims may be covered for work completed during the policy period. The claim may be first made and reported during the tail if it arises out of a wrongful act that occurred during the Policy period.
Question 4/5
Right On!
CPA’s should purchase tail coverage when selling a firm, merging with another firm and/or retiring from a firm.
That’s correct!
CPA firms are under constant threat of a cyber-attack based upon the abundance of confidential and sensitive client data they receive, use, and store. Not all threats emanate from outside the firm. CPA firms can also face threats as a result of their failure to properly and timely address their own system vulnerabilities.
If a CPA is considering closing, selling their firm, merging with another firm and/or retiring, they should consider purchasing an Extended Claim Reporting Period endorsement. This is commonly referred to as “tail” coverage. Generally, tail coverage provides an extended period of time after the end of the policy period during which claims may be covered for work completed during the policy period. The claim may be first made and reported during the tail if it arises out of a wrongful act that occurred during the Policy period.
Employee Lawsuits arise in many forms, including discrimination due to: disability, gender, equal pay, pregnancy, age, religion, and many other situations. The average out-of-court settlement is $75,000!
D $500,000
$130,000
As we stated earlier, employee lawsuits have increased 400% with the average cost of a claim at $130,000. EmployerGard policyholders of the AICPA Member Insurance Programs have access to BeyondHR, a self-service portal providing risk management resources on various workplace topics, including the investigation of discrimination and harassment complaints.
Right On!
The average cost of an Employee theft claim is $130,000
That’s correct!
If 4/5 or Higher:
If 3/5 or Lower:
You’re a risk management rockstar!
Way to Go!
Read More
You answered 4 or more questions correctly.
You’re a risk management rockstar!
At AICPA Member Insurance Programs, we pride ourselves on being CPA Firm Risk Advisors and we would love to offer a FREE Risk Assessment for your firm. Simply click the button below to schedule your complementary Risk Assessment with an AICPA Risk Advisor.
Better Luck Next Time
You answered 3 or fewer correctly.
LEARN More
There’s room to improve your risk management knowledge… but not to worry, we have a robust library of risk management content for you to continue learning!
At AICPA Member Insurance Programs, we pride ourselves on being CPA Firm Risk Advisors and we would love to offer a FREE Risk Assessment for your firm. Simply click the button below to schedule your complementary Risk Assessment with an AICPA Risk Advisor.
Free RISK ASSESSMENT
Free RISK ASSESSMENT
Please enter your contact information to start your free risk assessment:
Free RISK ASSESSMENT
Please enter your contact information to start your free risk assessment:
D All of the above
The letter should clearly map out the client's responsibilities going forward and issues that should be raised with a successor CPA. Matters of particular importance to include are deadlines (statutory, regulatory, or operational), internal control weaknesses or breakdowns and indicators of potential fraud or violations of laws and regulations.
Forthcoming filing or other deadlines and the consequences if the client should miss the deadline(s).
The key component in the items for client follow-up section of a termination letter is ...
D 80%
1
Question 2/5
2
D 240%
3
Employee Lawsuits arise in many forms, including discrimination due to: disability, gender, equal pay, pregnancy, age, religion, and many other situations. The average out-of-court settlement is $217,000 if you go to court and lose!
3
A Retirement
4
2 “Employment Practices Liability Insurance” Trusted Choice, 2021.
https://www.trustedchoice.com/business-insurance/liability/epli/
3 “Employment Practices Liability Insurance: Because even the most careful and responsible employers get sued sometimes,” July 14, 2021.
4 “Report to the Nations: 2018 Global Study of Occupational Fraud and Abuse, ll Association of Certified Fraud Examiners, 2018.
1 “Businesses Shutting down Business.” Forbes. Forbes Magazine, 2022.
https://www.forbes.com/sites/emilsayegh/2022/08/16/businesses-shutting-down-business/?sh=72532c644cc6
Question 1/5
Client Termination
Question 1/5
Client Termination
When drafting your termination letter, be sure to...Indicate Intention to Terminate
The first paragraph of the letter should clearly indicate that the client relationship is being terminated, note the effective date of termination and provide the status of services agreed upon in previously issued engagement letters.
From a risk management perspective, what is the key component in the Items for Client Follow-up section of a termination letter?
A A reminder to the client of
outstanding fees due to the CPA.
B Forthcoming filing or other
deadlines and the consequences if
the client should miss the deadline(s).
C The need to consult with a
successor CPA.
Question 1/5
Question 1/5
Oops!
Sorry that is the
wrong answer!
The right answer is...
The letter should clearly map out the client's responsibilities going forward and issues that should be raised with a successor CPA. Matters of particular importance to include are deadlines (statutory, regulatory, or operational), internal control weaknesses or breakdowns and indicators of potential fraud or violations of laws and regulations
Forthcoming filing or
other deadlines and the consequences if the client should miss the deadline(s).
Go to next question...
Question 1/5
Right On!
That’s correct!
Go to next question...
Question 2/5
% of small companies close within 6 months of falling victim to a data breach or cyber attack
A 30%
B 10%
C 60%
CPA firms are under constant threat of a cyber-attack based upon the abundance of confidential and sensitive client data they receive, use, and store. Not all threats emanate from outside the firm. CPA firms can also face threats as a result of their failure to properly and timely address their own system vulnerabilities.
Question 2/5
Right On!
60% of small companies close within 6 months of falling victim to a data breach or cyber attack
That’s correct!
Go to next question...
Oops!
Sorry that is the
wrong answer!
The correct answer was...
60% of small companies close within 6 months of falling victim to a data breach or cyber attack.
CPA firms are under constant threat of a cyber-attack based upon the abundance of confidential and sensitive client data they receive, use, and store. Not all threats emanate from outside the firm. CPA firms can also face threats as a result of their failure to properly and timely address their own system vulnerabilities.
Go to next question...
A 110%
B 60%
C 400%
In the past 20 years, employee lawsuits have increased approximately :
Question 3/5
Go to next question...
Question 3/5
Oops!
Sorry that is the
wrong answer!
The correct answer was...
Employee Lawsuits arise in many forms, including discrimination due to: disability, gender, equal pay, pregnancy, age, religion, and many other situations. The average out-of-court settlement is $217,000 if you go to court and lose!
400%
Go to next question...
Question 3/5
Right On!
Employee lawsuits have increased approximately... 400%
That’s correct!
D Retirement, Buying a Firm,
Merging, and/or Selling a Firm
B Buying and/or Selling a firm
C Retirement, Merging, and/or
Selling a Firm
Question 4/5
When Should a CPA Purchase Tail Coverage?
Question 4/5
Go to next question...
Right On!
CPA’s should purchase tail coverage when selling a firm, merging with another firm and/or retiring from a firm.
That’s correct!
If a CPA is considering closing, selling their firm, merging with another firm and/or retiring, they should consider purchasing an Extended Claim Reporting Period endorsement. This is commonly referred to as “tail” coverage. Generally, tail coverage provides an extended period of time after the end of the policy period during which claims may be covered for work completed during the policy period. The claim may be first made and reported during the tail if it arises out of a wrongful act that occurred during the Policy period.
Go to next question...
Oops! Sorry that is
the wrong answer!
The correct answer is...
Retirement, Merging,
and/or Selling a Firm
If a CPA is considering closing, selling their firm, merging with another firm and/or retiring, they should consider purchasing an Extended Claim Reporting Period endorsement. This is commonly referred to as “tail” coverage. Generally, tail coverage provides an extended period of time after the end of the policy period during which claims may be covered for work completed during the policy period. The claim may be first made and reported during the tail if it arises out of a wrongful act that occurred during the Policy period.
Question 4/5
Question 5/5
What’s the average cost of an Employee theft claim?
A $300,000
B $130,000
C $60,000
D $500,000
Question 5/5
Oops!
Sorry that is the wrong answer!
The correct answer is...
$130,000
As we stated earlier, employee lawsuits have increased 400% with the average cost of a claim at $130,000. EmployerGard policyholders of the AICPA Insurance Program have access to Beyond, a self-service portal providing risk management resources on various workplace topics, including the investigation of discrimination and harassment complaints.
See your Results
Question 5/5
See your Results
As we stated earlier, employee lawsuits have increased 400% with the average cost of a claim at $130,000. EmployerGard policyholders of the AICPA Insurance Program have access to Beyond, a self-service portal providing risk management resources on various workplace topics, including the investigation of discrimination and harassment complaints.
Right On!
The average cost of an Employee theft claim is $130,000
That’s correct!
Employee Lawsuits arise in many forms, including discrimination due to: disability, gender, equal pay, pregnancy, age, religion, and many other situations. The average out-of-court settlement is $217,000 if you go to court and lose!