Disappearing client funds.

• Position: CAMICO Insurance: tip of the month - Brief article

If your firm is controlling client funds and writing checks to pay client bills, be sure that the firm's internal controls are strong enough to prevent the misuse of funds.

Affected engagements range from basic bookkeeping and bill paying on behalf of clients, to business management engagements in which the firm has broad control over the client's financial affairs. Executor/trustee engagements are also prone to misappropriation.

Establish a combination of internal financial and security controls to help safeguard funds. Utilize screening processes and...