tip of the Month: A Good Fit for the Firm.

• Position: CAMICO Insurance

CPAs often attempt to deliver services that stretch their knowledge and skills--sometimes to the breaking point. Why? Perhaps it's to obtain a client they perceive as lucrative or to retain an existing client. Whatever the reason, the practice is risky. Performing an audit in an industry where the CPA has no experience is a good example of accepting an engagement that is not a good fit for the firm.

Be honest: If the engagement is not a good fit for the firm's expertise or staffing, acknowledge this fact. Find ways to obtain the necessary expertise. Once it's obtained, go forward, while remaining vigilant about the additional risk. If the expertise is not obtained, serve the client and yourself by referring...