Safeguard Obligations for CPA’s & Financial Professionals
CPA’s and Financial Professionals are obligated to comply with the Code of Professional Conduct
Due Care is an essential element of the Code of Professional Conduct including ensuring that all client information is protected to maintain confidentiality.
Tax preparers are obligated to an even higher level of due care.
Per the IRS guide on Safeguarding Taxpayer Data:
Protecting Taxpayer Data is now the Law! – The Graham-Leach-Bliley Act empowers the FTC to implement Safeguard Regulations for financial institutions, which specifically includes professional tax preparers
The Safeguard Regulations require firms to:
Create and enact written information security plans describing the program to protect customer data. The written plan must follow these steps:
In addition to the Safeguard Regulations, Online (e-File) providers must follow the following these six security and privacy standards per IRS Publication 1345
There are legal, moral, ethical, and business reputational demands to secure client’s confidential private information. On top of that, certified public accountants assume an obligation of self-discipline above and beyond the requirements of laws and regulations.
Your subscription to CYBER 631 is an essential step to meet this professional standard and to ensure that you have done all you can to meet the highest standards of Due Care to protect your client’s information and your firm’s professional reputation.
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