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• W323071870 abstract "EXECUTIVE SUMMARY * During the mild stage of Alzheimer's disease, a CPA may notice that a client is having trouble communicating and/or undergoing personality changes. The client may have trouble remembering recent events yet be able to recall events that took place years ago. * Problems associated with Alzheimer's can interfere with the CPA/client relationship. If you suspect a client is suffering from diminished mental capacity and are having problems with the professional relationship as a result, you must address the issues by having a frank discussion with the client. You could still lose the engagement by being fired or having to resign from a situation that has become untenable. * Anticipating the cognitive problems your clients may have is the best preparation. The AICPA publication CPA ElderCare/ PrimePlus Services: A Practitioner's Resource Guide recommends that the engagement letter include the name of a contact person designated to make decisions on behalf of the client. If a contact person is not available, there may be opportunities to make sure the appropriate documents are in place. * CPAs who have a long standing relationship with a client are in a position to recognize changes in the client's behavior. The CPA may have to decide if a client's changing behavior and diminishing mental capacity are interfering with the CPA/client relationship and what actions should be taken. * When a client's incapacity reaches a level that severely interferes with the CPA/client relationship, other measures should be considered. If a contact person is named in the engagement letter and is still able and willing to perform, the CPA should initiate the call. If no contact person or family member is available, the CPA may consider contacting a state or local government agency that provides services to seniors. ********** Jack is agitated. He has been a client for 10 years, and is now 80 years old. He lost his wife of 40 years a year ago. At your last meeting six months ago, Jack was engaged and paid close Today, he is easily distracted. While he has trouble remembering recent events, he can recall small about events that happened long ago. He is obsessed with an $8,000 loan he made to his company (now run by his son) 25 years ago. He wants you to dig into the details and find out if it was repaid. He also wants to make sure that any interest paid on the loan was reported properly. He asks you to obtain a copy of his 1985 and 1986 federal income tax returns. He also wants you to go through his personal financial records to determine if the loan was repaid--if not he'll confront his son with the evidence and demand repayment. Jack wants to make sure his son knows he's paying close attention. Jack becomes agitated when you ask him to consider whether the time and expense of tracking down the transaction is worth the effort. He tells you to get to work on this. You leave the meeting concerned. The project will take many hours of professional time and result in a large bill to Jack that can't be justified. Previously, Jack had expressed pride in how well his son was running the company but now is suspicious. You've known Jack a long time. Jack's personality and his mental abilities are changing right before your eyes. What actions, if any, should a CPA take if he or she suspects a client has diminished mental capacity? In an aging society, this is not a hypothetical question. The CPA's client base is living longer. Along with the benefits of aging can come challenges such as diminished mental capacity that may interfere with the CPA/client relationship. The problem will grow in the years ahead. Now is the time for practitioners to think through these issues and the related practice management implications. CPAs should never make a medical diagnosis, but it is important to have a basic knowledge of the health challenges older clients may face. …" @default.
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• W323071870 date "2010-01-01" @default.
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• W323071870 title "CPAs in an Aging Society: When Alzheimer's Disease Affects a Client" @default.
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