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WHERE’S THE PROFIT?

WHERE’S THE PROFIT?. OPPORTUNITY, AVOIDANCE OR DENIAL Gregory W. Leffard Gulf Insurance Group. Market Segments. “Final Four” Major Firms – “Group B” All others. Differences in Segments. AOP differences “Size matters” Regulatory requirements Perception issues. AICPA Membership.

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WHERE’S THE PROFIT?

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  1. WHERE’S THE PROFIT? OPPORTUNITY, AVOIDANCE OR DENIAL Gregory W. Leffard Gulf Insurance Group

  2. Market Segments • “Final Four” • Major Firms – “Group B” • All others

  3. Differences in Segments • AOP differences • “Size matters” • Regulatory requirements • Perception issues

  4. AICPA Membership Consulting: 6,822 Education: 7,569 Government: 13,198 Industry: 138,294 Law: 2,040 Public Accounting: 128,709 Other Areas: 22,406 Inactive Members: 10,953 Total: 329,991

  5. Services Provided / Attest • Public Company Audit • Private Company Audit • Non-Profit Audit • Other Attestation Services

  6. Services Provided/Non-Attest • Tax • Bookkeeping • Business Advisory Services • Consulting • Agreed Upon Services • Trustee • Financial Advisory

  7. Practice Management • Risk Recognition • Pricing of Services • Risk Reward Analysis • “Preventative Accounting” • Realization Rates

  8. Regulatory Environment • Change is inevitable • How far will it go? • Who will regulate? • State • Federal • Self/Industry • Qualified Regulators

  9. Predicting the Future • Has the industry changed enough? • How to underwrite the changes • Is history even relevant? • Is the industry ready to participate in loss to a greater degree? • Do they have the financial ability to participate? • Risk Management • Jury perceptions • Can the industry get a fair trial?

  10. Actuarial Analysis • How to quantify the changes • It history credible? • What does all this mean to: • Frequency • Severity • Payout Patterns • Loss Development Factors • Who Leads the Way?

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