All tax, accounting, and CPA firms, regardless of size, must comply with The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999.
The GLBA was enacted to protect consumers' private financial information and governs the collection and disclosure of clients' financial information by CPAs, accountants and tax preparers.
Requirements
GLBA requires all accountants to design, implement, and maintain safeguards to protect their client's information.
Accounting firms must comply with these three objectives:
- Ensure the security and confidentiality of their client's information.
- Protect against any anticipated threats or hazards to the security or integrity of such information.
- Protect against unauthorized access to or use of such information that could result in substantial harm or inconvenience to any client.
Penalties for Non-Compliance
GLBA includes severe civil and criminal penalties for noncompliance. Civil penalties include fines up to $100,000 for each violation, and key officers may be fined up to $10,000 per violation.
How CPA Site Solutions Protects You
CPASiteSolutions provides the most secure Client Portal available on the market. Your data and your clients' data is protected in extremely secure environments. Most Client Portal vendors provide 5 or 6 layers of security. CPASiteSolutions protects you with 11 Full Layers of Security.
More Information
http://www.ftc.gov/privacy/privacyinitiatives/financial_rule.html
Sarbanes-Oxley Compliance
Sarbanes-Oxley was enacted by the U.S. Congress in 2002 to prevent document alteration or destruction by public corporations or their accountants and auditors. This law provides severe penalties for any firm who knowingly alters any record with intent to impede an investigation.
FileVault's Secure File Exchange and Document Management Systems protect your firm by providing an audit trail of file access and modifications.