Gramm-Leach-Bliley Compliance

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...

1. Ensure the security and confidentiality of their client's information.
    
2. Protect against any anticipated threats or hazards to the security or integrity of such information.
    
3. 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 CPASiteSolutions Keeps You in Compliance

• Up to 256-bit SSL Encrypted Transmissions
• Encrypted File Layer
• Secure Password Protection
• Auditing, Logging, and Transactional Tracking
• Upload and Download Notifications

 
More Information
http://www.ftc.gov/privacy/privacyinitiatives/financial_rule.html
http://www.ftc.gov/privacy/privacyinitiatives/safeguards.htm
 

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.

The Vault's Secure File Exchange and Document Management Systems protect your firm by providing an audit trail of file access and modifications.

Return to What You Get | CPA Website Tools