As the population ages and the Baby Boomer generation enters retirement, incidents of financial elder abuse are growing more common — and accountants need to be more vigilant than ever in looking after their clients’ interests, according to Randy Werner, a CPA and loss prevention specialist at professional liability insurer CAMICO.
Werner noted that accountants, with intimate knowledge of their clients’ finances, are well-placed to detect elder abuse, which can range from relatives trying to gain inappropriate control of a senior’s finances to carefully orchestrated fraud schemes.
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