Audit & Assurance

tax advisory cpa

Financial Reporting Considerations as a Result of Coronavirus

March 27, 2020

Among the many consequences of Coronavirus (COVID-19), organizations are facing financial reporting implications and challenges. Impacts such as business and production disruptions, supply-chain interruptions, negative impacts on customers, volatility in the equity and debt markets, reduced revenue and cash flows, and other economic consequences may occur. This Special Report provides reminders about some financial reporting…

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nonprofit auditor

5 Steps to Prepare for Your Nonprofit Audit

February 27, 2020

Does your nonprofit need to undergo an independent audit? Conducting independent financial audits may seem like a big endeavor to nonprofits working to control costs and focus on their mission, but with proper planning, it doesn’t have to be stressful. An independent audit allows your nonprofit to identify risks and act quickly to prevent problems,…

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DOL Stresses Plan Auditor Experience

May 24, 2016

As a general rule, employee benefit plans with at least 100 participants must provide an audit report when filing Form 5500. A recent analysis of private audits of Forms 5500 conducted by the U.S. Department of Labor (“DOL”) found that a majority (61%) of the sample either provided flawless audits or those with only “minor deficiencies,” and 39% were “unacceptable.” By DOL standards this high rate of failure is unacceptable. The DOL considers these results as proof of the importance of ensuring that your plan’s audit is conducted by a well-qualified auditing firm.

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IT VULNERABILITY AND CYBER SECURITY MANAGEMENT

February 16, 2016

It is an accepted axiom of life in the 21st century that we live in an online and interconnected world. Technology is pervasive, and access to the internet and e-mail, whether from PCs, tablets, or smart phones is almost a necessity of modern life. Although online access makes obtaining and sharing information much easier and convenient, it also increases the risk that your sensitive data and information could be compromised (i.e., hacked) by outsiders.

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Knowledge is Power: Checking Your Service Providers’ Data Security System

August 26, 2015

Maintaining data security is a significant part of running any business. Breaches are inevitable — although not at every organization. Now is the time to ask your service providers about their data security system.

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Demystifying Plan Audits

Demystifying Plan Audits

June 16, 2015

IRS Releases Updated Guidance The IRS recently updated the guidance it offers to plan sponsors in an attempt to clarify its plan audit process. Although the guidance is fairly general, it should be useful for all plan administrators and sponsors to review. Let’s examine some common questions regarding plan audits. Who Gets Audited? The IRS…

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