Insight Tag: Auditing

The DOL released its final regulation to define who is expected to assume fiduciary responsibility of a retirement plan as determined by the Employee Retirement Income Security Act of 1974. Read on for tips to help you prepare.

Before you file your entity’s “unaudited” year-end financial statements, you are going to want to read up on important policy changes that were recently handed down by the Auditor of State (AOS). Read on for an overview.

If maintaining your nonprofit’s financial metrics hasn’t been a top priority or necessity before, there’s no time like the present to change your financial management strategy. Read on to learn more.

It's likely that your government entity is expected to comply with new administrative requirements and cost principles established for federal awards (and funding increments made to existing awards) given after Dec. 26, 2014. Find out what this means to you.

If you don’t know the actual cost of plan services, how can you know if the price the plan is paying is reasonable? Are you paying a few dollars in convenience charges or a lot more? In order to meet your fiduciary responsibility as a retirement plan sponsor, it's your responsibility to find out. Read on to learn more.

Protect your company from noncompliance issues that may result from choosing the wrong team to conduct your employee benefit plan audit. Read on to learn how.

Service organizations provide critical operations to businesses and organizations at cost-effective rates. Just remember that it’s your responsibility to provide the oversight needed to make sure that they are performing up to your standards.

Do you find the audit process to be a downright burden? If so, you’re not alone!  Audits are rarely pleasant; however, much like life, an audit is what we make of it. If you’re perpetually burdened by the audit, you may be contributing to the problem without realizing it. Businesses and entities often find themselves … Continued

Don’t get too comfortable with your current process for recognizing your business’s revenue. Thanks to the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB), a principles-based standard on revenue recognition has been finalized. Under this new standard, companies in all industries will recognize revenue from customer contracts using a five-step model. This … Continued

Do you have department heads, principals or administrators with the ability to request, receive and approve payments for a good or service? Do you have secretaries, principals, department heads or administrators that are resistant to follow procedures or forget to return the packing slip or receiving copy of the purchase order? If you answered yes … Continued