NSAC Happenings and Latest News - Page 110
Fraud risk management guidance updated by COSO
Managing the risk of fraud is a challenge for organizations of all sizes. A typical organization loses 5% of revenues in a given year as a result of fraud, according to the 2016 global fraud survey results contained in the Report to the Nations on Occupational Fraud and Abuse. But governing boards, senior management, staff at all levels, and internal auditors can deter fraud in their organizations by following guidance contained in a newly ...
Read More3 Trends Driving Changes in Accounting
The accounting sector has arguably been slow to adopt new technology, eschewing new, and often unproven, technology for older, tried and true tools. However, in the immortal words of Bob Dylan, “the times they are a-changin’”. With the changes to the audit threshold among other things, accounting firms are finding themselves reassessing and looking to expand their client services in order to continue growing their businesses.
Read MoreAccounting for Cooperative Business Combinations
The cooperative landscape continues to change throughout the country as agribusiness organizations consolidate. Historically, consolidation has been a result of distressed cooperatives or privately held businesses looking to combine with a stronger company. Today’s environment is much different — cooperatives with strong balance sheets are consolidating to improve customer service, reduce overhead, upgrade technology, or address ...
Read MoreEight Practices That Help Prevent Fraud in Your Agribusiness
Agribusinesses that become victims of employee fraud tend to place unrestricted trust in those they shouldn’t — including the credentialed controller or CFO they hired to help run their business. In fact, sometimes the individual who commits fraud is a long-term employee in a finance role. These individuals have the capability of doing the most damage, so it is important to use financial and operational protocols that remove ...
Read More10 Tips on Amending a Tax Return
The IRS shares some advice on fixing a return. Tax professionals are often more comfortable with amending a return than the average taxpayer – but even they can sometimes use a refresher on the subject. With that in mind, we offer these 10 tips from the Internal Revenue Service on when, why and how to change a previously filed tax return. 1. Know when to amend. Possibly the best reason to amend a return is to claim a deduction or credit ...
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