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The Case for Updating Your Policies and Procedures Manual
When corporate leaders consider updating their policies and procedures manuals, it may seem that the reasons for delaying the project outnumber the pages in the document. Making changes to the manual is time-consuming. Policies and procedures in the organization may be so siloed that maintaining a manual becomes a challenge. And by the time the ink dries on the newest edition of the document, a new law or regulation may be enacted that requires ...
Read MoreFASB Combines Guidance for Income Statement, Comprehensive Income into One Topic
In an effort to simplify its Accounting Standards Codification, FASB has combined its guidance for income statements and comprehensive income into one topic. Previously, FASB’s guidance on these subjects has been located in Topic 225, Income Statement, and Topic 220, Comprehensive Income. Under the changes, all guidance on both subjects will be contained in Topic 220. FASB did not make any substantive changes to the actual guidance on ...
Read MoreAdvice for Mitigating Cybersecurity Threats
Finance leaders’ involvement in cybersecurity is growing. Responses to cyberattacks include increased spending, according to a global survey. Nearly three-fourths of company finance leaders have become more involved in cybersecurity in the wake of increases in phishing scams and credit card and database breaches, according to a new global survey. Forty-nine per cent of respondents said their business had fallen victim to a ...
Read MoreComparing the House and Senate Tax Proposals for You and Your Business
On November 2, House Ways and Means Committee Chairman Kevin Brady introduced the Tax Cuts and Jobs Act, which proposes significant tax changes for businesses and individuals. The 429-page bill is generally consistent with the tax reform framework that Republican leaders previously released. On November 9, the Senate Finance Committee released a summary of its tax reform plan (but not proposed statutory language). The ...
Read MoreIf You Don't Monitor Your Internal Controls, Fraud Can Find Its Way In
The most effective way to mitigate the risk of fraud in your business or organization is by designing and implementing strong internal controls. But even the best laid plans are susceptible to fraud if no one is monitoring those systems. Fraud is perpetrated in large companies, small family-run businesses, nonprofits, and governmental entities all the time — and the victims are always incredulous. As auditors, we see clients develop ...
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