Archive for the ‘Audit’ Category

What Are The Responsibilities of a Fiduciary?

Wednesday, March 19th, 2014

Do you ever long for the carefree bliss of your childhood? No real responsibility. No bills to pay. No one depending on your performance. While it’s nice to daydream, it’s never going to happen, especially considering the fiduciary responsibility you have as a plan sponsor.  (more…)

How Can I Protect My Business From A Data Security Breach?

Thursday, December 19th, 2013

We live in an ever-increasing digital world. And with that comes risk – and lots of it. The number of stolen debit/credit card numbers continues to grow every day. Today’s news story about how nearly 40 million Target customers had debit or credit card information stolen is the most recent example of the kind of risky, digital world we live in.  (more…)

What Are Some IT Audit Tips That Can Keep You off Santa’s Naughty List?

Thursday, December 19th, 2013

The end of the year is near, and it’s easy to get caught up in the excitement of the holidays. But don’t let that be an excuse to forget about your entity’s security and information technology (IT) operations. As you close out your year, here are seven areas and tips that can help you strengthen and further secure your entity’s IT environment – and keep you off Santa’s naughty list!  (more…)

How Can I Make My Benefit Plan Audit A Smoother Process?

Thursday, November 28th, 2013

Your time is precious and you want to use it effectively. The last thing you want to face is multiple requests from auditors that make you feel like you’re running around without purpose. It doesn’t have to be this way. A little preparation on your end will help the process run smoother and give you fewer headaches.  (more…)

What Are Some Changes Plan Sponsors Can Expect To See In 2014?

Tuesday, November 26th, 2013

Every fall, just as we can expect the leaves to change colors and the weather to turn colder and a little dreary, we can also anticipate changes we will see coming in the following year with respect to employee benefit plans.  (more…)

Did You Know that the FASB Wants to Hear From You?

Wednesday, June 5th, 2013

Let’s face it—opinions matter. We all like to be asked for our opinion. And more often than not, opinions help shape decisions and the direction that a group of people may take. (more…)

Why is the Timeliness of Employee Contributions Under Scrutiny?

Friday, May 3rd, 2013

The Department of Labor (DOL) has focused on the timely remittance of employee contributions to retirement plans for a few years. And recently, they stepped up efforts during agency-conducted audits, making this a key area of detailed review. The timeliness of your remittances will be under the microscope, and not only the frequency, but also the consistency. (more…)

Does Your Audit Process Protect You From Fraud?

Monday, April 22nd, 2013

Fraud Reporting Hotline Could Be the Answer to Your Problems

Picture this: You have an annual audit. You comply with the auditors’ requests, provide the necessary documentation and never end up with any findings. So you’re good. Your finances are safe, right? Wrong.

Some people think conducting an audit is like a trip to the doctor – it should catch any and all financial problems. But, just as a visit to the eye doctor won’t include a check for cavities, an audit isn’t designed to uncover all financial troubles. For example: fraud. In very rare instances, an auditor may catch an occurrence of fraud, but it’s not his job to uncover it.  (more…)

Does Vendor Verification Really Matter?

Wednesday, April 3rd, 2013

As a business owner you likely have heard more than once that you should treat your vendor listing like Fort Knox – keep it secure and prevent access to all but authorized personnel. Typically this conversation is geared toward access to the vendor master, which lists all the important information for approved vendors. The Fort Knox comparison is apt; vendor master security is extremely important. Access should be limited and only granted to appropriate individuals. (more…)

How Do You Stop School Credit Card Fraud?

Tuesday, October 9th, 2012

Is your school struggling with declining funding? If so, you’re probably worried about the top line. You’re closely watching what’s coming in. You’re exploring ways to generate revenue. But, you need to be equally worried about what’s going out.

Credit cards are one of the most common ways for funds to escape your district. This type of fraud is particularly destructive because it tends to be long-term, continuous and difficult to spot. Employee fraud is like a hole in a bucket – no matter how much water you add, slowly but surely, the water level keeps going down. However, if you understand where fraud may be taking place, you can take steps to deter it. (more…)

Fraud Prevention Through Risk Assessment

Thursday, July 5th, 2012

All too often, school clients come to us asking about fraud detection. But, needing fraud detection implies that there’s fraud to detect. Clients should really be asking us about fraud prevention. A proactive approach to fraud prevention, rather than a reactive approach to fraud, helps schools to stop fraud in its tracks.

One of the most important parts of fraud prevention is risk assessment. Determining your organization’s high risk areas will allow you to focus your efforts on the areas where they’ll be most effective – giving you the best bang for your buck. (more…)

Got GAAP? Private Companies Asked to Comment on National Financial Reporting Standards

Tuesday, December 6th, 2011

Private companies have a once in a lifetime opportunity to express their concerns to standards setters that private company financial reporting is far different from publicly traded ones – and as a result financial reporting standards should be created and governed by an independent private company board. (more…)

Want Some Good Business News? BWC Base Rates Reduced 4 Percent

Friday, July 22nd, 2011

The Ohio Bureau of Worker’s Compensation’s board of directors recently approved a four percent reduction in workers’ compensation base rates for private employers. The new rate became effective July 1, and will result in a collective cut in premiums of around $65 million for Ohio businesses. The new rates will be reflected in the next BWC payroll report. (more…)

Want a More Efficient 401K Audit? Here’s How

Tuesday, July 12th, 2011

Employee benefit plan audits are deadline-driven, and can require plenty of documentation and interaction with your auditor. Delays could mean fees and/or penalties –as well as higher audit fees than originally estimated. (more…)