Nonprofit finance teams are under constant pressure to deliver timely information, insightful business analysis, and organizational stewardship. In today’s world, finance teams are expected to fulfill these tasks faster and with fewer resources. The tools and techniques employed by internal auditors can be of great assistance in generating organizational efficiencies while improving controls and data […]
According to a 2016 study by the Association of Certified Fraud Examiners (ACFE), organizations lost $3.7 trillion worldwide due to fraud. Effective fraud monitoring is a key management responsibility for future financial security.
Recently, Tate & Tryon’s team of Certified Fraud Examiners were called in during typical internal audit engagement to help one of our […]
By: Jeff Quigley, CPA, Partner
If you were surprised by the outcome of your recent tax preparation, you may now be motivated to make some changes. You may decide to adjust your withholdings, commit to give more to the charity of your choice, or simply endeavor to better organize your records.
You may now have the time […]
By: Rich Banner, CPA, Partner
On August 3rd, the Financial Accounting Standards Board (FASB) exposed for comment a proposed Accounting Standards Update (ASU) related to accounting for contributions received and made. The comment period will end on November 1, 2017.
The impetus for the FASB to issue the proposed ASU was a diversity in practice amongst not-for-profit […]
Strategic planning is a useful exercise in providing guidance in fulfilling a mission. Unfortunately, most strategic plans ignore risks and have no visible or clearly articulated connection to the organization’s strategy. Risk management and strategy-setting are not separate and distinct activities.
The Committee of Sponsoring Organizations of the Treadway Commission (COSO), defines enterprise risk management as:
By: Christian Spencer, CPA, Partner
During 2016 a large number of nonprofit organizations received fraudulent e-mail requests to wire funds to fictitious vendors or to bank accounts not associated with legitimate vendors. This fraud scheme, also known as spear-phishing, generally commenced with an email that appeared to come from a high-level employee within the organization. […]
Over the past several months, the District of Columbia Unclaimed Property Division (the Division) has been requiring select organizations to perform a self-audit that is intended to identify unclaimed property not reported to the District. The Division has been selecting District of Columbia (the District) based organizations who have not remitted an annual unclaimed property […]
FBI Warns of Rise in Online Fraud Targeting Finance Operations – CPA Profession Proposing Cybersecurity Guidelines
By: Charles Tate, CPA, MS
FBI officials are warning potential victims of the Business E-Mail Compromise scam or “BEC,” a sophisticated scheme targeting American businesses that has resulted in massive financial losses. One version of the BEC. is the “Man in the Middle” scam. It works like this: An organization which often has a long standing […]
On August 18, 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-14 Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. In a seminar held earlier this month, Tate & Tryon audit partners Doug Boedeker and Jeff Quigley provided an overview of the key provisions required by ASU 2016-14 as follows:
By: Ariana Young, CPA
The Office of Management and Budget released the 2016 Compliance Supplement on August 1, 2016. As expected, there were a few changes made in this latest version, but the changes were not very substantial in general. A complete list of the changes can be found in Appendix […]