Knowledge and Insights: Newsletters

Performance Auditing – A Step Towards Improving Your Business

Although most everyone is familiar with the term audit, a lesser-recognized type of service provided through examination of records is known as a performance audit. These can be described as audits that provide findings or results based on an evaluation or sufficient evidence against stated criteria. While performance auditing is historically thought of in relation…

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Learn How Impending New Regulatory Reforms Will Affect Your Entity

On December 26, 2013, the Office of Management and Budget (OMB) issued its final grant reform rules to the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, effective for fiscal years beginning after December 26, 2014.  The reform streamlines the language from eight existing OMB Circulars into one consolidated set of guidance…

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Budget Less, Forecast In Real Time A Winning Strategy For Some

Budgeting seems to be going out of vogue in some company circles as financial markets, and the economy at large, is becoming increasingly volatile and more difficult to predict. In the place of budgets, companies have started to introduce rolling forecasts, flexible budgets and event-driven planning. These forecasting tools afford companies the opportunity to continue…

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Ensure the Viability of Your Nonprofit Through Better Donor Retention

Given the current economic conditions, including an overall decrease in government funding, donor acquisition and retention strategies are more essential than ever for managing a nonprofit organization.  Over the last 10 years, donor retention has dropped significantly, which poses the question, “What are you doing to ensure the long-term viability of your organization?” One of…

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Tips for a Stress-Free New Year

Are you ready for tax time? There are a couple of steps you can take now, as information begins to arrive in the mail, to alleviate some of the stress of filing your tax return. Begin by putting together a folder with W-2s from your employer, 1099s for other income you may have earned, bank…

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The Tax Increase Prevention Act of 2014

As December waned, Congress passed and President Obama signed the Tax Prevention Act of 2014 (TIPA). This act was intended to extend more than 50 tax provisions that expired on December 31, 2013. These provisions benefit both individuals and businesses in the form of deductions, credits and other tax savers that have been present in…

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How to Obtain Meaningful Economic Damage Calculations

Economic damage assessments are derived from complex calculations. Plaintiffs can seek to recover economic damages suffered as a result of another person’s wrongful act(s) in a variety of cases, including business interruption, employment discrimination, breach of contract, unjust enrichment, wrongful termination, and age discrimination. Forensic accountants are often called upon to evaluate and quantify economic…

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Combating Insider Abuse: An Ethical Epidemic

Unfortunately for financial institutions, there are universal business truths that do not go away with time, trends or wishful thinking. Insider abuse is one of those truths, as it is a topic that many banks have dealt with in the past or may deal with in the future. The Federal Bureau of Investigation estimates that…

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The Evolution of Internal Audit and Impact of Activist Investors

In a fast-changing business environment, it is imperative that an organization’s internal audit department adapt and evolve in order to stay relevant to key stakeholders. In recent years, there have been major changes in corporate directors’ and managements’ expectations of internal audit — they are demanding far more from the function. There is no doubt…

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Nonprofits Should Keep Strategic Planning Top of Mind

There is an old adage: those who fail to plan have planned to fail. If you stop and think about it, we all dream of our goals. But not everyone takes the step to plan to realize those dreams. Each and every one of us has an idea of what we would like our futures…

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