The knowledge you need

The potential for fraud exists in every company regardless of location and industry served. The unfortunate reality is some people will engage in behavior that takes money from the company and attempt to do so over an extended period.

Most business owners don’t spend much time thinking about taxes. The time, energy and resources needed to run their business, drive growth and enhance profitability usually monopolize their mind.

Fraud is an unpleasant reality of doing business, one every company, regardless of location, industry served and revenue size, faces. The threat that dishonest employees, vendors and others pose to the financial vitality of a company cannot be overstated

In May of 2014, a new set of revenue recognition standards were released by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). These two bodies worked together to publish codified guidelines for how companies should report the revenues they earn from contracts with customers.

Technology has had an impact on virtually every aspect of life from the checkout counter at the local grocery store, to how new keys are cut at the hardware store to how passengers check in for flights at the airport. The American landscape is littered with changes brought about by technology.

The first time a benefit plan (401k, 403b, pension, etc.) is required to have a benefit plan audit can be challenging and stressful. Generally speaking, once the plan has over 120 eligible participants at the beginning of the plan year, the IRS and Department of Labor (DOL) require that a plan audit is completed by an independent accounting firm.

For those in the entertainment industry, the music, films, books, video games or apps they create is the representation of their personal creative efforts – even though they often don’t take a “physical” form. These individuals typically rely on producers and distributors to share their work with the masses in exchange for a deferred “salary” in the form of royalty payments

Managing a company’s 401(k) or other retirement plan audit can be a challenging task. Ask anyone who is responsible for working with the audit firm and they will tell you it can be time consuming to meet the multiple and ongoing requests made throughout the process.

Many companies offer a retirement savings program as a benefit for existing employees and as an incentive to prospective employees. While these plans have become the standard for most companies, 401(k), 403(b) and pension plans can be difficult to manage.

Offering an employee benefit plan (EBP) is a wonderful benefit for employees, but it comes with some responsibility. For plan sponsors that have at least 100 employees eligible to participate (whether all participate or not), an audit must be performed annually by an independent CPA firm.