• Considering establishing an audit committee?

    A government is accountable for the services provided to taxpayers and for the way that it uses its resources to provide those services. One way to enhance accountability is to form an audit committee.
  • FASB proposes ASU to define public business entity

    Based on inquiries to the Financial Accounting Standards Board (FASB) on which entities will be within the scope of the draft Private Company Decision-Making Framework: A Guide for Evaluating Financial Accounting and Reporting for Private Companies (the “Guide”), FASB has issued proposed guidance on the definition of public business entities.
  • Why SOC 1 reports are important to employee benefit plans

    Employee benefit plans use third party service providers (service organizations) for a variety of reasons including participant recordkeeping, trust reporting, plan testing, information systems, and claims processing. These services influence the financial reporting of a plan. If your company has an employee benefit plan that is audited, one of the items an auditor will ask for is the Service Organization Controls report (SOC 1 report) for each of the service organizations used by the plan.
  • The truth is in the (XBRL) tagging

    All too often you hear about the cost of doing business and the mountain of compliance exercises that must be undertaken for the privilege of being listed on a public stock exchange. With the seemingly endless array of documents, disclosures, and deadlines by which a public company must abide, it is no surprise that many CFOs feel the same way about the Securities and Exchange Commissions’ electronic data mandate: it is just another compliance exercise that creates no value for the company.