The AICPA Employee Benefit Plan Audit Quality Center (EBPAQC) has published a plan advisory called “The Importance of Hiring a Quality Auditor to Perform Your Employee Benefit Plan Audit.” This advisory was created for plan administrators to have a guide to follow the important process of hiring an auditor with the correct experience to audit employee benefit plans.Read More
Imagine this: It's 9 a.m. on a beautiful Monday morning and the owner of a flourishing company is sitting at their desk enjoying that morning cup of coffee when in walks the Controller. The Controller smiles and says, “I’d like to thank you for 25 great years, but I’ve decided to retire and pursue my passion of ice fishing in Antarctica. You got me for 12 more months!” While this comes as a complete surprise to the owner, this news is already a distant thought. One year is plenty of time to find a new Controller, right?
Well, this scenario may be a bit far-fetched since 40% of baby boomers say they will work until they die (baby boomers are reaching age 65 from 2011-2029)*. Employee turnover in the workplace, even in management positions, is inevitable and at times unpredictable.
In the “old days” (insert my sweet grandmother’s voice), accounting employees waited to reconcile cash until the monthly bank statements were received in the mail. Today, companies are “going green” to avoid monthly fees by waiving paper statements. It’s far easier and more convenient to review daily transactions through the bank’s website. But is pressing that easy button causing you to overlook fraudulent bank transactions in your account?Read More
Freight management helps companies gain an understanding of where their shipments are, builds better customer relationships, reduces the need for excess inventory and improves reliability across the supply chain.Read More
Forecasting is a key element in conducting your business. The realism that good forecasting provides can help you develop and improve your strategic plans by increasing your knowledge of the marketplace. The forecast that your sales force provides is the source of information that allows you to manage virtually all aspects of your business.Read More
Higher Turnover May be Great for Inventory but Not so Much for Your Audit Team
Auditor that could be your kid – “What on earth is demurrage?”
You – “Seriously? What do your workpapers say from last year about it? Or maybe try using this thing called Google.”
Or, in the scenario that you get an auditor that knows everything there is to know.Read More
Back in 2014, new financial reporting rules were issued for companies who generate revenue from contracts with customers. Included in the scope of the new standards are engineering and construction (E&C) companies, where it is customary business practice to enter into contracts with customers, subcontractors, consultants, and other vendors.Read More
The Financial Accounting Standards Board (FASB) issued new rules for how to recognize revenue from contracts with customers. The new revenue rules contain a number of considerable changes that impact the ways companies account for revenue, including those in the construction industry.Read More
Topics: Accounting & Auditing
An employee stock ownership plan (ESOP) is a type of retirement plan that helps employees obtain ownership of the company they are employed by. An ESOP can be an exit strategy for an owner of a privately held company. There are different types of retirement plan options to offer employees if you are an ESOP.Read More
In March 2018, the United States imposed steel (25%) and aluminum (10%) tariffs on imports from Canada, Mexico, and the European Union. Both steel and aluminum are significant components of construction materials, but how significant will steel and aluminum tariffs impact the overall cost of construction on a typical construction project?Read More