RISK MANAGEMENT

Who Pays the Auditors?

By

Doron

How the PCAOB could assure real independence.

By Kayleigh Padar
CPA Trendlines

Is the U.S. ready to move to a third-party payer system for audits?

The author of an article in the influential New York State Society’s CPA Journal magazine says the time has come to bring the discussion into the open.

In the article, Michael Doron, Ph.D, CPA, an associate professor in the department of accounting and information systems at California State University in Northridge, examines relationships between auditors and the public in countries which have more regulation, the results of an experiment with a third-party payer and how the United States government handles similar regulation in other industries.

Although he recognizes changing this process could be seen as “politically radical,” evidence shows it could work. Organizations such as the Public Accounting Oversight Board (PCAOB) already regulates the American auditing profession. In addition to being seen as radical, he acknowledges the shift would be a “tremendous change.” READ MORE →

The Why, What and How of Cybersecurity for Accountants

By

Lush

Checklist: Protect your firm in 10 steps.

By Hitendra R. Patil and Jeffrey Lush

Jeffrey Lush is  CEO and Co-founder, BAP Solution, a cybersecurity firm Lush is known widely as a passionate technologist with more than 34 years of IT experience. Before serving as CEO for BAP, he worked as the CTO for both HPE and Dell Federal. Lush’s US federal experience includes serving as the Executive Chief Technology Officer for the US Department of Veterans Affairs. He has served on US Presidential workgroups focused on cyber and has extensive knowledge of cybersecurity standards and policies throughout the globe, with a focus on US Federal policies to include NIST, FISMA, FedRAMP, DFARS, PCI, and HIPAA.

It is no secret that cybersecurity continues to top the list of business concerns for businesses of all sizes. Small independent business, mid-size business and large organizations can all be impacted by a cyber attack.

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Auditors: The World Needs You in the Fight Against Terrorism

By

What the Profession Needs to Know about Money Laundering. 

By Wm. Dennis Huber and Larry Crumbley

There are difficulties in measuring funds channeled into financing terrorist organizations and activities worldwide. Various sources estimate this funding to be between $590 billion and $1.5 trillion through money laundering. PwC suggests that “money laundering transactions are estimated at 2% to 5% global GDP, or roughly $1-2 trillion annually.”

However, financing terrorist organizations and activities is not necessarily the result of money laundering. Financing terrorist organizations and activities may be accomplished by reverse money laundering, or “money dirtying” which may make financing terrorist organizations and activities even more difficult to estimate.

Just as evidence of fraud cannot be ignored, so too evidence of financing terrorist organizations can no longer be ignored.

The goal of money-launderers is, like that of a corporate enterprise, to maximize profits and reduce risk while the goal of terrorists, on the other hand, is to further a political agenda or ideology, or to destroy or kill with no regard to profits and with little regard for risk. READ MORE →

How to Fire a Client

By

Big businessman foot on spring kicking three businesspeopleBONUS: Sample Client Disengagement Letter.

By Sandi Leyva and Michelle Long

How many clients have you fired?

MORE SMALL FIRM GROWTH STRATEGIES: What to Do When a Client Doesn’t Pay | The Dreaded ‘Quick Question’ | How to Handle Referrals – And How Not To | Why Clients Need Dashboards | 3 Ways to Raise Your Prices | Your Existing Clients Are Your Best Leads | Need More Business? Focus on Referrals

Let’s talk about firing a client because sometimes you do need to fire your client. Maybe they’re difficult to work with, or a guy is belligerent and loud and yells, and you don’t want to work for him. Maybe there are ethical issues.
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