Topic:

Show All

May 19, 2017 10:30:00 AM

Next-Generation Audits: What’s In It for You?

Like most businesses, we’re constantly seeking to improve our services. The biggest change we’re anticipating and planning for is automation of audit and internal audit services. There is a lot of discussion about how this development will impact the profession. But we’ve noticed that very little has been written about the impact of these changes to our clients. As we develop and deploy new technology for our audit projects, how will our services and delivery to you change?

Continue reading >

Topics: Audit, Innovation, Client Service

Dec 1, 2016 10:00:00 AM

Has Your Goodwill Gone Bad?

Each year, a question from your auditor will inevitably pop up, “Have you tested your goodwill for impairment yet?” In 2015, that question might have sparked more grimace than in prior years; try DOUBLE the grimace.

A recently released survey of more than 8,500 publicly-traded companies in the U.S. found that total goodwill impairment increased from $26 billion in 2014 to $57 billion in 2015. Ironically, this occurred in a year characterized by exceptionally high merger and acquisition activity. The increased M&A activity last year seems to promise more write-offs in the future and even more reasons to be concerned about getting it right.

Continue reading >

Topics: Audit, FASB, goodwill impairment

Oct 13, 2016 10:00:00 AM

Wells Fargo Scandal: How to Avoid the Fraud Pyramid and Its Costly Effects

A colleague told me a story about fraud at a retail chain where she worked after college. The company was having a problem with cash theft in one particular store, so the district manager scheduled polygraph tests for the cashiers to find the culprit or culprits.

Continue reading >

Topics: Audit, Internal Audit

Sep 22, 2016 11:30:00 AM

Prepare Your State Tax Audit Team Like a Winning Football Team

I was thinking the other day how similar football and state tax audits are. Stay with me here.

Continue reading >

Topics: Audit, Tax, Preparation

May 5, 2016 10:30:00 AM

How to Craft a High-Functioning Audit Committee

One of the benefits of working with a variety of clients is that the PMM team is able to observe excellence in governance first hand. Many of our clients are putting best practices to work in their organizations, and they have high expectations for the performance of their boards of directors and their audit committees. I’d like to share some of the traits I see as hallmarks of high-performing audit committees. You can use my observations to assess the performance of your own audit committee. After all, you might be one of the companies we think are the best.

Continue reading >

Topics: Audit, Board Members, Governance, Financial Reporting

Dec 30, 2015 10:00:00 AM

Lessons from 2015

With 2015 almost in the books, it’s time for most companies to focus on getting their Form 10-Ks issued and to begin planning for 2016.  To help prepare for both of those tasks, we need not look much further than the comments provided by Mary Jo White, SEC chairwoman, and others during the December AICPA Conference on Current SEC and PCAOB Developments.

Continue reading >

Topics: Audit, Internal Controls, Enterprise Complexity

Dec 10, 2015 2:00:00 PM

Measuring the Quality of Your Audits

If you commission regular audits of your company, you know the purpose of an effective audit is to deliver both an appropriate audit opinion and an opinion in which your shareholders and other stakeholders have confidence.  Many, if not most, accounting firms can provide that.  So what differentiates one audit firm from another, and how should you assess the quality of your audit? 

Continue reading >

Topics: Audit

Aug 13, 2015 10:30:00 AM

Is Your Audit Committee Asking the Right Questions?

I’ve worked with a variety of companies – both public and private – during my career, and I have seen a variety of approaches to the role of audit committees. In the best cases, the audit committee works in collaboration with the internal audit group, the external auditor and management, and all of them share common goals.  In other companies, each function takes care of its own area of responsibility with little collaboration among them.

Continue reading >

Topics: Strategy, Audit

Jul 2, 2015 12:00:00 PM

Is It Time to Establish an Audit Committee in Your Company?

As I work with companies that are growing and facing new challenges, I am often asked if they should create an audit committee, and the answer is – it depends. I would like to present some recommendations that can help you decide if you should establish an audit committee in your company. Of course, these suggestions apply only to private companies, as SEC registrants are required to have independent audit committees.

Continue reading >

Topics: Audit, Enterprise Complexity

RELATED POSTS