Here are several questions companies should ask as they assess internal controls over financial reporting.
As you engage clients ahead of spring busy season, you might discover they need more tax help than you previously thought. Ask them about big moments that have occurred in their lives this year, and show them why you're their most trusted adviser.
Issues such as procrastination and lack of confidence might prevent people from asking for promotions. Workers must overcome these obstacles and prepare for promotion by taking steps such as updating resumes and enhancing job skills.
Kowalchik was CFO of Urban Science.
Audit committees and boards of directors next year will be focused on issues including hiring challenges, disruptive technology, boardroom diversity and compliance, according to KPMG. Internal audit, meanwhile, needs to look at a wider range of risks in addition to financial reporting and compliance.
Auditors play an important part in the US financial system, officials of the Securities and Exchange Commission said at a recent event. "Without high-quality financial reporting, we don't have the ability to have this kind of capital flow, this kind of confidence," SEC Chairman Jay Clayton said.
New accounting standards contributed to higher audit fees during the latest reporting year, finds a survey of senior-level financial executives. Public companies in the survey said they saw a median increase of 2.5% for 2017 audits, while private companies said they experienced a median increase of 3.2%.
Acts of workplace courage are not limited to whistleblowers, as they can come from employees at all levels who take actions such as "campaigning for a risky strategic move, pushing to change an unfair policy, or speaking out against unethical behavior," writes James Detert, a professor at the University of Virginia's Darden School of Business. People who push for ethical changes won't necessarily suffer setbacks in their careers and "may see their status rise as they create positive change," Detert writes.
The Public Company Accountancy Oversight Board plans to look several new technologies as part of its 2019 audit inspections. Areas of focus will include cyberrisks, software audit tools, distributed ledgers, and cryptocurrencies and other digital assets.