Monitoring the investment options in your plan is a fiduciary responsibility under ERISA (the Employee Retirement Income Security Act of 1974). For those managing 401(k) or similar plans, conducting regular reviews of the investment lineup helps ensure that it meets...
Changes are everywhere due to COVID-19 including regularly scheduled filing deadlines which are now being adjusted by the government. One of the most significant for nonprofits with federal funding is a six-month submission extension on any OMB compliance audits that...
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a $2.3 trillion aid package designed to help the economy as it suffers from the effects of the coronavirus pandemic, contains several provisions that affect employee benefit plans. Key provisions as...
For many students, myself included, internships in their field of study are essential to successful outcomes after graduation. This summer, I'm interning with McConnell & Jones as an Audit Intern for the Houston office. My internship has been completely virtual...
Due to the impact of Coronavirus Disease 2019 (COVID-19), the Financial Accounting Standards Board (FASB) has granted a one-year effective date delay for certain companies and nonprofit organizations applying the revenue recognition (ASU 2014-09, Revenue from...
Internal audit is in a unique position to assist organizations navigate these unchartered times. Organizations are in a state of flux as they try to respond to the regulatory, financial and operational crisis that they are facing from this pandemic. As internal...
Technology advances continue to reshape industries and businesses – and the accounting industry is no exception. So far, a lot of repetitive tasks are performed with the help of advanced hardware and software. Even for businesses that do not like change, many find...
Cash is the most popular target of fraudsters. But, that doesn’t mean forensic experts can’t discover cash fraud schemes and the perpetrators behind them. Identifying cash traps How do thieves get their hands on your cash? According to the Association of Certified...
When not-for-profits lose funding sources, default on loans or leave employees unpaid, board members can clearly see that they’re in financial crisis. Often, a board can avoid such disasters by noticing the signs of financial distress. By keeping an eye out for the...
Following a shocking 39 percent audit deficiency rate in an audit quality study conducted by the Department of Labor (DOL) in May 2015, the DOL requested the ASB take a fresh look at the auditor reporting model for ERISA plan audits to provide better insight to the...