Blogs

IRS Launches New Tool for Estimating Taxes

Vicki Lambert's Profile

The Internal Revenue Service has launched the new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier for everyone to have the right amount of tax withheld during the year.

Understanding the Importance of Professional Skepticism in an Audit

Illumeo Customer Success's Profile

Maintaining professional skepticism during all parts of the audit process is crucial and is required of those performing audits according to professional standards. Professional skepticism must be applied to all areas throughout the year, including planning the audit, performing the fieldwork and maintaining the on-going client relationship during the remainder of the year.

Dealing With CFO Retirement

Gene Siciliano's Profile

The Wall Street Journal reported recently (7/18/19) that CFOs of public companies are retiring at the fastest pace in over a decade. Exit rates of nearly 18% annually are now thought to be higher than for CEOs, a historically high turnover job. The trend, captured by a survey commissioned by the Journal, is said to be the result of a variety of factors:

Potential Changes to the Accounting for Goodwill

Illumeo Customer Success's Profile

The Financial Accounting Standards Board (FASB) has recently requested input from public companies on the topic of accounting for intangible assets and goodwill. Input is needed on the best accounting method for goodwill that is informational and useful to the investors while not being overly burdensome for the accountants.

Understanding Segregation of Duties

Illumeo Customer Success's Profile

Segregation of duties is the cornerstone of a company’s internal control structure.  Maintaining proper segregation of duties in core business process areas minimizes the opportunity for an employee to commit fraud against his or her employer.  Duty segregation protects both the employer and the employee.

The Importance of Evaluating Conflicts of Interest

Illumeo Customer Success's Profile

Regularly evaluating the conflicts of interest potentially affecting your company may not seem important to your business operations.  However, because employees, leaders and board members are constantly rotating through and making changes in their personal lives, it is key for a company to regularly review the conflicts of interest of individuals tied to the organization to ensure the con

“I didn’t know” is still a loser’s defense

Gene Siciliano's Profile

When I wrote my first book, Finance for Non-Financial Managers, it opened with then-current stories of CEOs whose companies had been caught gaming their financial reporting, while the CEOs claimed they didn’t know because they weren’t accountants, or some such excuse.

Don’t Ask Your Co-Workers - Here’s a better way to get the best answers

Lynne Waymon's Profile

Puzzled by a tricky question from a client?  Looking for hard-to-find information? Stumped by a request from a partner or referral source?  

Proposed Changes to Materiality

Illumeo Customer Success's Profile

The AICPA’s Auditing Standards Board (ASB) recently released an exposure draft of a Statement on Auditing Standards (SAS)  and a Statement on Standards for Attestation Engagements (SSAE) that would align the AICPA definition of materiality with the definitions used by the United States judicial system, the PCAOB auditing standards, the FASB, and the U.S.