Some familiar risks are top-of-mind for executives and board members, and new concerns are emerging as well, according to survey results released Monday.
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Management accounting
COSO: Internal control a challenge with outsourced providers
Here’s how companies with outsourced service providers can meet the requirements of the updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Management accounting
Olivia Kirtley, CPA, CGMA, held a small blue globe in her hand for the audience to see as she presided over the closing ceremony of the World Congress of Accountants in November. The globe, made at a CGMA booth using a 3-D printer at the Rome meeting, was more than
Highlights
In an address in Rome to participants of the World Congress of Accountants, Pope Francis reminded accountants that their work is a service to the community and encouraged accountants to use this perspective, along with their creativity, to tackle the urgent problems facing society.
Bringing analytics to life
The use of analytics has been recognized as a crucial part of any decision-making process in businesses. The explosion in transactional and nontransactional data that organizations have access to has made the need for new tools and technologies vital for organizational success.
Becoming a strategic risk adviser
Accountants can leverage the training and experience they have in managing compliance risks to become strategic risk advisers for their organizations.
Drive competencies and develop talent
The financial planning and analysis department at Baker Hughes is more valuable and more collaborative thanks to a three-step employee-development process, the company’s Michael Kinney, CPA, explains.
Audit committee members need more time, expertise to deal with risky environment, survey says
Risk concerns have put a strain on audit committees, who say they need more time and expertise to exercise proper oversight.
How to manage risks connected with the “internet of things”
Although web-connected products and the “internet of things” provide opportunities for transformative growth, they also may carry substantial risks.
How to meet the challenge of the open workforce
Companies across the globe are embracing the “open workforce” model, a trend that has been fueled by globalization and digitization.
Management accounting
A well-known framework for risk management is scheduled for another update. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) announced that it is undertaking a project to update its Enterprise Risk Management—Integrated Framework, which debuted in 2004. Organizations use the framework to help them manage uncertainty, consider how
How to mind your manners in the Middle East
The Middle East offers foreign companies many lucrative business opportunities, but, to gain access, suitors must first be considered culturally acceptable by their Middle Eastern counterparts.
U.S. board members cite challenges in revenue recognition implementation
Updating systems and policies and revising contracts with customers were cited by U.S. public company board members as the top challenges to implementing revenue recognition, according to a survey by accounting and consulting firm BDO.
7 risk areas for the 2014 audit cycle
Revenue recognition and internal control over financial reporting are among the key risk factors in the 2014 audit cycle, according to an alert by the Center for Audit Quality (CAQ). The alert details seven key areas of potential risk in auditors’ work.
U.S. economy on a roll, according to survey of finance executives
Economic optimism is up from a year ago, led by brighter projections in revenue, profits, and hiring, according to the latest quarterly survey of finance executives in business and industry by the AICPA. Availability of skilled personnel is a rising concern.
What to consider when hiring an employee benefit plan auditor
Employee benefit plan administrators have a lot to consider when hiring a financial statement auditor. Here’s what to look for when seeking a firm for this important service.
6 tips for integrated thinking
Here are six ways companies can adopt integrated thinking and decision-making processes that are fundamental to the creation of an integrated report.
Due diligence in China
Due diligence, especially at private companies, requires professional skepticism, persistence, and cultural sensitivity when evaluating an investment opportunity in China.
Ingredients of an effective audit committee
The audit committee is a fundamental part of the corporate governance structure. But with changing demands being placed on it, what steps can companies take to ensure that the committee effectively safeguards stakeholders? A popular panel at the 2014 World Congress of Accountants in Rome explored the issue. Here are
Evolving role of finance among top issues at World Congress of Accountants
Olivia Kirtley, CPA, CGMA, held a small blue globe in her hand for the audience to see as she presided over the closing ceremony of the World Congress of Accountants on Thursday. The globe, manufactured by CGMA staff using a 3-D printer at the Rome meeting, was more than an
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