- The US Department of Labor (DOL) issued a report on its inspection of 2011 employee benefit plan audits, Assessing the Quality of Employee Benefit Plan Audits. The report is quite troubling as the DOL found a deficiency rate that is too high for such an important element of the system to protect participants in employee benefit plans.
- Baker Tilly assisted Dodge County, Wisconsin in preparing for the implementation of the requirements under Uniform Grant Guidance.
- Large companies have been forming captive insurance companies (captives) to self-insure their risks since the 1950’s. In general, these captives were formed to lower insurance costs, provide access to the reinsurance market, and cover exposures where there are gaps in the commercial market. When congress enacted section 831(b) of the Internal Revenue code in 1986, it was intended to extend the benefits of self-insurance, from large publicly traded companies to smaller middle market closely held business entities.
- There are several ways to calculate the value of an asset, and financial institutions have a number of options for determining the Net Asset Value Per Share. They also have to make what is sometimes a difficult judgment call, and a new accounting regulation is designed to simplify that process.
- Ensuring the security of government deposits and investments is a fiduciary responsibility of the governing body and management. These common mechanisms help governments fulfill their duty to safeguard public funds.
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