- Since the Committee of Sponsoring Organizations (COSO) issued its Internal Control — Integrated Framework (2013 Framework) in May 2013, many organizations have implemented the new framework to comply with the initial December 15, 2014 transition deadline. The 2013 Framework requires management to assess whether 17 principles are present and functioning, which is a change from the previous framework. Further, the 2013 Framework includes points of focus, which are important characteristics of the 17 principles and assist management with determining whether controls are properly present and functioning.
- All of the major publicly traded auto dealership companies have released their quarterly earnings. The earnings per share (EPS) for six of the eight companies exceeded analyst consensus estimates.
- We are pleased to have the opportunity to provide feedback to the Financial Accounting Foundation (FAF) with respect to the Private Company Council (PCC). At Baker Tilly Virchow Krause, LLP (Baker Tilly) we have strong support for the PCC and its efforts to date in improving financial reporting for the users of private company financial statements.
- 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's insurance industry specialists discuss if captive insurance companies could be a solution for your organization.
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