- Insider threats have long been a concern for banks and other financial institutions and databases. According to a recent news report, Morgan Stanley accused a recently promoted financial analyst of downloading 350,000 records from its wealth management client database and subsequently posting 900 of those records to an internet bulletin board, Pastebin, in exchange for an obscure internet currency.
- Baker Tilly’s financial services specialists examined the increased regulatory scrutiny on evaluation of third party service providers, options available for vendors to provide independent third party assurance reporting, and the tenets of an effective vendor management program including: risk assessment, vendor due diligence, contracting and onboarding, and ongoing monitoring.
- Baker Tilly’s Energy and Utilities team authored a recent American Public Power Association (APPA) publication that provides an overview of IT governance and guidance on developing a strategy within a utility.
- In 2014, the Financial Accounting Standards Board (FASB) issued eighteen Accounting Standards Updates (ASUs). There are several major areas expected to be updated in 2015, including leases, disclosure framework, and accounting for financial instruments. To help you review the most recent updates, links are provided to the detailed FASB information for each of the 2014 ASUs.
- The Employee Benefit Plan Audit Quality Center has recently released a Plan Advisory (the Advisory) on the importance of hiring a quality auditor in respect to your employee benefit plan; this advisory covers the financial statement audit's significance to users, and the risk a plan sponsor will face if a quality audit is not performed. The Advisory also provides guidance in evaluating auditor qualifications, and includes a complete overview of the proposal process.
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