• Recent news insight: Morgan Stanley and the importance of quality internal controls

    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.
  • Understanding your IT risks, security, and vendor management webinar

    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.
  • Recap of the 2014 FASB ASUs

    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.
  • Implementing an effective cybersecurity management program

    Cybersecurity is one of the most urgent topics in business today. It seems that every week, there is a new story about a company’s data being breached with millions of customer records, payment card data, or lost trade secrets. The best-prepared companies are shifting their cybersecurity strategies from prevention, to implementing techniques that quickly detect breaches and limit the damage once a breach has been confirmed. What are the effective components of a modern cybersecurity management program? We consider five main components to improve cybersecurity effectiveness.
  • Baker Tilly Comment Letter to the AICPA on the Enhancing Audit Quality Initiative

    We welcome the opportunity to provide feedback to the American Institute of Certified Public Accountants (AICPA) in connection with the Enhancing Audit Quality Initiative (EAQI). Baker Tilly Virchow Krause (Baker Tilly) is committed to audit quality and believes the delivery of high quality audits not only serves the public trust but enhances the value that we provide to our clients.