In the wake of Hurricane Dorian’s devastation in the Bahamas, Baker Tilly has activated its Catastrophe Response Team. One of the most powerful Atlantic storms on record, Dorian made landfall at Elbow Cay, Abacos and Great Abaco as a Category 5 hurricane before downgrading to a Category 4 as it battered Grand Bahama Island. It is the strongest storm to ever hit the Bahamas. The combination of Dorian’s slow pace, damaging winds, storm surge and heavy rainfall, lasting over multiple high tides, has dealt a devastating blow to the islands. With the potential for substantial damage and interruption of business, Baker Tilly’s Global Forensic Team stands ready to assist our clients.  Baker Tilly has offices in Tampa, Orlando and around the globe, and can ensure efficient and expedited services on claims, including property damage losses, business interruption, contingent business interruption and extra expense claims of all size, scope and complexity. CAT Response Team: Keith Tuffin Justin Crick Derek Royster

Insurance

Catastrophe Response

Disaster Recovery

Insurance Quantification

Hurricane Dorian – CAT response

As the use of whistleblower programs continues to grow, many  organizations find themselves struggling to manage burgeoning caseloads.  As a result, serious fraud investigations can be delayed (with mounting  losses) while less consequential complaints are being investigated. The  lack of a timely, systematic and repeatable process for evaluating and  prioritizing whistleblower tips that contain allegations of ethical  breaches can also expose an organization to increased regulatory risk.  While there is no single, “right” method for following up on  whistleblower complaints, the most effective approaches often resemble  the medical triage programs that hospitals and first responders use to  allocate limited resources during emergencies, or a crisis situation.  Here are some useful guidelines for designing and implementing a fraud  triage system. Read more

Forensic Accounting

Fraud & Forensic Investigations

Triaging Whistleblower Allegations

FASB issues proposed ASU extending implementation deadline for insurance companies applying standard on long-duration contracts On Aug. 21, 2019, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) which, if approved, would delay the effective dates of ASU No. 2018-12, “Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts” for all insurance companies. ASU No. 2018-12 makes targeted amendments to improve, simplify and enhance the financial reporting requirements for long-duration contracts issued by insurance companies. Comments related to the proposed delay are due by Sept. 20, 2019.  If the proposed ASU is approved, its new effective dates would be as follows: Public business entities (PBEs) other than smaller reporting companies (SRCs) – fiscal years beginning after Dec. 15, 2021 (i.e., Jan. 1, 2022 for calendar year-ends) SRCs and all other PBEs –  fiscal years beginning after Dec. 15, 2023 (i.e., Jan. 1, 2024 for calendar year-ends) All other entities – fiscal years beginning after Dec. 15, 2023 (i.e., Jan. 1, 2024 for calendar year-ends) This proposed delay follows a new philosophy outlined by the FASB in a similar proposed ASU (to extend the implementation deadline for leases, credit losses and hedging standards) that would extend and simplify how effective dates are determined for major standards. This new philosophy would separate entities into two groups: large public companies and all other entities. The “all other entities” group would include private companies, smaller public companies, not-for-profit organizations and employee benefit plans. Under this new philosophy, the FASB would consider allowing the “all other entities” group at least two additional years to adopt major standards.  For more information on this deal, or to learn how Baker Tilly insurance specialists can help, contact our team.

The Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) which, if approved, would delay the effective dates of ASU No. 2018-12.

Financial Services

FASB issues proposed ASU for insurance companies applying standard on long-duration contracts

Video. The demands on internal audit departments have significantly increased in recent years as a result of advances in technology, rigorous regulations, emerging risks and the desire for additional business insights. Traditional internal audit approaches are giving way to implementation of agile principles, through which internal audit departments are able to improve the collaboration and engagement with stakeholders and management. Organizations find they are able to respond faster to changing risks and priorities, accelerate audit cycles and increase the value obtained from audit and advisory engagements.  In this on-demand webinar, Baker Tilly specialists explore agile principles and scrum frameworks with practical application to internal auditing. Key learning objectives  After attending this webinar, participants will be able to:  Describe the history of agile principles and the scrum framework Explain agile principles and applicability to internal auditing  Develop methods for bridging the gap from the current state audit approach mindset and implementation of agile audit principles   Recognize how agile principles may be applied to your organization’s internal audit planning cycle and audit and advisory engagements Who should attend? Internal audit professionals at any level within the organizational or department, including chief audit executives, internal audit staff and IT auditors. Download the slides.

In this on-demand webinar, learn how Agile can help your organization drive greater value from your internal audit function.

Hurricane Dorian – CAT response

Triaging Whistleblower Allegations

FASB issues proposed ASU for insurance companies applying standard on long-duration contracts

Agile Internal Audit: transforming internal audit to add greater value

Hurricane Dorian – CAT response

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