- Because fraud inherently involves efforts of concealment, many cases will never be detected. Therefore, organizations are encouraged to implement certain anti-fraud internal controls, in order to lessen the opportunities to commit fraud.
- More punitive regulatory approach raises financial statement audit scrutiny: In the aftermath of the Great Recession, regulators have turned dramatically to a far more punitive approach in dealing with actual and alleged instances of noncompliance with laws and regulations by financial institutions. The increased presence of significant financial consequences, brings into greater light a financial statement auditing standard that previously had infrequent application and limited effect on the financial condition and results of reporting companies’ operations.
- If your institution expends more than $500,000 (increasing to $750,000 come December 26, 2014), in general funds of awards per year, you must submit to a single audit, more commonly known as the OMB Circular A-133 Audit on an annual basis. Many view the A-133 audit as a “necessary evil” – something that has to be done in order for your institution to receive the research funding. In this article we outline tips for taking back control of your next A-133 audit.”
- A banking institution wanted to mitigate risk within their financial models. With Baker Tilly’s assistance, the bank planned and executed a comprehensive internal audit program.
- Understand the framework underlying a SOC 2 report and learn what principles your organization should have examined.
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