Understanding Agreed-Upon Procedures (AUP) Engagements: Does Your Business Need One?
In certain scenarios, a business might need the expertise of CPAs to perform agreed-upon procedures (AUP) rather than, or in addition to, a traditional review or audit. AUPs are a type of engagement that offers a targeted assessment on specific areas without providing an opinion or assurance. As defined by the American Institute of Certified […]
Surprise Audits are Proven to Fight Fraud
According to the Association of Certified Fraud Examiners (ACFE) in their “Occupational Fraud 2024: A Report to the Nations,” four antifraud controls are associated with at least a 50% reduction in both fraud loss and duration: financial statement audits, reporting hotlines, surprise audits, and proactive data analysis. Interestingly, the study found that surprise audits and […]
Protecting Your Organization: The Role of Internal Controls and Audits in Preventing Data Breaches
The average cost of a data breach has surged to $4.88 million, reflecting a 10% increase from the previous year, according to a recent report. As businesses increasingly depend on technology, the sophistication and frequency of cyberattacks are growing, leading to heightened risks. So, how can your organization safeguard its profits and assets from these […]
Nonprofits: Act Thoroughly on Audit Findings
External audits play a crucial role in ensuring your nonprofit’s stakeholders that your financial statements are accurately presented according to U.S. Generally Accepted Accounting Principles (GAAP). They are also instrumental in preventing occupational fraud. Audit reports often contain recommendations that organizations should act on to mitigate risks or concerns identified during the audit. Ignoring these […]
Boosting Organizational Resilience and Productivity through Cross-Training
Elite athletes train intensively to excel in their specific sport, yet they also engage in cross-training. For instance, a sprinter doesn’t just run; they also lift weights, swim, and cycle. This holistic approach strengthens all major muscle groups, reducing the risk of injury and enhancing performance in their primary discipline. Similarly, cross-training employees in your […]
Protecting Nonprofit Finances: Safeguarding Against Fraud Risks
When it comes to financial fraud, nonprofits often operate on thin margins, making every dollar crucial to their mission. While it’s encouraging that nonprofits typically experience lower median losses from fraud compared to for-profit entities, this doesn’t diminish the importance of vigilance. In fact, with limited resources at their disposal, nonprofits can ill-afford any financial […]
