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When it comes to Federal Single Audits , nonprofits often make costly mistakes that lead to compliance issues, financial weaknesses, and material deficiencies. Below, we break down the top audit findings and what nonprofits need to know to stay compliant. Make sure your documentation is complete.
Preparing for a financial audit can be a daunting task, especially for private equity-backed firms where accuracy and efficiency are paramount. This article provides a deeper look at the steps CFOs can take to create a seamless, streamlined audit experience.
They are focusing on driving growth and efficiency to help their companies move faster, benefiting both top line revenue and operational performance,” says Tarek Ebeid, KPMG Private Leader and Partner in Charge – Audit Practice at KPMG US. You can unsubscribe at anytime. Please select at least one newsletter.
Audit season presents a set of unique challenges for private equity-backed companies, particularly those that must balance the expectations of investors with the demands of compliance. Ensure that impairment analyses are completed according to audit priorities, with asset groupings and forecast data that align with GAAP standards.
Speaker: Claire Grosjean, Global Finance & Operations Executive
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For chief financial officers overseeing operations across Asia-Pacific, the Middle East, Europe, and the Americas, building compliant, scalable finance functions in unfamiliar jurisdictions is a high-stakes challenge. Serve as a liaison between sales and compliance teams," Kozlov says.
Discover how SAP solutions lay a solid foundation for audits and next level PCAOB or AICPA compliance reviews. While passing each audit is a critically important milestone, companies also should understand that it is only one aspect of ensuring their financial transparency and integrity.
Finance Is Bleeding Talent, Because You Forgot to Say ‘Well Done’ Finance is not known for fireworks. In many finance environments, particularly during recovery or rapid change, the ultimate goals feel far away. A small win in finance is anything that signals improvement, consistency, or control.
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As businesses navigate their way around various technological advancements, finance teams are faced with the task to integrate analytics and automation into their existing processes, determining at the same time which specific system to transform first for maximum operational impact.
The word audit can invoke instant fear and dread. Whether it’s an IRS audit, external audit, or even an internal audit, the process can feel burdensome and worrying. Contrary to popular belief, most audits are not conducted to detect a problem. Should My Nonprofit Obtain an Independent Audit?
And ensuring compliance with global reporting standards is what keeps that lens clear, trusted, and investment-ready. Its not just about avoiding penalties or surviving the audit. This is where the difference lies between compliance that ticks a box and compliance that builds a reputation. But that time has passed.
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In this Insights news post we provide an updated look at the four key areas of AI, Cloud, Compliance and Sustainability. Once again the move into a new year offers an excellent opportunity to look at the trends that will dominate business technologies in 2025.
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Venture capital funding landed at supplier payment and compliance automation firms this week, among other B2B innovators that raised money. Strike Graph , a compliance automation firm, has launched with a $3.9 million through its first round of financing. PYMNTS rounds up the latest funding rounds below.
This includes restating prior-period financials where necessary, strengthening internal controls, and ensuring that audit findings are addressed in full. The finance team must be empowered to report accurately and independently. The CFO must lead a comprehensive clean-up of financial reporting processes.
Many nonprofit organizations both large and small need to undergo a financial statement audit every year. Preparing for a nonprofit audit can be overwhelming and anxiety-filled, especially if it’s your first audit or you don’t have a strong and experienced financial team. What is a financial statement audit?
At its core, SOX compliance helps to ensure the accuracy of a company’s financial statements and protects the business from fraud, cyber-attacks, lawsuits, and more. The finance team has complete visibility into what step each transaction is in throughout the approvals process.
Editors note: In todays A Day in the Life , Nguyn Trung Ngn (pictured), tax senior manager at Deloitte Vietnam , shares with FutureCFO audiences how leading a complex transfer pricing audit for a multinational client became pivotal for her career and how her passion for public writing became one of her greatest sources of inspiration.
When you’re making small-talk with someone who isn’t in finance or accounting about how work is going, and they answer with “busy,” do you ever question how hard it really is? We spoke to 20 finance teams for research on this article. After all, how busy someone is will be relative to their business, function, and industry.
Finance heads are now expected to elevate their tools and processes as they navigate their way around new models for revenue recognition. Compliance with standards like ASC 606 and IFRS 15 is still crucial, but the focus has shifted to optimising operations for growth. Systems and process delays. Inaccurate forecasting and reporting.
Here, we delve into essential insights for CFOs to navigate the complex world of cybersecurity in finance. Cybersecurity Becomes a Strategic Imperative With financial institutions being prime targets for cyberattacks, understanding the nuances of cybersecurity in finance is crucial.
FP&A is the sexiest job in finance… While this may seem like an overstatement, FP&A positions are becoming incredibly popular and sought-after. Many finance professionals are starting to feel that they are too focused on historical data, reporting, compliance, etc. Well, there are many reasons for that.
Asia’s ESG journey BlackLine regional vice-president for Asia, Nikhil Parambath , says Asia's business leaders are focusing on strategic initiatives for long-term growth, with an increasing emphasis on ESG compliance to build trust among stakeholders.
Members’ Profile: Anne-Marie de Bruin In this edition of CFO Club Africa’s Members Spotlight, we are introducing Anne-Marie de Bruin, a highly experienced finance professional and the freelance Financial Manager at AM Cross Country Consulting. My career began as an admin clerk and bookkeeper, roles that left me feeling unfulfilled.
One industry that tends to be recession-resistant is finance. And while the finance industry has seen its share of ups and downs over the years, it generally bounces back fairly quickly after a downturn. If you’re considering a career in finance, you’re probably wondering what the best-paying jobs are. Chief Compliance Officer.
Its not just about clean books or audit prep. WHATS INSIDE: 6 PILLARS OF NONPROFIT FINANCIAL MANAGEMENT The 30 points in The Charity CFO Financial Blueprint are grouped into six essential categorieseach representing a core component of sustainable nonprofit finance. Should you share your organizations finances with your broader team?
Along with renewing their registration annually (for both SEC- and state-registered firms), firms face a variety of requirements related to their internal finances, fees, marketing activities, and advisor agreements depending on whether they are SEC- or state-registered. Compliance policies and procedures manual. Author: Chris Stanley.
Compliance and Regulatory Requirements One of the most significant impacts of receiving federal funding is the increased scrutiny and compliance requirements. Organizations that expend over $750,000 in federal funds (increasing to $1 million in 2025) are subject to a single audit. Get the free guide!
Now, picture the opposite: instant access to real-time financial insights, automated compliance checks, and AI-driven forecasts guiding your next move. From Spreadsheets to Smart Systems Traditionally, businesses used basic spreadsheets to manage their finances. This is the power of Financial Information Systems (FIS).
Finance business partnering is not a new concept and has been around for a while. “ The success …depends on the extent to which finance men are capable of looking outside finance and playing an active, rather than a passive, role in the business. ” Well, not just for a while, for more than 60 years. “
These services include general and operational accounting, financial planning and audit, governance, risk and compliance, transactional transformation, IT and business intelligence solutions, and outsourced accounting and interim management solutions. Susan Crisci has more than 25 years of experience in finance and operations.
Thats why one of the foundational principles of The Charity CFO Financial Blueprint is Accounting Team : Every organization needs a skilled accounting team , minimally consisting of an accounting associate or bookkeeper and a CFO or finance director. Maybe your books fall behind because your finance lead is stuck in the weeds of data entry.
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The finance ministry reported over 34.84 lakh audit reports, including approximately 34.09 lakh Tax Audit Reports (TARs), were filed for AY 2024-25 by October 7. Extensive outreach and helpdesk support facilitated taxpayers in timely compliance, with the helpdesk handling 1.23 This marks a 4.8%
In today's fast-paced world, creating an effective audit procedure is critical for companies to remain competitive and adhere to evolving regulations. Through this, companies can be certain their audits are completed accurately and quickly. The post A finance leader's guide for successful audit appeared first on FutureCFO.
Previous episodes in this Insights Series have explored the challenges created by new Digital Solutions Economy paradigms for billing, fulfillment, invoicing, revenue accounting, and compliance across a wide range of industries. Also, diversification of services offered can help mitigate risk and strengthen revenue streams.
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In this webinar, Strategic Treasurer and Zeconomy will explore how corporates are using blockchain rails and digital commercial paper to unlock faster payments, reduce FX costs, and increase control—all with enterprise-grade compliance and auditability.
Every business must follow certain rules when reporting its finances, and these rules change depending on the industry. Knowing the specific rules for your industry helps you prepare in advance and avoid compliance issues. If there are differences, it can lead to problems during audits or inspections.
The pressure on finance leaders to deliver strategic insights and ensure compliance is mounting in this dynamic environment. The increased workload can hobble finance team productivity and limit their scope of analysis. This allows the finance team to focus on high-value activities instead of being bogged down by data entry.
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