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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.
Identifying and Overcoming Ethical Dilemmas in Business In the corporate world, numbers might drive decisions, but values define leadership. These dilemmas might not always come with flashing warning signs, but how you handle them speaks volumes about your leadership and your company’s culture.
While compliance is mandatory, e-invoicing can bring significant benefits to businesses if approached strategically. When planning your implementation, think beyond compliance. Without it, you risk compliance issues, transaction delays, and even financial penalties. Whats in It for You? Errors can lead to rejected invoices.
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.
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Its not just about clean books or audit prep. The organizations that thrive have a shared commitment to financial discipline, strong internal controls, and strategic leadership. Financial literacy across leadership teams These steps build internal trust and alignmentessential for long-term success. If so, whenand how?
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.
Its about sustainability, compliance, and having the confidence to lead your mission with clarity. Monthly financial reports should be shared with leadership on a consistent timeline. It can also trigger audits, repayment demands, and a breakdown of trust with your board and funders. This isnt just about spreadsheets.
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The CFO must lead the effort to close it, both through financial rigour and ethical leadership. This includes restating prior-period financials where necessary, strengthening internal controls, and ensuring that audit findings are addressed in full. It requires transparency, consistency, and a sustained commitment to sound governance.
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. His leadership team includes CFO Thomas (T.J.) Wilcop and CHRO Sofia Wade.
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. They are champions of clarity.
Theyre the people who spot errors in a sea of numbers and ensure the books are airtight and audit-ready. Trying to combine this role with the CFO function often fails because bookkeeping is structured and rule-bound , while financial leadership requires a more strategic, creative, and big-picture thinker.
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She had excelled quickly, so much so that she was assigned to a leadership role in a major audit project just 2 years into her career. Her leap for personal reasons ultimately led her to a leadership role that she hadn’t anticipated—a twist in her journey that eventually set her on the path to becoming a CFO.
So, what does good governance really mean, and how can you leverage it not just for compliance, but for control, credibility, and competitive edge? Beyond the Boardroom: What Governance Really Looks Like Good governance doesnt start and end with your annual board calendar or the independence of your audit committee. but Did it work?
From federal grant compliance to donor transparency expectations, nonprofits must meet a growing list of financial integrity standards. Implement a Strict Conflict of Interest Policy Every nonprofit should require board members and key leadership to disclose conflicts of interest annually. The bottom line?
The CFO Leadership Council proudly highlights our very first ten Diversity, Equity, and Inclusion Ascend Honorees! The Ascend program is an opportunity for Senior Finance Executives from underrepresented groups to join The CFO Leadership Council. Meet Our First 10 Ascend Honorees. Joy Harper, Cloud Finance, Google.
Contrary to what many people envision, a nonprofit audit doesn’t usually start with a letter from the IRS. Instead, an independent nonprofit audit is something you choose to build trust in your nonprofit organization. An audit can be a critical step for a growing nonprofit that needs to raise increasing amounts of funds.
The professionals you really want the ones who understand both compliance and strategy, who can hold their own in front of auditors, and who arent afraid to challenge the numbers theyre in demand. Your finance team looks to you for more than technical leadership. And it starts with leadership. Especially in finance.
These benefits segue into ROI-boosting outcomes like better accuracy, reduced operational costs, compliance peace of mind, and real-time insights that support better decision-making. Latest insights Leadership 05.29.25 Contact us today to stay ahead of the curve.
Meanwhile, she added that success in finance leadership must “go beyond work”, especially with the current situation. It impacts your family, mental and emotional health, so the leadership must be just beyond the normal. The post Finance leadership in the COVID era appeared first on FutureCFO. Editor’s note: Ms Joweehlyn B.
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.
Turn Leadership into a Skill, Not a Trait Technical skill gets you the job. And increasingly, leadership is the metric boards care about most. What to do : Dont delegate compliance updates to juniors. Create your own internal audit of stressors, and put controls in place. People skills keep you there.
Every improved margin, every clean audit, every accurate forecast is a chance to reset the narrative—from “we’re in trouble” to “we’re getting there.” What Counts as a Small Win? It also helps leadership align faster, make better decisions, and reduce reactionary thinking. Psychologically, small wins act as proof points.
In this new post, we get more granular to provide an update on how AI and Gen AI can enhance productivity, insights, and results in finance applications such as order-to-cash to compliance (OTC 2 ), along with a look at how new SAP AI initiatives are key to this transformation.
While these reports represented an important element for communicating a company's corporate-citizenship vision and were also positive public relations initiatives, for the most part they did not contain a lot of hard, auditable data. In the area of climate change, this is often referred to as "carbon accounting".
What Every CFO Should Know to Protect the Business (and Their Career) You dont need to be an actuary or compliance expert to understand risk. Risk management isnt a luxury, its a core leadership function. A failed audit. And remember: your leadership sets the tone. Its good leadership. The board expects more.
In South Africas business environment, where public trust is fragile, regulatory compliance is non-negotiable, and financial transparency is a competitive advantage, the CFO plays a crucial role in shaping whether a company is seen as credible, ethical, and stable. The best CFOs do not just focus on clean audits. That starts with you.
Accountability Is More Than Compliance Finance professionals are trained to be cautious. Compliance is non-negotiable, of course. Submitting reports on time is a compliance requirement. Teams that are accountable tend to deliver faster closes, more accurate forecasts, and fewer audit findings.
Even small-scale fraud can raise questions about your competence or leadership. If you’re managing a fraud investigation internally, maintain a timeline and audit trail. Fraud Prevention as a Leadership Strategy The best CFOs arent just compliance expertstheyre risk leaders. Its a leadership imperative.
He opines that ESG topics have become one of the first agendas in Board/leadership meetings within organisations due to the evolving regulatory landscape. The post Delivering value beyond compliance with ESG reporting appeared first on FutureCFO.
If those systems remain siloed post-close, leadership may lack accurate data for key decisions, and finance teams could be stuck reconciling figures manually. A structured communication and change management plan, anchored by leadership alignment and transparent messaging, can reduce attrition and protect institutional knowledge.
For the Chief Financial Officer, integrity cannot be relegated to policy documents or compliance manuals. Ethical leadership is no longer a moral footnote; it is central to long-term value creation. Financial reporting is not just a compliance exercise. Integrity also future proofs the business. It is a cultural mirror.
As this blog series continues to explore optimizing quote-to-cash (QTC) to compliance for different industries, in this episode we dive into the special challenges faced by companies in the telecom sector and address how solutions in the SAP portfolio help overcome them.
Steps for Standardization: Conduct an audit of existing financial reporting and ERP systems in both organizations. Alternatively, consistent and reliable data breeds: Improved Decision-Making : Consistent data allows leadership to make informed decisions quickly. Identify discrepancies and areas that require alignment.
Our recent achievement of SOC 2 compliance underscores our commitment to providing clients with the highest level of data security and privacy. This is why SOC 2 compliance is critical. Key Lessons from a SOC 2 Compliance Journey The path to SOC 2 compliance is both challenging and rewarding.
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AI driven automation is expected to extend to more complex tasks such as, audits, risk management, and financial planning and analysis. As AI permeates finance, questions about its compliance with audits and financial governance will arise. For instance, could financial statements generated by ChatGPT withstand audit scrutiny?
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