Category: Risk management

Falling off the rails? 6 tips for a smooth transition to your new accounting system

The next time your company undergoes an accounting system switch, will it make your team soar or fumble? Of course, we dream of success and no one predicts failure when taking on a big project like this, but there is somet…

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A 6-point internal control checklist for year end (yes, already!)

Many people say life speeds up as you get older. Maybe that’s why the year-end crunch seems to keep getting tighter. The end of Q3 is upon us and year end is right around the corner. While the company’s SOX testing may…

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The big impact of small business fraud, and some smart steps to prevent it

We often hear more about fraud at large companies because of the hefty price tags involved and the large number of investors who may be affected. But the sad fact is that when small businesses experience a fraudulent event…

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What to do if you’ve been in denial about the new COSO framework

Regulators are not requiring companies to follow the new COSO framework even though the 1992 version is being retired later this year. While we encourage companies to adopt the new internal control framework and most of th…

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5 ways every CFO can mitigate cybersecurity risks

It’s time to test your current events knowledge: Which major retailer acknowledged having to spend $88 million related to a mega data breach in its most recent 10-Q, with more costs expected? Target immediately comes to …

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The new rev rec rules: Making estimates that minimize the likelihood of restatements

Get ready for scrutiny. One of the many challenges presented by the new revenue recognition rules is the need for companies to come up with an estimate of revenue for variable consideration instead of waiting until amounts…

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Why an underfunded finance team is risky business

In a new small company, all the focus — and funds — tend to be on the development side, where the company’s product or service gets fine-tuned for the marketplace. The finance organization as a support function is of…

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Bitcoins: should CFOs be willing to take the risk?

You are the CFO of a public company and your CEO suggests you invest in Bitcoins, as their value has gone up a lot over the past few weeks, and he thinks that will continue. He says it will make the bottom line on the inco…

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Strategies for smoothing the highs and lows of currency volatility exposure

I’ve been fascinated recently with “currency wars” and the ways national governments are adapting. For instance, the United Kingdom and China are entering their own currency-swap deals, and Brazil, Russia, India, Chi…

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Communication: the overlooked component of effective risk management

Is your internal audit plan working at cross purposes with your company strategy? Missed communication opportunities may make it appear that way. I was drawn to that observation in Aligning Internal Audit: Are You on the R…

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