SOC Changes for 2017 & Cybersecurity Attest Engagements

Few people, I suspect, spend their free time combing through exposure drafts from the AICPA or the Auditing Standards Board. However, it’s our job to know what changing in the accounting and attestation standards and make sure you are aware. So there are a few changes coming your way that we recommend brushing up on… Read more »

USE QUALIFIED AUDITORS FOR YOUR EMPLOYEE BENEFIT PLANS

Employee benefit plans with 100 or more participants must generally provide an audit report when filing IRS Form 5500 each year. Plan administrators have fiduciary responsibilities to hire independent qualified public accountants to perform quality audits. Select a qualified auditor ERISA guidelines require employee benefit plan auditors to be licensed or certified public accountants. They… Read more »

What is Old is New Again… Cybersecurity

As a person who has spent the majority of my life experiencing amazing advances in technology all around me, I occasionally find myself losing touch with the sense that all of this technology is based on ideas that have existed for millennia. I find this to be especially true in one of the areas I… Read more »

WHY NONPROFITS NEED CONTINUITY PLANS

Most not-for-profits are intensely focused on present needs — not the possibility that disaster will strike sometime in the distant future. Yet it’s critical that all organizations have a formal continuity plan to guide them should a natural or manmade disaster disrupt operations. Formal plan You likely already have many of the necessary processes in… Read more »

The WIP is good: A valuable management tool

Financial statements are an indispensable tool for gauging your construction company’s historical results and financial health. But relying on them alone is like driving a car by looking in the rearview mirror. To see the road ahead, you need a work-in-progress (WIP) report for every job. Too often, contractors view these reports as a burdensome… Read more »

Vacation home should keep families together, not tear them apart

A shared family vacation home can be a great place for family bonding. And a little estate planning can go a long way toward avoiding conflict and keeping the home in the family. Who owns it and how? All family members must understand who actually owns the home. Family members sharing the home will more… Read more »

The wrong life insurance beneficiary can wreak havoc with your estate plan

Life insurance can be a powerful financial and estate planning tool, but its benefits may be reduced or even eliminated if you designate the wrong beneficiary or fail to change beneficiaries when your circumstances change. Here are common pitfalls to avoid: Naming your estate as beneficiary. Doing so subjects life insurance proceeds to unnecessary state… Read more »

Should you keep your trust a secret?

When planning their estates, many people agonize over the negative impact their wealth might have on their children. To address these concerns, some people establish quiet trusts, also known as silent trusts. In other words, they leave significant sums in trust for their children; they just don’t tell them about it. An interesting approach, but… Read more »

Is a joint venture the right choice for your company?

They say two heads are better than one. This can sometimes be the case for construction projects when, whether because of difficult logistics or challenging technical aspects of a job, two contractors team up under a joint venture to give themselves the best odds of success. It’s an excellent solution when the circumstances are right…. Read more »

Succession Planning | Look at things from a surety’s perspective

A well-designed succession plan is critical to the long-term survival of a construction business. In developing one, it’s important to consider the objectives and needs of your company’s owners as well as their family members. But it’s equally important to examine your plan from the perspective of your surety. Bonding obligations typically last for several… Read more »