YHB Principal Appears on American Association of Bank Directors Podcast

On June 15th, Principal Tom Milburn appeared on Calling All Bank Directors, the podcast of the American Association of Bank Directors. He joined host and AABD President David Baris to discuss the role of a bank’s Board Audit Committee in overseeing management’s review of a bank’s Allowance in periods of transition or unprecedented events. Listen to… Read more »

Accounting for the PPP Loan and Related Forgiveness

If you are a nongovernmental entity, which includes business entities and not-for-profit entities, and you have received a loan through the Paycheck Protection Program (PPP), you may be wondering how to appropriately account for the loan and the expected partial or full forgiveness of the loan in accordance with FASB. The AICPA has recently issued… Read more »

Getting to know COBIT 2019

You don’t learn to walk by following rules. You learn by doing, and by falling over.’ –Richard Branson In 1996 ISACA, the former Information Systems Audit and Control Association (now officially known as ISACA), released a new guide framework to assist financial auditors in assessing IT governance and management:  COBIT (Control Objectives for Information and Related… Read more »

The latest news on nonprofit fraud is here

Every two years, the Association of Certified Fraud Examiners (ACFE) publishes what has become the definitive guide for preventing and detecting workplace fraud. The recently released Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse draws conclusions from more than 2,500 fraud incidents — including 191 in not-for-profit organizations. In fact, this year’s report… Read more »

Overcoming the challenges of remote auditing during the COVID-19 crisis

Many people are currently working from home to help prevent the spread of the novel coronavirus (COVID-19). Your external auditors are no exception. Fortunately, in recent years, most audit firms have been investing in technology and training to facilitate remote audit procedures. These efforts have helped lower audit costs, enhance flexibility and minimize disruptions to… Read more »

Board Governance

Every organization wants proper board governance, however, most lack clarity on what it truly means. While we encourage every organization to establish a training program for new board members, it’s important to make sure even long serving members are current on relevant matters. Board governance is defined as “the set of responsibilities and practices exercised… Read more »

FASB Passes ASU 2020-05 In Response to Coronavirus

The Financial Accounting Standards Board (FASB) has issued ASU 2020-05 in response to the ongoing impacts to US businesses in response to the coronavirus (COVID-19) pandemic. Accounting Standards Update  (ASU) 2020-05, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) Effective Dates for Certain Entities provides a limited deferral of the effective dates for implementing previously… Read more »

Businesses revise sales compensation models during pandemic

Economists will look back on 2020 as a year with a distinct before and after. In early March, most companies’ sales projections looked a certain way. Just a few weeks later, those projections had changed significantly — and not for the better. Because of the novel coronavirus (COVID-19) pandemic, businesses across a variety of industries… Read more »

PPP Borrowers Get Concessions, Additional Guidance on Forgiveness

Paycheck Protection Program Flexibility Act of 2020 The U.S. Senate has passed the bipartisan Paycheck Protection Program Flexibility Act of 2020, which loosens several of the Paycheck Protection Program’s (PPP’s) more onerous restrictions regarding loan forgiveness. President Trump has signed the bill into law. The new law follows the May 22, 2020, release of an… Read more »

Do you have tax questions related to COVID-19? Here are some answers

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you’re an employee who telecommutes, there are strict rules that govern whether you can… Read more »