A company’s internal controls should not be limited to risks that directly impact financial statement line items such as improper revenue recognition or unsupported reconciliations. You should consider other risks that would be detrimental to your business and what controls might be established to mitigate those risks.
Of all the fraud prevention tools and techniques available to companies, my personal favorite is the fraud risk assessment. It is not the most cost-effective tactic, but it will yield the greatest results.
On December 12, 2016, a three-alarm electrical fire broke out in a building in Akron’s historic district, quickly spreading to buildings within its proximity and engulfing them in smoke, including the four-story, mixed-use building next door. One of Skoda Minotti’s clients, a marketing business in that building, suffered extensive smoke damage to the company’s electronics […]
Fundamental changes are coming again to SOC reports. This blog will detail everything you need to know to help ensure you are prepared for the shift.