filed in Fraud on Sep.29, 2009
Most businesses know that segregation of duties is an essential internal control within the accounting function. So, normally, the person with check signing authority is someone different from the person generating the checks within the accounting program. But this example of segregation of duties only works well if the check signer provides the necessary oversight [...]
filed in Deductions on Sep.22, 2009
With apologies to the Late Show, here are the top ten things the IRS wants every taxpayer to know before deducting charitable donations. (I bolded terms for easy reference.)
Number 10 - An appraisal generally must be obtained if you claim a deduction for a contribution of noncash property worth more than $5,000. In that case, [...]
filed in Fraud on Sep.15, 2009
One common recommendation we make to our audit clients is to establish a formal written fraud risk management program. Such a program should require the performance of fraud prevention procedures which can have the advantage of decreasing the risk of fraud from actually occurring in the future.
A fraud risk management program should require a fraud [...]
filed in Filing on Sep.08, 2009
Often, nonprofit organizations will open an account in a foreign country. These accounts are usually temporary and set up to provide controls over special projects or a particular fund raising campaign.
These accounts can be opened and closed within the same year, and, as your accountant, we may not even know they existed. It is very [...]
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