Thought Leadership

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Boardrooms Are Looking More Diverse

Companies of all sizes and industries understand the strategic value of bringing diverse voices to the table, not only in their workforce but also in their boards of directors. Recent boardroom diversity studies have identified some key findings and characteristics — beyond diversity of gender and…

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Auditing Accounting Estimates and the Use of Specialists

The Public Company Accounting Oversight Board (PCAOB) recently voted to finalize two related standards aimed at improving audits of accounting estimates and the work of specialists. Though the new, more consistent guidance would apply specifically to public companies, the effects would likely…

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Audits Home in on Cybersecurity

In 2018, U.S. organizations that suffered a data breach lost an average of $7.91 million as a result. That’s the highest average organizational cost of all the countries and regions covered in the 2018 Cost of a Data Breach Study by IBM and independent research firm Ponemon Institute. Malicious or…

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ESG Issues: To Report or Not to Report?

Securities and Exchange Commission (SEC) Chairman, Jay Clayton, recently stated that public companies should not be required to disclose information concerning environmental, social and governance (ESG) matters in their financial statements, using a standardized format. Currently, these disclosures…

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What Do Shareholders Say on Pay?

In spite of a 2011 federal rule that allows public-company shareholders to weigh in on CEO compensation, a recent study found that executive pay at large public companies has continued to increase. The 2018 Equilar CEO Pay Trends report nevertheless found that companies tended to lower CEO pay…

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More Than Hours and Rates — Internal Controls over Payroll

When most administrators think about controls over payroll, they are primarily worried about fraud — that is, paying for time someone didn’t actually work. However, that’s not the only risk: ensuring faculty and staff are paid accurately is just as important. And as important as preventing mistakes…

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What’s the Risk in Related-Party Transactions?

During an external financial audit, the auditors may particularly scrutinize related-party transactions. These transactions aren’t bad, necessarily, but they do raise concerns about the risk of misstatement or omission in financial reports. Back in 2014, the Public Company Accounting Oversight…

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