Insights

Yelena M. Talmazan Joins DLA as Managing Director, Internal Audit

DLA, LLC (“DLA”), an Internal Audit, Accounting & Corporate Finance Advisory Firm headquartered in the New York Metro area, is excited to announce the addition of Yelena M. Talmazan, MBA, CIA, CISA as Managing Director in the Internal Audit practice. Yelena joins the Firm as a seasoned audit and business executive with over 23 years of experience in the financial services, consumer business, and technologies industries.

FASB Proposes Last-Minute Change to Lease Accounting Rules

On June 16, the Financial Accounting Standards Board (FASB) issued a proposal that would enable private companies to have a more flexible approach when using a discount rate to measure lease liabilities. The discount rate directly impacts the lease liability that companies record on their balance sheets, and the proposed tweak would be a helpful simplification.

DLA, LLC Announces 2021 Mid-Year Promotions

DLA, LLC (“DLA”), an Internal Audit, Accounting & Corporate Finance Advisory Firm headquartered in the New York Metro area, is excited to announce the promotion of several employees. “Our culture is to promote from within,” stated Founder & CEO David Landau. “Each of these employees have shown hard work, dedication, and commitment to our clients, and we are proud to have them on our team. I have no doubt that they will continue to excel and exceed our expectations in their new roles.”

How to Strengthen Your Internal Controls

Internal controls are a system of policies and procedures organizations put in place to protect assets and improve operating efficiency. Effective internal controls are critical to accurate financial reporting. A solid system of controls can help prevent, detect and correct financial misstatements due to errors and fraud.

Accounting for Business Combinations

If your company is planning to merge with or buy another business, your attention is probably on conducting due diligence and negotiating deal terms. But you also should address the post-closing financial reporting requirements for the transaction. If not, it may lead to disappointing financial results, restatements and potential lawsuits after the dust settles.

Concerns About the Going Concern Assumption During an Audit

After peaking in fiscal year 2008, the estimated total of going concerns for fiscal year 2019 fell to the lowest amount in 20 years, according to a recent study by Audit Analytics. Unfortunately, the COVID-19 pandemic caused financial distress that could bring an end to this downward trend for fiscal year 2020.