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.
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.
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.
Fairfield, New Jersey, April 20, 2021 - DLA, LLC has been awarded a Top Workplaces 2021 honor by NJ.com Top Workplaces.
In December 2020, Richard Jones stepped up as chairman of the Financial Accounting Standards Board (FASB). After meeting with stakeholders in early 2021, Jones identified a list of high-priority projects that he plans to tackle under his leadership.
On March 30, the Financial Accounting Standards Board (FASB) published an updated accounting standard on events that trigger an impairment test under U.S. Generally Accepted Accounting Principles (GAAP). This simplified alternative may provide relief to private companies and not-for-profit entities that have been adversely affected by the COVID-19 pandemic. Here’s what you should know.
Audit committees face many challenges in 2021. As the economy rebounds from the COVID-19 pandemic, there are new dimensions to the oversight roles and responsibilities of the audit committees. Consider taking the following four steps to fortify your committee’s effectiveness.
An Anti-Money Laundering (“AML”) compliance program combines every activity a firm performs to meet the constantly evolving AML compliance obligations: built-in internal operations, user-processing policies, accounts monitoring and detection, and reporting of money laundering incidents. DLA provides a wide variety of consultative services designed to assist an organization in all aspects of AML/Countering the Financing of Terrorism (“CFT”) compliance.
