Don’t Become a Victim of Fraud and Identity Theft

John Merchant, CPA, CFE

Fraud and identity theft have become a serious and ever-increasing problem.  No one wants to become a victim and there are certain basics rules to follow to avoid being victimized.  Here are eleven simple ways you can protect yourself:

Never give your personal information over the telephone.  Fraudsters often call you posing as representatives of banks, investment companies, credit card companies or even the Internal Revenue Service and ask you to verify confidential information so that […]

March 18, 2013 Accounting, Audit, Forensic Accounting Read more...

Considerations for Hiring a Non-Family CEO

Posted in DCFBA Blog, Management, Relationships | Post By Geoffrey D. Brown, CPA, Principal

Posting by Geoffrey D. Brown, CPA, Family Business Advisor

When considering whether or not to hire a non-family CEO you probably shouldn’t look as closely at the pros and cons as you should the unique circumstances surrounding your business.  Let’s discuss what situations to keep in mind when you are considering transitioning to a non-family CEO.

Is there a chance the next generation is not ready or willing […]

March 14, 2013 Accounting, Family Owned Businesses Read more...

Little Reaction to 401k Fee Disclosures

Fabricia Edwards, CPA

The 408(b)(2) fee disclosure regulations took effect last summer, and the 401(k) industry braced itself for outcries from plan participants as they reviewed their plan fees for the first time.  Instead, these long-awaited statements seem to have flown under the radar with very little reaction from participants and only a slightly higher level of awareness regarding the existence of the fees.

It is unclear what is causing the non-reaction.  The participants may be confused by the new information […]

March 13, 2013 Accounting, Benefit Plan Accounting Read more...

How Family Businesses Can Strike the Balance Between Honoring Tradition and Allowing for Necessary Change

Posting by Joel C. Susco, CPA, Principal

For years, the mantra for many family businesses was simple. “If it ain’t broke, don’t fix it.”  For many family businesses, innovation drives the early years of the family business.  Then, the following generations often tend to be “minders of the store” rather than innovators.  Maybe they are nervous about making changes to tradition, maybe they don’t know how, or a combination of both.

I recently had a discussion with a family business client […]

March 5, 2013 Accounting, Family Owned Businesses Read more...

Are You Paying Ghosts? Five Steps to Prevent Payroll Fraud

Joel Susco, CPA

For many companies, payroll is one of the areas where they are most vulnerable to fraud.  The Association of Certified Fraud Examiners (ACFE) reports that payroll fraud accounts for almost 10% of fraud cases and costs organizations an average of $48,000 when it occurs.

Think you’re too small for payroll fraud?  The ACFE notes that payroll schemes are reported twice as often in smaller organizations (those with few than 100 employees).  If your payroll is taken care of […]

March 4, 2013 Accounting, Forensic Accounting, Payroll Audit Read more...

What are the basic categories of occupational fraud and who is likely to commit fraud?

Fraud in the workplace may cause U.S. organizations to lose an average of 7% of their annual revenue.  It is therefore important to know the basic categories of occupational fraud, and who is likely to commit fraud.

Occupational fraud is essentially defined as,”taking advantage of an occupational situation to attain personal enrichment by intentionally misusing or misapplying an organization’s resources.”

The three basic categories of occupational fraud are:

Fraudulent financial statements;
Misappropriation of assets; and
Corruption (like bribes and kickbacks).

Small businesses […]

March 2, 2013 Forensic Accounting, Human Resources Read more...

Solutions Not Bailouts: New Report Addresses Multiemployer Pension Plan Challenges

Jason Edwards, CPA

The pension plan industry is buzzing about the current challenges facing multiemployer pension plans.  Ensuring pension plan solvency and retirement security for plan participants is of the utmost importance and these topics continue to be the focus of much debate and discussion.

To address these issues, the National Coordinating Committee for Multiemployer Plans (NCCMP), a partnership of business and labor groups, has released recommendations for comprehensive pension reform.  “Solutions Not Bailouts: A Comprehensive Plan from Business and Labor […]

February 26, 2013 Accounting, Benefit Plan Accounting Read more...

Hiring a Payroll Audit Firm, Question 5: Do You Audit All Employees 100% or Do You Test Employees?

Posting by Larry Beebe, CPA

As part of this series, I am providing Plan Trustees with a list of questions they should ask when requesting proposals from payroll auditing firms.  Click here to view the full list of questions.

There are two schools of thought as to whether a 100% audit for all hours for all employees covered by the Collective Bargaining Agreement (CBA) should be done when conducting a payroll audit.  Some professionals state that you should always do a […]

February 22, 2013 Payroll Audit Read more...

New Trustee’s Guide to Investments: Diversification and Asset Allocation

Larry Beebe, CPA

New trustees can be overwhelmed by the investment knowledge that must be quickly acquired to function effectively in their new roles.  This series will provide in-depth information about plan investments to assist new trustees in their fiduciary duty of managing plan assets.

Diversification and asset allocation are two related strategies that form the foundation of a healthy investment plan.  While these terms generally may be familiar to you, as a trustee, it is essential that you understand both […]

February 22, 2013 Accounting Read more...

The Plan’s the Thing: Prevent Common Oversights When Making your Business Succession Plan

Posting by Jacqueline M. Thompson, CPA, Principal

You don’t have to look far to find the most obvious oversight made regarding family business succession planning – not making the plan at all!  We’re not going to list the lack of a succession plan as one of the oversights in this post, because we want you to make the plan!  Just ensure you consider the following often-missed or misformed considerations for your family business succession plan.

Items to Consider, and Consider Well, […]

February 21, 2013 Family Owned Businesses, Uncategorized Read more...