CPAs and Advisors with Your Growth in Mind

Department of Homeland Security Vetting Process

Long, confusing, and redundant. Three words that have never been used to describe the Federal Government, right? This is how Department of Homeland Security (“DHS”) contractors are describing the current vetting and security clearance process for contractor personnel. Currently, there is no standardized approach among DHS’ 27 agencies. This means that one contractor approved to perform work for the U.S. Coast Guard, for example, may not necessarily be approved to perform for the Transportation Security Administration. Also adding to the chaos are contractors often being unclear on what the requirements are due to poor communication from DHS. Many blame DHS’. Read More.

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AAUP Says College Faculty Salaries Up Three Percent

After a College and University Professional Association for Human Resources study found a 1.7 percent increase last year in college faculty pay , the American Association of University Professors (“AAUP”) says salaries jumped almost twice as much. The AAUP’s Annual Report on the Economic Status of the Profession: 2017-18 revealed the median salary in 2017-18 for a full-time professor was $104,820, associate professors were paid $81,274 and assistant professors earned $70,791. More on the AAUP’s report is available on InsideHigherEd.com.  

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President’s Management Agenda Issued

President Trump has released a Management Agenda that outlines a long-term vision for achieving the following objectives: Modernize the U.S. government in key areas. Improve agencies’ ability to execute mission outcomes. Offer excellent service. Conserve taxpayer dollars. The President’s Management Agenda also includes Cross-Agency Priority Goals for resolving issues that intersect several federal agencies, accompanied by strategies for reaching those goals. One particular goal, Results-Oriented Accountability for Grants , aims to improve how the federal government delivers results to taxpayers. A corresponding strategy document has been released detailing three main components of this goal, such as identifying practices and data tools to allow agencies to incorporate. Read More.

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New CAQ Tool to Help with Cybersecurity Risk Management Oversight

The Center for Audit Quality (“CAQ”) has developed a new tool to help board members oversee enterprise-wide cybersecurity risk management. Cybersecurity Risk Management Oversight: A Tool for Board Members lists questions board members can ask meeting with management and CPA firms about cybersecurity risks and disclosures. Such questions are divided into the following areas: Understanding how the financial statement auditor considers cybersecurity risk. Understanding the role of management and responsibilities of the financial statement auditor related to cybersecurity disclosures. Understanding management’s approach to cybersecurity risk management. Understanding how CPA firms can assist boards of directors in their oversight of cybersecurity risk management. The tool also collects cybersecurity-related resources from. Read More.

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2018 Local Government Benchmarking Survey Results

Cherry Bekaert is pleased to present the results of our 7th Annual State and Local Government Benchmarking Survey. Based on the feedback from over 150 survey participants, we are able to share these valuable results allowing government entities to compare their own performance, accomplishments and struggles with similar entities across the Southeast. We hope this report will help you better understand how your peers in the region are responding or planning to respond to a wide range of current issues. Highlights from this year’s results include: Retirement was the most common factor attributed to turnover 83% of respondents indicated salaries. Read More.

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AICPA Issues Technical Guidance for IRS Audits of Partnerships

A recent Technical Question & Answer (“TQA”) document from the American Institute of Certified Public Accountants provides guidance on complying with the Internal Revenue Service’s (“IRS”) new approach to auditing partnerships for income taxes. TQA 7200.09, Partnerships Tax Accounting Considerations Under Partnership Audit Regime , clarifies whether a previous year’s underpayment signifies an income tax liability of the partnership or the individual partners. Per the guidance, Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 740, Income Taxes  FASB ASC 740-10-55-226, Income Taxes — Overall — Implementation Guidance and Illustrations — Attribution of Income Taxes to the Entity or Its Owners, through FASB ASC 740-10-55-229, Financial Statements of a Group. Read More.

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