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SEC Requests Feedback on Reorganization of PCAOB Standards

The Securities and Exchange Commission (“SEC”) has issued Release No. 34-75251, Public Company Accounting Oversight Board (“PCAOB”); Notice of Filing of Proposed Rules to Implement the Reorganization of PCAOB Auditing Standards and Related Changes to PCAOB Rules and Attestation, Quality Control, and Ethics and Independence Standards, for public comment. Release No. 34-75251 seeks feedback on proposed amendments that reorganize the PCAOB’s auditing standards and propose related changes to the organization’s rules, attestation, quality control, and ethics and independence standards. Earlier this year, the PCAOB approved restructuring its auditing standards for easier navigation among users. The amendments were adopted to create. Read More.

SEC Investor Advisory Committee to Meet July 16th

On Thursday, July 16th, Securities and Exchange Commission’s Investor Advisory Committee (“the Committee”) will hold a meeting at the agency’s headquarters in Washington, D.C. Expected to be live-streamed on the SEC website beginning at 9:30 a.m. EST, the meeting will include remarks from the agency’s commissioners, talks regarding the use of background checks for addressing elder financial abuse, discussions on the Department of Labor’s proposed fiduciary rule, and a private administrative work session. Further information on the Committee’s meeting is available on the SEC website.

Cathie Stanton Discusses Virginia Feasibility Study of Market-Based Sourcing

Offering her thoughts on the state of Virginia possibly leaning towards market-based sourcing of sales for income taxes, Cathie Stanton , Cherry Bekaert’s (“the Firm”) National Leader of State & Local Tax Services, was featured in a recent article on Bloomberg’s BNA website. The article, entitled “Virginia Mulling Shift to Market-Based Sourcing of Sales for Income Tax Purposes,” focuses on Virginia becoming a part of the growing trend among states turning away from the cost of performance (COP) method and shifting to market-based sourcing or a bifurcated method. The state’s Department of Taxation has established a working group to complete a feasibility. Read More.

Proposed Overtime Pay Changes to Impact Colleges & Universities

This week, the Department of Labor (“DoL”) released proposed changes to the Fair Labor Standards Act (FLSA) overtime pay rules, which may significantly impact higher education employers. Also issued was an FAQ document that clarifies that there is no exemption for nonprofit organizations under the proposed rules. The FLSA rules generally apply to all organizations with an annual dollar volume of sales or business of at least $500,000. Under current regulations, a white collar employee may be exempt from overtime rules if they are paid at least $455 per week (equivalent to $23,660 annually for a full-year employee) and have. Read More.

AICPA Committee Proposes Amendments to Trust Services Principles

The American Institute of Certified Public Accountants’ (“AICPA”) Assurance Services Executive Committee Trust Information Integrity Task Force has released the Exposure Draft, Proposed Revision of Trust Services Principles and Criteria for Security, Availability, Processing Integrity, Confidentiality, and Privacy. The exposure draft offers amendments to Trust Service Principles (TSP) section 100, Trust Services Principles and Criteria for Security, Availability, Processing Integrity, Confidentiality, and Privacy and would replace Appendix D, “Generally Accepted Privacy Principles,” of TSP Section 100A. The primary amendments would: Reorganize TSPs and establish a new set of privacy principles; Add practitioner guidance as illustrative risks and controls associated with privacy;. Read More.

Going Lean in a Local Government

Have you ever considered applying Lean principles to your local government? Lean is a systematic method for the elimination of waste, which was derived mostly from the Toyota Production System in the 1990s. Recently, governments have been applying Lean principles, making significant improvements in time, costs and/or quality. In 2007, the City of Irving, Texas, began using Lean principles achieving amazing results. Here’s a few to share: Commercial permit process: Plan review time was reduced by 76 percent (15.7 to 3.7 days). Legal Services Request: A 72 percent reduction in cycle time (18.5 to 5 days), and 50 percent reduction. Read More.