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When it comes to Federal Single Audits , nonprofits often make costly mistakes that lead to compliance issues, financial weaknesses, and material deficiencies. Below, we break down the top audit findings and what nonprofits need to know to stay compliant. Make sure your documentation is complete.
Identifying and Overcoming Ethical Dilemmas in Business In the corporate world, numbers might drive decisions, but values define leadership. These dilemmas might not always come with flashing warning signs, but how you handle them speaks volumes about your leadership and your company’s culture.
Its not just about clean books or audit prep. The organizations that thrive have a shared commitment to financial discipline, strong internal controls, and strategic leadership. Financial literacy across leadership teams These steps build internal trust and alignmentessential for long-term success. If so, whenand how?
While compliance is mandatory, e-invoicing can bring significant benefits to businesses if approached strategically. When planning your implementation, think beyond compliance. Without it, you risk compliance issues, transaction delays, and even financial penalties. Whats in It for You? Errors can lead to rejected invoices.
Discover how SAP solutions lay a solid foundation for audits and next level PCAOB or AICPA compliance reviews. While passing each audit is a critically important milestone, companies also should understand that it is only one aspect of ensuring their financial transparency and integrity.
Members’ Profile: Rofhiwa Irene Singo In this edition of our CFO Spotlight series, we are featuring Rofhiwa Irene Singo, an accomplished finance leader whose journey is a testament to resilience, adaptability, and impactful leadership. A pivotal moment came when I joined the Auditor-General’s office in Pretoria.
Recognizing the need to enhance my managerial capabilities, I pursued a Postgraduate Diploma in Management, which equipped me with essential leadership skills. First and foremost is financial acumen—understanding financial reporting, budgeting, forecasting, and compliance is foundational.
Contrary to what many people envision, a nonprofit audit doesn’t usually start with a letter from the IRS. Instead, an independent nonprofit audit is something you choose to build trust in your nonprofit organization. An audit can be a critical step for a growing nonprofit that needs to raise increasing amounts of funds.
The professionals you really want the ones who understand both compliance and strategy, who can hold their own in front of auditors, and who arent afraid to challenge the numbers theyre in demand. Your finance team looks to you for more than technical leadership. And it starts with leadership. Especially in finance.
She had excelled quickly, so much so that she was assigned to a leadership role in a major audit project just 2 years into her career. Her leap for personal reasons ultimately led her to a leadership role that she hadn’t anticipated—a twist in her journey that eventually set her on the path to becoming a CFO.
From federal grant compliance to donor transparency expectations, nonprofits must meet a growing list of financial integrity standards. Implement a Strict Conflict of Interest Policy Every nonprofit should require board members and key leadership to disclose conflicts of interest annually. The bottom line?
The CFO Leadership Council proudly highlights our very first ten Diversity, Equity, and Inclusion Ascend Honorees! The Ascend program is an opportunity for Senior Finance Executives from underrepresented groups to join The CFO Leadership Council. Meet Our First 10 Ascend Honorees. Joy Harper, Cloud Finance, Google.
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Accountability Is More Than Compliance Finance professionals are trained to be cautious. Compliance is non-negotiable, of course. Submitting reports on time is a compliance requirement. Teams that are accountable tend to deliver faster closes, more accurate forecasts, and fewer audit findings.
Even small-scale fraud can raise questions about your competence or leadership. If you’re managing a fraud investigation internally, maintain a timeline and audit trail. Fraud Prevention as a Leadership Strategy The best CFOs arent just compliance expertstheyre risk leaders. Its a leadership imperative.
Meanwhile, she added that success in finance leadership must “go beyond work”, especially with the current situation. It impacts your family, mental and emotional health, so the leadership must be just beyond the normal. The post Finance leadership in the COVID era appeared first on FutureCFO. Editor’s note: Ms Joweehlyn B.
Compliance and Regulatory Requirements One of the most significant impacts of receiving federal funding is the increased scrutiny and compliance requirements. Organizations that expend over $750,000 in federal funds (increasing to $1 million in 2025) are subject to a single audit.
He opines that ESG topics have become one of the first agendas in Board/leadership meetings within organisations due to the evolving regulatory landscape. The post Delivering value beyond compliance with ESG reporting appeared first on FutureCFO.
In this new post, we get more granular to provide an update on how AI and Gen AI can enhance productivity, insights, and results in finance applications such as order-to-cash to compliance (OTC 2 ), along with a look at how new SAP AI initiatives are key to this transformation.
Editor’s note: Audit is much more than a compliance requirement and is definitely not a declining industry, said Narissa Chen (pictured), Partner, Head of Audit & Assurance, Forvis Mazars in Singapore. She shared with FutureCFO what a career in audit offers and how female professionals can become audit leaders.
Our recent achievement of SOC 2 compliance underscores our commitment to providing clients with the highest level of data security and privacy. This is why SOC 2 compliance is critical. Key Lessons from a SOC 2 Compliance Journey The path to SOC 2 compliance is both challenging and rewarding.
While these reports represented an important element for communicating a company's corporate-citizenship vision and were also positive public relations initiatives, for the most part they did not contain a lot of hard, auditable data. In the area of climate change, this is often referred to as "carbon accounting".
Think of automated exception reports, audit trails, or simple dashboards that flag mismatches between systems. Real Talk: This Isnt an IT FixIts a Finance Leadership Move Process controls arent about tech upgrades. You can also use access rights to make sure only authorised people can change master data or process sensitive entries.
As this blog series continues to explore optimizing quote-to-cash (QTC) to compliance for different industries, in this episode we dive into the special challenges faced by companies in the telecom sector and address how solutions in the SAP portfolio help overcome them.
Our recent achievement of SOC 2 compliance underscores our commitment to providing clients with the highest level of data security and privacy. This is why SOC 2 compliance is critical. Key Lessons from a SOC 2 Compliance Journey The path to SOC 2 compliance is both challenging and rewarding.
AI driven automation is expected to extend to more complex tasks such as, audits, risk management, and financial planning and analysis. As AI permeates finance, questions about its compliance with audits and financial governance will arise. For instance, could financial statements generated by ChatGPT withstand audit scrutiny?
Adequate financial leadership has never been more critical to today’s market. Whether navigating a leadership gap, managing complex financial transactions, or steering through a period of growth or crisis, a transitional Chief Financial Officer provides the necessary insights and support to ensure financial stability.
Adequate financial leadership has never been more critical to today’s market. Whether navigating a leadership gap, managing complex financial transactions, or steering through a period of growth or crisis, a transitional Chief Financial Officer provides the necessary insights and support to ensure financial stability.
Clean audits in the public sector are rare. Only 41 municipalities in South Africa achieved a clean audit for 2020-21. Khan has previously worked for the Auditor General and has achieved numerous clean audits with the DTI. . ” “Once these basic principles were in place, a clean audit was inevitable.”
She is driven to deepen her expertise in digitalization, AI, and machine learning , applying them to improve financial wellness and business efficiency and aims for international leadership roles that contribute to the economic development of Africa and values cross-disciplinary collaborations for impactful projects.
Some 41% of finance teams have issues Identifying and correcting errors, 31% have problems finding and gathering necessary data, 24% have challenging questions on sources of data, 23% face challenges tracking multiple Excel versions, 20% have a bugbear of broken formulas, 19% are far from confident presenting this data to non-finance leadership.
So, what does good governance really mean, and how can you leverage it not just for compliance, but for control, credibility, and competitive edge? Beyond the Boardroom: What Governance Really Looks Like Good governance doesnt start and end with your annual board calendar or the independence of your audit committee. but Did it work?
This will be an ongoing challenge with AI as there should always be a means to review and audit the system and results. Since the technology is new, there is the question of how Gen AI Financial Statements undergo the scrutiny of regulatory requirements and audits. Results should be traceable to specific data and decision-making logic.
As they assist in complianceaudits and the monitoring of internal controls to ensure that everyone within the company does their job correctly, they are also expected to thrive and flourish amid the challenges along the way for the benefit of the organisation.
Opportunities for Intergenerational Leadership: Young people are at the frontline of issues like climate change, but often fail to appear in key decision-making spaces. These include carbon taxes and ETF trading schemes, emphasizing the urgency to meet data and compliance standards.
Many have since advanced to intelligent process automation (IPA) — RPA amplified with artificial intelligence (AI) — to streamline and improve more complex work, from tax and compliance reporting to financial statement reconciliation. The post Preparing Your Finance Organization for the New Era of AI first appeared on CFO Leadership.
You chose to take the accounting, the CFO roles, as opposed to auditing, why did you take that decision? I think with auditing I always felt, when I left PwC, where I did my articles, that it’s probably easier to go back into the auditing profession, than staying there and specialising and one day wanting to be in commerce.
CFOs are some of the highest-paid finance professionals because they have experience and networks and excel at financial leadership. Chief Compliance Officer. A chief compliance officer ensures financial institutions adhere to all applicable laws and regulations. Financial Manager. Average salary: $134,180 per year.
There are many areas where AI has been infused into finance processes to drive value so let me mention a few: Finance process optimisation : Building intelligent workflows to reduce manual effort and improve compliance. Fraud and waste : Use Machine Learning (ML) to detect fraudulent patterns.
The FutureCFO Excellence Awards 2023 received nominations from across the region for categories in Leadership Practice, Business Leadership, Operational Excellence, and Technology Innovation.
There will be intercompany transactions that happen between them, and it gets very complex when businesses are international – whether it's regulation or taxation, foreign exchange rates, or compliance. A third red flag for Ng is tax audit issues. But are they optimising it?
The team at E78 Partner’s understands how frustrating inventory challenges can be for IT leadership. E78 uses an evidence-based methodology to validate telecom inventory by combining time-tested process, tailor-made auditing BI and the best experts in the field. Shadow order & MACD activity.
From ensuring regulatory compliance, addressing investors and analysts’ demand for sustainability reporting and disclosures, adapting to consumers’ buying preference towards ‘green’ or sustainable products, to hiring the right talent, there are many areas that can be the starting point,” said Lim.
Possessing interpersonal and leadership skills they are capable of managing, coaching and developing their teams of junior and senior analysts. FP&A directors supervise all aspects of the FP&A function in the company, communicate vision and provide leadership to the FP&A team.
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