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Companies should regularly evaluate which controls are the most critical and the key areas in which there should be proper segregation of duties including the authorization of transactions, custody of assets and reconciling/reviewing of transactions.

Forensic accounting and litigation support are being fundamentally reshaped by AI, delivering enhanced data analysis, greater efficiency and more powerful fraud detection.

The New Jersey Society of CPAs (NJCPA) joined forces this past May with its members, firm pipeline partners and the Center for Audit Quality (CAQ) in partnership with EVERFI, a web-based learning management company that produced a national financial literacy program, to get the word out to college and high school students about the many job opportunities that are available in accounting.

The ACFE Occupational Fraud 2024: A Report to the Nations document contains valuable insight into the types of fraud schemes that are occurring, red flags to watch out for and the value of implementing strong internal controls at organizations.

Ten years after New York City introduced the business corporation tax, it is finally preparing complementary regulations. New York State adopted regulations in December 2023 to implement its 2015 corporate tax reform legislation. When comparing New York City’s regime to New York State and New Jersey, there are some notable differences.

AI is poised to decouple labor from production, just as the internet decoupled land from production. As trusted advisors, CPAs can have much influence over corporate growth and can guide corporations towards building a better future.

It may still take longer to see everyday functions performed with the use of artificial intelligence (AI) but most accounting professionals agree it is steadily gaining ground and can bring more efficiency.

New Jersey is similar in size to Michigan in population, and Michigan did $3 billion in cannabis sales in 2023, so New Jersey has a lot of growth potential and more CPAs are needed to serve this growing industry.

Forewarned is forearmed -- there are a variety of sources of cyber exposure and potential liability in today s risk landscape, but with a bit of prior planning, accounting firms and professionals can better protect themselves in the event of an attack or claim.

Having an effective governance structure in place allows firms to reduce stress and burnout throughout the organization. This, in turn, correlates to better staff retention, higher profitability and less risk.

Rather than planning for retirement with a permanent mindset, clients would be well-advised to consider a more gradual approach that sustains assets but still permits time to enjoy their later years.

The 2024 NJCPA Convention & Expo, themed “Your Story. Your Success,” informed, entertained and connected more than 600 attendees with storytelling at the Borgata Hotel in Atlantic City on June 11-14.

Balancing tech-fueled efficiency improvements with a human touch will be crucial. Employers must ensure AI augments rather than replaces the human element.

AI's transformative impact on resource management offers public accounting firms a competitive edge in effectively staffing their client engagements. Through enhanced forecasting, dynamic scheduling, skill-based matching and efficiency optimization, AI enables firms to maximize their human capital.

As we move into the latter half of 2024, taxpayers and tax preparers should continue to monitor various state and local tax decisions throughout the U.S. in order to remain vigilant and responsive to the latest developments.

Social Security planning is a multifaceted challenge that requires a deep understanding of the system, strategic thinking and personalized advice. By mastering these aspects, CPAs can help clients navigate their retirement journey.

A career as a CPA with a professional services firm, private industry or in government is so much more than just audit, tax, advisory or the expanding area of wealth management. This is a profession built on serving others, something most humans inherently strive to do.