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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.

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

The Illinois CPA Society (ICPAS) released its 2024 Insight Special Feature, “Re-Decoding the Decline: An Updated CPA Pipeline Report.” Among all respondents surveyed, “time” emerged as the top-ranked challenge — or deterrent — to becoming a CPA.

Some people would rather skip holding people accountable so much that they would rather avoid having the conversation entirely and come up with a workaround. Here are some steps to have productive accountability conversations.

When employees feel genuinely content and engaged in their roles, their enthusiasm naturally extends to client interactions. The positive energy, dedication and passion they bring to their work invariably impact client relationships.

The NJCPA is actively supporting and advocating for initiatives that recognize accounting as a science, technology, engineering and mathematics (STEM) subject and that allow STEM K-12 grant funding to be used for accounting awareness and education.

With a surge in mergers and acquisitions (M&A) activity, accounting firms are more in demand from private equity. It should put a renewed spotlight on their profits, plans for expansion and what strategies work and don’t work during M&A.

Increasing the value of a business five years before a potential sale involves a multifaceted approach encompassing financial fortitude, operational excellence, strategic foresight and market positioning. Accountants serving as trusted advisors can guide their clients through these strategic initiatives.

CPA firms can effectively manage their cybercrimesecurity by staying informed, conducting regular risk assessments, implementing strong security measures, educating employees and preparing for potential breaches.

Valuation practitioners involved in dispute scenarios encounter legal and regulatory environments in addition to the general standards set forth by professional organizations, which is why it's important to have an understanding of relevant court rules, procedures and techniques.

Startups can have a lot of tax- and non-tax-related domestic and international issues. CPAs have the opportunity to provide value and become their trusted business advisor.