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In This Issue
Definition of 'public business entity' brings much needed clarity
Audit coming? How to prepare
Check tampering: One of the most expensive employee frauds
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In the June edition of the Wall, Einhorn & Chernitzer, P.C. (WEC)  A & A Advisor, you'll find information on the definition of 'public business entity', preparing for an audit and check tampering!
  
Definition of 'public business entity' brings much needed clarity
Currently, multiple definitions of "public business entity" exist in the Financial Accounting Standards Board Accounting Standards Codification, and the inconsistency in the accounting literature has resulted in some confusion for financial statement preparers.
 
On December 23, 2013, the Financial Accounting Standards Board (FASB) issued a definition of the term "public business entity" (PBE). Adding and defining the term was deemed necessary to enable the FASB to determine clearly which entities would qualify for private company accounting alternatives within the U.S. generally accepted accounting principles (U.S. GAAP) going forward.

  
Contact WEC today to speak with one of our A & A experts and learn more about the definition of "public business entity".
Audit coming? How to prepare
If your organization is facing an audit, it's important to be well prepared before the auditors arrive.

Dedicating the necessary time and resources to prepare your company for the audit is a good investment. A financial audit is an important process for communicating a company's credibility. 

The list is lengthy and diverse, First designate a reliable individual within your organization to take responsibility for the audit process and financial information. That person, perhaps in conjunction with a representative of the audit committee, finance committee or board of directors, should contact the audit firm well in advance of the audit commencement date to establish an understanding of the responsibilities of both management and the auditor.

To find out more on preparing for an audit, click here.
Check tampering: One of the most expensive employee frauds
The following scenarios are far too common in American small businesses and cost victim companies a median loss of $143,000.
  • An employee regularly steals blank checks from his company and makes them out to himself or an accomplice.
  • An employee steals ongoing checks to a vendor and deposits them in her own bank account.
Check tampering - a scheme in which an employee steals company funds by intercepting, forging or altering a check drawn on one of the organization's bank accounts - is one of the most frequently committed crimes in American companies. 
 
To find out more on check tampering, click here.
A & A Service Leaders

   Joanna G. Brumsey, CPA       Julie L. Sokolowski, CPA        Susan R. Einhorn, CPA         Angela R. Kerns, CPA
              Shareholder                              Shareholder                           Shareholder                            Shareholder
Click Service Leader's name to view professional profile and contact directly.
About Wall, Einhorn & Chernitzer, P.C.

Wall, Einhorn & Chernitzer, P.C. (WEC) offers a local touch with regional scope and national resources. Serving clients since 1989, we are today the largest public accounting firm headquartered in Norfolk, Virginia and the second largest in the Hampton Roads region.  Our team is comprised of professionals who are committed to a common vision as a high performance firm and a common goal to provide our clients with exceptional service.

 

WEC is an independently owned and operated member firm of CPAmerica International, one of the largest associations of CPA firms in the United States. Through our affiliation, we have instant access to the expertise and resources of more than 2,500 professionals across America. WEC clients benefit from the resources, experience and professional knowledge base of a national firm while still receiving the personalized service and attention that only a locally-owned, independent accounting firm can offer.

 

In addition to our Assurance and Tax services, WEC provides a range of Business Advisory services and solutions strategically customized to fit our clients' unique and individual needs. These services include Estate Planning, Entrepreneurial Services, Restructuring and Turnaround, Wealth Management, Business Valuation, Litigation and Dispute Consulting, Virtual Office Services, and Exit Planning.

 

The expertise of our CPAs and Advisors spans a range of business sectors. Our specialized industry niches include: Real Estate, Retail, Franchise, Construction, Government Contracting, Manufacturing & Wholesale Distribution, and Not-for-Profit.

 

We are honored that WEC has been named as one of the "Best Places to Work in Virginia" in 2012, 2013 and 2014 by Virginia Business magazine, one of the "Top 25 Best Places to Work in Hampton Roads" by Inside Business, named to their "Hall of Fame" in 2010, and listed among the "Best Firms to Work For" by Accounting Today.

 

For more information, please visit us at www.wec-cpa.com.