Ethics

Article Dean Dorton

On November 16, Dean Dorton provided its 12th version of the annual Accounting and Ethics Update. The firm utilized 17 presenters over nine sessions that covered a variety of topics from the latest in nonprofit reporting to human resources best practices. Here are some of the highlights from each session:

  • The importance of identifying and mitigating key business risks was discussed during the combined internal audit/accounting functions update. Tools such as identifying key risk indicators and auditing vendor management files were discussed as well. Updates were provided on Form 1099 and Form 5500 for benefit plans. Finally, the emergence of wellness programs was covered with a keen eye on IRS compliance.
  • The FASB update focused on the latest changes in revenue and lease accounting. All companies should have an implementation plan soon for both areas.
  • The GASB update included recent fair value, pension, and post-employment benefit plan changes.
  • The tax update included federal and state tax updates. Additionally, tax-related identity theft and fraud was covered, along with state tax incentive opportunities.
  • The tax exempt section included nuances of SMLLCs, sales tax exemptions, and the new financial reporting framework for nonprofit entities.
  • Cybersecurity continues to be the #1 business risk and our IT team presented on cyber threats and cyber protection methods, including multi-factor authentication.
  • Fraud stories were shared during the fraud session to help elevate the real risk present at every business. The Wells Fargo incident was dissected as well. Methods to set an ethical tone were shared including establishing a fraud hotline.
  • Our human resources team presented on I-9s, EEO-1 reporting, and the new overtime regulations. We now offer HR consultants as an added business service.
  • At Dean Dorton, we differential our annual update by including ethics training. Participants were reminded of the AICPA code of professional conduct, importance of social media, and recent enforcement actions.

As you can see, we are clearly are a one stop shop and stand ready to address any question you may have.

If you missed our Lexington event, you can attend our December 8, 2016 session in Owensboro, Kentucky.

Article Dean Dorton

Did you know tip hotlines have proven to be one of the most effective ways to detect or prevent fraud?  Nearly half (43%) of detected fraud is discovered due to a tip.  Operating without an ethics hotline may be accepting unnecessary risk.  We believe that organizations should make it easy for their employees to report suspected fraudulent activity/theft, misconduct or unethical behavior.

Accounting Today recently published an article, “Best Practices of Employee Hotlines.” This article highlights methods of functionality and internal guidelines as well as employee support, and includes input from our own Nick Lynch. Read the full article here.

Dean Dorton provides employees with a safe, secure and anonymous way to report concerns 24/7 via our ethics/whistleblower hotline – Red Flag Reporting.  Some of the key benefits of this service include:

Fraud Red Flag Reporting

  • We provide live, onsite training from an experienced fraud examiner. A webinar is available for those unable to attend the onsite training.
  • Our hotline allows web reporting and live, 24/7 phone reporting via a toll-free number. We also offer collateral material that helps keep the hotline top of mind, including wallet cards, posters and quarterly emails.
  • Our reports do not go straight from the operator to the client. Our reports first go to an experienced fraud examiner.
  • By putting this hotline in place, you will convey to your employees that your organization is committed to an ethical culture. As an employer, you will have comfort in that the hotline provides you with a safeguard that may identify employee concerns or complaints before they develop into a crisis situation.
  • Utilizing a third-party expert provider provides your employees with comfort that their concerns will be handled in a confidential and anonymous manner.

To put our fraud hotline in action for your organization or for more information about the benefits, contact Nick Lynch (nlynch@deandortonstg.wpenginepowered.com) or Elizabeth Woodward (ewoodward@deandortonstg.wpenginepowered.com).

View Elizabeth Woodward’s Bio