The accounts payable (AP) function has a significant effect on the bottom line, third only to sales and receivables. Now, many accounts payable teams have been caught short by the Coronavirus 2019 (COVID-19) pandemic...
Archive - July 2020
Management’s Reporting on the Control Environment During COVID-19: Extra Attention Is Required
Organizations across all jurisdictions and industries have been faced with the difficult task of drafting and submitting their financial statements to regulators and banks during the COVID-19 pandemic. This has led to...
Suspicious Activity Reporting: Government Aid Programs in the Spotlight
Amid growing media coverage of fraud related to government loan programs and unemployment insurance claims, the Small Business Administration (SBA) issued an Information Notice (IN) on July 22 dealing specifically with...
Digesting SWIFT’s 2020 Customer Security Programme (CSP) and COVID Guidance – and What the Changes Mean to Your Organization
In response to the current business climate produced by the COVID-19 pandemic, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) recently issued guidance to ease the strain on customers as they...
Flash Report: European Court of Justice Invalidates the EU-U.S. Privacy Shield Framework
In a landmark ruling with sweeping implications for global companies, on Thursday, July 16 the Court of Justice of the European Union (CJEU) ruled, in essence, that the personal data of EU citizens must be provided the...
Furlough Planning: An Art and a Science Supported by Technology and Sound Change Management
As many companies fight for survival in the current business environment, project teams may find themselves revising schedules to accommodate furloughs and abbreviated timelines. While this sounds like, and often is, a...
Healthcare Internal Audit During a Pandemic — Going From React to Rethink
The past 20 years have presented three distinct crises that have had profound worldwide implications: the terrorist attacks of 9/11, the financial crisis of 2008, and now the global pandemic that is COVID-19. Each of...
Fintechs and Regulatory Compliance — A Happily Ever After?
Ask typical fintech employees what they find energizing in their field of work, and don’t be surprised by the answers: developing cool stuff, working on the go-live, or growing the business by identifying the ideal...
Automating Revenue — Healthcare Revenue Cycle Quick Wins Amid COVID-19
If you were to walk into the administrative office of a typical healthcare provider’s revenue cycle department and observe core functions, chances are you would observe similarities between 2020 and 2005: a system...
COVID-19 Impacts on Accounting, Reporting and Internal Controls
Recent guidance from the Division of Corporate Finance at the Securities and Exchange Commission (SEC), issued on June 23, 2020, reminds listed companies about their disclosure obligations in light of changes and...