2024 Update on Retirement Plans: Recent Changes to Form 5500
Navigating the complexities of retirement plan reporting just got easier with the latest updates to Form 5500. These transformative changes promise to streamline processes, enhance data accuracy, and significantly reduce administrative burdens for plan administrators and sponsors. GRF hosted the 2024 Update on Retirement Plans webinar on May 16th, 2024, which delved into significant updates…
Update on Employee Retention Credit Claims
By Pam Harrison, CPA, Manager, Outsourced Accounting and Advisory Services As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) enacted in 2020, the Employee Retention Credit (ERC) was established to assist businesses impacted by the COVID-19 pandemic. Unfortunately, the program later became a target for aggressive marketing efforts by ERC promoters…
How Internal Audit Can Support Whistleblower Investigations
Do you know if an employee is stealing from your company? Quite often, the first hint of a problem comes from an insider tip. Having a comprehensive whistleblower program in place is a powerful early warning mechanism for identifying potential fraud or misconduct. If you have an internal audit function, you already have the tools…
Four Things You Can Do Today to Improve Your Cybersecurity Posture
Cybersecurity is always changing and evolving as threats grow. Here are ideas that you can start on today that will help reduce your risk and improve your cybersecurity posture: 1. Require Multi-Factor Authentication Having multi-factor authentication (MFA) is essential for granting access to confidential data. It helps to reduce the risk of credential loss and…
Wakeup Call: Protecting your Nonprofit from the Banking Crisis
By Elinor Litwack, Partner, Outsourced Accounting & Advisory Services As the 2023 banking crisis unfolds with the recent collapse of Silicon Valley Bank (SVB) and Signature Bank, all eyes are on what happens next. Fueled by the “blame game” and the media frenzy around vulnerabilities in the banking system, many businesses and consumers have lost…
Workshop Highlights: Navigating the World of Uncertainties Impacting Non-Profit Organizations
The 4th Annual GRF /NC State ERM Workshop for Nonprofits was held on February 23 and 24, 2023. Nonprofit executives and board members from across the U.S. came together to share their experiences and discuss strategies and tactics for strengthening enterprise risk management at tax-exempt organizations. Melissa Musser, Partner and Director of GRF’s Risk Advisory…
Internal Audit: Preventing Fraud through Travel & Expense Reimbursement Audits
Travel & Expense (T&E) reimbursement fraud can have a significant impact on your organization. The Association of Certified Fraud Examiners’ 2022 Report to the Nations found the average loss from an expense reimbursement scheme was $152,000. The report, which is based on a worldwide survey of Certified Fraud Examiners conducted between July and September 2021,…
Obtaining Cyber Insurance For Your Organization
By Darren Hulem, CISA, CEH, Security+, Supervisor, IT and Risk & Advisory Services As cyberattacks grow in frequency and complexity, organizations are asking, “Is Cyber Insurance worth it?” The short answer is “Absolutely!” Before contacting an insurance company, we recommend some research and due diligence to position your organization for reasonable rates. Coverages can vary…
Survey Highlights Pace and Complexity of Risks for Nonprofits
Enterprise risk management is becoming more common in the not-for-profit sector, but recent research finds that risk management practices are not keeping pace with the increased complexity of risks for nonprofits. On July 12, 2022, the Enterprise Risk Management (ERM) Initiative at NC State University published the 13th edition of its annual State of Risk…
An Incident Response Plan Prepares You for a Ransomware Attack
By Darren Hulem, Senior IT and Risk Analyst An exponential increase in the number of ransomware attacks in 2021 has many businesses and nonprofits wondering whether they are next. In recent months, well-known ransomware victims made headlines when they elected to pay the ransom to quickly recover data and return to normal operations. Is your…