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Travel and entertainment expenses are sometimes small amounts that taken individually are generally insignificant, and because the items involved are so numerous and so small, auditing them individually would be prohibitively expensive. However, these expenses taken collectively are significant.

Traditionally, the budgeting function within the public and private sector has relied on the incremental approach. This means that the previous period’s budget is carried forward to the next budget round in order to forecast current’s period budget allocation. The next budget is adjusted for known factors, including new legislative requirements, performance indicators, such as response times, and the anticipated levels of cost and salary inflation.

ASC 606 revenue recognition standard will affect the revenue recognition of most companies. While this implementation takes place, companies should also focus on the opportunity for an enhanced revenue stream.

Companies have been employing digital technology for years, but they are only now committing themselves to pursuing durable digital transformations.

How boards and executive teams communicate about risk, among themselves and through the ranks, determines much of the organization’s approach to risk. Leaders who have been focused on risk management primarily as compliance typically need to examine and discuss the broader risk picture.

In recent years, the world has seen exponential growth in the amount of data being captured, processed and stored by organizations, mirrored by a relative reduction in the cost of data storage itself. As a result, the timely, accurate analysis and appropriate management of these vast amounts of data (‘big data’) is where organizations can recognize real business value.

This new update helps organizations manage risk differently - it paves a new path towards the evaluation of how risk is used in the strategic decision making process, which ultimately affects an organization’s performance.

Achieving high performance in the current business environment demands an understanding of not only risk and risk management, but also truly integrated risk management and how to realize it.

Half of middle market companies have bought or sold all or part of a business, or have merged with one. Read the takeaways from the National Center for the Middle Market (NCMM) survey.