Cherry Bekaert: Risk & Accounting Advisory

In this episode of our Internal Audit podcast series, John Heagy, Senior Manager, and Scott Peyton, Partner in our Risk Advisory practice, discuss the evolving role of internal audit in artificial intelligence (AI) oversight. They unpack the differences between traditional and generative AI, explore how internal audit function is leveraging these technologies, and examine the risks that come with AI adoption—while providing risk mitigation and identification strategies.This is the final episode in our four-part internal audit series. Catch up on the first three episodes The Evolving Role of Internal Audit: Unpacking IIA's Vision 2035 Report, Top 3 Critical Skills for the IA Profession and The Client's Guide to Data Analytics in Internal Audit.Tune in to learn more about:A breakdown of AI types andhow traditional AI differs from generative AIHow internal audit teams are leveraging AI for tasks like fraud detection, control documentation and data analysisThe risks of AI, including bias, hallucinations, outdated data and ethical concernsKey elements of a strong AI governance framework, including transparency, accountability and responsible use policiesWhat to include in an AI audit scope, from understanding training data to evaluating cybersecurity and user behaviorRelated Insights:Podcast: https://www.cbh.com/insights/podcasts/a-guide-to-iias-vision-2035-for-audit-teams/ Article: 2025 Internal Audit Risks and Hot Topics Podcast: https://www.cbh.com/insights/podcasts/top-3-skills-for-internal-audit-profession/ Podcast: The Client's Guide to Data Analytics in Internal AuditView All Podcasts from this Series

Explore the transformative impact of data analytics on internal audit processes with Yani Diaz, Director and Ann-Blair Jamison, Senior Manager from our Risk Advisory practice. Throughout the episode, they discuss the key benefits of using data analytics, such as enhanced risk assessment, improved efficiency and predictive analysis. Additionally, they offer insights into how organizations can effectively implement data analytics solutions.This is the third episode in our four-part internal audit series. Be sure to listen to the first two episodes, The Evolving Role of Internal Audit: Unpacking IIA's Vision 2035 Report and Top 3 Critical Skills for the IA Profession. Stay connected for the final episode in this series, where we cover how to audit AI. Tune in to learn more about:Data analytics' role in decision making.The benefits of using data analytics in internal audit, including enhanced risk assessment, improved efficiency and the ability to perform predictive analysis.How data analytics can be used effectively in Information Technology General Controls (ITGC) testing to identify potential control weaknesses and ensure compliance with regulatory requirements.Important considerations when implementing data analytics solutions to understand factors such as data quality and analytics tools. Related Insights:Podcast: The Evolving Role of Internal Audit: Unpacking IIA's Vision 2035 Report Article: 2025 Internal Audit Risks and Hot Topics Podcast: Top 3 Critical Skills for the IA ProfessionView All Podcasts from this Series

The Institute of Internal Audit's (IIA) Vision 2035 report highlights the pivotal role that soft skills will play in shaping the future of internal audit. Join Jodi Lewis, Manager, and Andy Jameson, Director, from our Risk Advisory practice as they discuss the top three critical skills that internal auditors must cultivate to excel in the evolving internal audit landscape. Additionally, they will share insights on how auditors can effectively develop these essential skills.  This is the second in our four-part internal audit series. Listen to the first episode, The Evolving Role of Internal Audit: Unpacking IIA's Vision 2035 Report, and stay connected for upcoming episodes.Tune in to learn more about:The importance of effective communication in internal auditPractical ways to enhance communication skillsStrategies to enhance critical thinking in internal auditThe role that adaptability plays in keeping auditors relevant and effectiveRelated Insights:Podcast: https://www.cbh.com/insights/podcasts/a-guide-to-iias-vision-2035-for-audit-teams/ Article: 2025 Internal Audit Risks and Hot Topics View All Podcasts from this Series

The Institute of Internal Audit (IIA)'s Vision 2035 report highlights the need for internal auditors to embrace technological advancements and expand their advisory roles to remain relevant and effective. In the IIA's comprehensive vision, internal auditors will evolve into strategic advisors by 2035 and utilize cutting-edge technology to provide robust, evidence-based assurance and navigate emerging risks with confidence.In the latest episode of the Risk Advisory Podcast, James Eldridge, Senior Manager, is joined by Scott Peyton, Partner and Risk Advisory Leader, to discuss the shifting role of internal audit. They delve into the IIA's Vision 2035 report, which outlines significant changes and opportunities for the future of internal audit. This is the first in a four-part series celebrating Internal Audit Awareness Month.Tune in to learn more about:The key elements of the IIA's 2035 visionThe evolving role of internal audit Key technology trends impacting internal auditTips to train, develop and source talent and subject matter expertiseHow to prepare the next generation of auditorsRelated Guidance:Article – The Evolving Role of Internal AuditView All Podcasts from this Series

In the latest episode of our Risk & Accounting Advisory podcast, National Technology Business Development Leader Marc Montoro, Leader is joined by Information Assurance & Cybersecurity Senior Managers Keith Jackson and Brian Kirk. Together, they discuss the basics of the HITRUST Framework, exploring its evolution from a healthcare focus to an industry-agnostic standard. Their conversation is packed with insights. From the foundational elements of High Trust to its benefits and strategic advantages, discover how this robust framework can set your business apart. Tune in to learn why HITRUST certification might be your next step in safeguarding sensitive information and achieving compliance across various sectors. Listeners will learn:What is HITRUST CSF?The benefits of being HITRUST CertifiedThe different types of HITRUST Certification and the pros and cons of eachHow to become HITRUST CertifiedRelated InsightsCPE Webinar: HITRUST CSF: A Comprehensive OverviewView All Podcasts from this Series

In the latest episode of Cherry Bekaert's Risk & Accounting Advisory podcast series, Neal Beggan, is joined by Steven Ursillo and Dan Sembler, both partners in our Information Assurance & Cybersecurity practice. During this episode they discuss the many benefits of Service Organization Control (SOC) 2 reports, such as security insights, gaining customer trust and risk management, and how those benefits bring value to a company. Listeners will also discover how to prepare for SOC 2 and what to expect during a SOC 2 report, as well as the different types of SOC 2 reports.Tune in to learn more about:The value of SOC 2 and potential benefitsHow a SOC 2 report differs from a SOC 1 examinationThe components of a SOC 2 report and how to prepareOther Relevant GuidanceA Comprehensive Guide to SOC 2 Reporting: Webinar RecordingThe Impact of a SOC 2 Report on Your Organization Value and Customer RelationsA Guide to Understanding Service Organization Control (SOC) ReportsQuestions? Contact UsView All Podcasts from this Series

In the latest episode of our Risk & Accounting Advisory podcast, the second of a two-part series, Nate Regimbal, Digital Advisory New Practices & Solutions Leader, joins Sam Halaby, Senior Manager in Risk Advisory, and Dan Gallagher, from the Firm's Information Assurance & Cybersecurity practice, to discuss Anti-Money Laundering Model (AML) Testing & Monitoring best practices. Their conversation provides insight into conducting model testing, the importance of ongoing monitoring and how to perform ongoing monitoring. This episode provides an outline of the AML Validation components a financial institution should review to ensure the accuracy of the AML data and alerts, and compliance with regulatory requirements.Listeners will learn about:What to focus on during set-up and validation of model-testing and the aspects of each testing areaWhy ongoing testing is important and how to perform periodic testingThe key limitations of Anti-Money Laundering Models Related Resources Anti-Money Laundering (AML) Model – Part 1Podcast: Data Management Best Practices for Financial InstitutionsRegulatory Compliance Digest | September 2023 Questions? Contact Us View All Podcasts from this Series

In the latest episode of our Risk & Accounting Advisory podcast, Neal Beggan, Risk Advisory Leader, and key leaders from Cherry Bekaert's Risk Advisory SOX practice, Yani Diaz and Peyton Black, discuss SOX “hot buttons” to look out for as 2023 comes to an end. Their conversation delves into auditor reliance, Public Company Accounting Oversight Board (PCAOB) audit standards and changes in SOX regulatory compliance.  Listeners will learn about:How PCAOB regulations and auditor reliance testing affect your businessHow new SEC regulations and ESG reporting overlap with SOXWhat companies can do to prepare for coming SOX & PCAOB changesRelated Resources Podcast: Data Management Best Practices for Financial InstitutionsPodcast: “SOX Lite” Compliance ServicesExamining the Differences Between SOX 404a and 404bButton: Questions? Contact UsView All Podcasts from this Series

The latest episode of our Risk & Accounting Advisory podcast begins the first of a two-part series where Nate Regimbal, Digital Advisory New Practices & Solutions Leader, joins Alan Swan, Digital Advisory Managing Director, along with Audrey Magennis and Dan Gallagher from the Firm's Information Assurance & Cybersecurity practice, to discuss Anti-Money Laundering Model (AML) Validation and Optimization best practices. Their conversation illuminates the importance of using a methodology, data capture and execution within the context of AML optimization and Validation. This episode provides an outline of the AML Validation components a financial institution should review to ensure the accuracy of the AML data and alerts and compliance with regulatory requirements.Listeners will learn about:The importance of establishing validation and optimization methodologies for Anti-Money Laundering ModelsHow to create, document and execute an effective validation frameworkCurrent regulatory guidance and State level requirements for Anti-Money Laundering Model validationRelated Resources Podcast: Data Management Best Practices for Financial InstitutionsRegulatory Compliance Digest | September 2023Regulatory Compliance Digest | August 2023Questions? Contact UsView All Podcasts from this Series

In the latest episode of our Risk & Accounting Advisory podcast, Neal Beggan, Risk Advisory Leader, and key leaders from Cherry Bekaert's Risk Advisory SOX practice, Gareth Montague-Smith and Peyton Black, discuss the concept of SOX “Lite,” a controls diagnostic service for smaller or private companies that can help prepare companies to go public, help remediate material weaknesses or significant deficiencies, provide efficiencies for companies facing difficult audits and more. Their conversation analyzes what type of client would benefit from a SOX “Lite” program and how the service is performed.Listeners will learn about:Why a company might need “SOX Lite” compliance services How the service is implemented and how it differs from a traditional SOX programPotential benefits to the companyOther Relevant Guidance2023 SOX Compliance Reporting: How to Prepare & Lessons LearnedExamining the Differences Between SOX 404a and 404bAre You Ready for Enhanced Cybersecurity SEC Reporting Requirements?View All Podcasts from this Series

In the latest episode of our Risk & Accounting Advisory podcast, Neal Beggan, Risk Advisory Leader, and key leaders from Cherry Bekaert's Risk Advisory SOX practice, Gareth Montague-Smith and Peyton Black, discuss the concept of offshoring and some key considerations for companies evaluating whether to use the offshore ability of their service providers. Their conversation analyzes key considerations from both the client's and service provider's viewpoint.Listeners will learn about:Key considerations for offshoring and potential benefits from both the service provider and the client's perspective.Establishing a formalized process for reviewing deliverables, scheduling and training.Identifying the right projects and tasks (e.g., high volume and low-risk control testing) to offshore strategically, so that your onshore and offshore teams succeed.Other Relevant Guidance2023 SOX Compliance Reporting: How to Prepare & Lessons LearnedExamining the Differences Between SOX 404a and 404bDriving SOX Compliance: Cannabis Licensed Operators Embarking on a SEC Compliance JourneyAre You Ready for Enhanced Cybersecurity SEC Reporting Requirements?Questions? Contact UsView All Podcasts from this Series

In today's digital age, it's imperative to manage your organization's data for policies, procedures and best practices to maintain the system integrity and performance. On this episode of the Risk & Accounting Advisory podcast, join Neal Beggan, Partner and Cherry Bekaert's Risk Advisory Practice Leader, and Alan Swan, Managing Director and Risk & Data Management Leader, as they dive into data management and emerging technologies, their institutional impacts and how banks provide a unique customer experience, while remaining competitive in the marketplace. They explore how digitization impacts the Financial Services industry, and how small and mid-sized institutions can leverage data to:Generate revenue,Improve business performance,Elevate business processes and Create an environment for digital transformation.Neal and Alan expand on how to remain competitive by outlining the foundations to strong data governance, including establishing the right process, selecting a vendor, implementing solutions and identifying the right resources to manage your organization's data. Finally, they look at regulatory requirements and how data assets can assist in more robust and effective reporting. Cherry Bekaert's Risk Advisory practice is focused on helping the Financial Services industry protect value, power performance and build resilience with mature internal controls, data governance and risk management services. We do this by leveraging technology to alleviate financial, operational and compliance risks using purpose-built risk management solutions that cost effectively diagnose, mitigate, and monitor risk.Additional Resources:Article: How to Introduce Data Analytics into Your OrganizationPodcast: How to Build a Data-Driven Culture in Your OrganizationArticle: Identifying Anomalies Through Risk Analytics: What is Your “Normal”?Podcast: What is Risk Analytics and Why is it Important? View All Podcasts from this Series

As SEC filers prepare for the 2023 SOX compliance reporting season, public companies must evaluate their organization's internal controls, policies and procedures, and IT systems, including user access reviews. Another common issue surrounds significant and unusual transactions, understanding the risks, and designing and testing controls to offset those potential risks.On this episode of the Risk & Accounting Advisory podcast, Neal Beggan, Partner and Risk & Accounting Advisory Leader, welcomes two of the practice's Managing Directors, Gareth Montague-Smith and Peyton Black. Together, they look back on hot button topics and lessons learned from the 2022 year-end SOX engagements. For more information on SOX compliance or how your company can prepare, assess overall trends and benchmarking in the SOX regulatory landscape, and stay in compliance and proactively tackle any current or prior year issues, reach out to our Risk & Accounting Advisory SOX practitioners today.View All Podcasts from this Series

Following a previous Risk In Review podcast episode on Sustainability in Business and the Future of ESG, Neal Beggan, Leader of the Firm's Risk Advisory practice, and Ved Gupta, our Risk Advisory guest, outline considerations if you are starting the corporate sustainability journey and establishing a long-term ESG program. Together they identify where to start in the ESG program, define its purpose, explain the components of a well-designed ESG program and finally highlight key pillars to ensure an ESG program is fully integrated within an organization's business strategy.  If you have questions about corporate sustainability or want to evaluate an ESG program for your organization, consult your Cherry Bekaert advisor or contact our professionals in Cherry Bekaert's Risk Advisory practice.Related GuidanceSustainability in Business and the Future of ESGMost Frequently Asked Questions About the Growing Movement of Environmental, Social, and Governance (ESG) in the Corporate SphereView All Podcasts from this Series

On this episode of the Risk & Accounting Advisory podcast, we continue the Risk In Review series as we explore internal audit plans and a few common mistakes that often occur during the development of the annual internal audit plan.  Establishing a sound audit plan and internal controls framework can ensure your organization is protecting against fraud and misuse, creating organizational efficiency, financial stability, integrity, and meeting any regulatory compliance requirements. Our risk professionals examine all aspects of internal audit planning including when to start planning, carry over audits to be considered, incidents that require special projects or reporting, inclusion of senior management in the audit planning process, linking your audit plan to your organization's strategic plan and goals and finally, utilizing a risk assessment. Cherry Bekaert's Risk Advisory practice is focused on helping our clients protect value, power performance, and build resilience with mature internal controls and risk management practices. If you need assistance with your internal audit function, developing a comprehensive internal audit plan, or having a risk assessment conducted, please reach out to our risk advisors.

On a recent episode of the Risk & Accounting Advisory's Risk-in-Review podcast, our risk leaders cover the very important topic of sustainability and Environmental, Social, and Governance (ESG). The term ESG is a relatively new corporate governance approach that many organizations have adopted or are evaluating over the past few years in response to external and internal forces like regulators, investors, employees, third party vendors, and other stakeholders to meet profitability goals, and advance diversity and inclusion and environmental initiatives within the organization. The discussion covers the following to luminate the importance of this initiative: Defining sustainability and how it impacts the ecosystemBenefits and barriers to implementing ESGRegulatory guidance on ESGNext steps and where to go from here in your ESG journeyRelated Podcasts in the Risk in Review Series SOX 404b versus 404b2022 SOX Section 404 Considerations & Summer PlanningThird-Party Risk Management and How It Can Add Value and Drive Success Within Your OrganizationWhat is Risk Analytics and Why Is It Important?Taking a Closer Look at the New SEC Cybersecurity Proposed Rule Changes and its Potential Impact on Companies 

On this episode of our Risk & Accounting Advisory podcast, we are discussing “responsible innovation” — new and expanded or modified products and services — as part of the Risk in Review series. This series is meant to provide informative content in a 5-queston format. Our guest, Mike Dempsey, Senior Manager, in the Risk & Accounting Advisory group unpacks what responsible innovation means for your organization. Regulators are focusing on responsible innovation and wanting to ensure adequate feasibility, due diligence and approvals before introducing a new or expanded activity.We also cover the latest Office of Comptroller and Currency bulletin on the guiding principles, as well as regulatory considerations, benefits for businesses and finally, outlining how companies can effectively and sustainably develop a risk assessment framework, which includes responsible innovation criteria. If you would like to learn more about the impact of new and modified or expanded products and services on your company's risk profile and key messages and tips, please reach out to our speakers or visit cbh.com/risk.

Our recent discussion on the latest Risk & Accounting Advisory podcast focused on five key issues impacting cannabis companies and how to address these unique industry obstacles. Our advisory professionals cover the main issues and root causes, and how we have helped address these challenging industry barriers.  With this highly regulated, yet growing industry, we turn to Kirstie Liberatore, Director in the firm's Accounting Advisory practice and Corey York, Manager, in the Accounting Transformation Advisory practice. Moderating the podcast is Garrett Buckless, a Senior Manager in the Accounting Advisory practice. For more information on cannabis accounting, tax or business matters, visit: cbh.com/cannabisIn this episode of our Podcast, our advisory team discussed:Qualifying for FPI and Lack of Access to CapitalPCAOB Compliant Financial Statements Drive SOX ComplianceInventory Challenges for Cannabis CompaniesM&A Activities Adding Complexity for Cannabis businessesState by State Specific Rules (Do we want to add this in?)Difficulty Retaining Specialized Knowledge & The Talent Shortage within the IndustryComplexities with Financing & Leasing (Unusual Accounting Scenarios) and Accounting Treatment for Sales Leaseback Transactions 

In today's complex and fast-moving business environment, it's important to leverage technology and automation in all your business systems. Through strategic alliance with Blackline, which supports activities not managed by ERPs, but that are critical to business stakeholders and their performance analytics, planning and decision process, our professionals will cover issues facing the modern accounting and finance department, and how your business can use technology to help automate substantiation of reconciliations and mitigate risks to ensure integrity during the record-to-report process. This allows financing staff and management to make sound and timely business decisions from valid results. To unpack these topics, we look to Susan Edwards from our Accounting Advisory practice, who not only helps our clients implement BlackLine, but has also been on the industry slide utilizing BlackLine and has experienced both transformative perspectives.  Joining the Cherry Bekaert team on the podcast is Michele Quartel, a trusted advisor to the BlackLine Partner ecosystem. Moderating the topic is Garrett Buckless, a Senior Manager in the Accounting Advisory practice at Cherry Bekaert. Cherry Bekaert's Accounting Transformation Advisory practice is focused on technology-driven solutions for building foundational accounting needs, optimizing processes, and designing advanced digital controllership functions, which increases productivity, reduces costs, and improves reporting. For more information on our services, or questions about accounting automation, please visit cbh.com/accountingadvisory.

Understanding which statute your company falls within is important as a significant impact on the level of effort management and the external auditor must incur to comply. On this episode of the Risk & Accounting Advisory's Risk in Review podcast, we honor the 20th anniversary of the Sarbanes-Oxley Act (“SOX”) and explore the differences between SOX 404a and 404b, outline the nuances and exceptions for companies to comply with the second year 404b attestation requirements, as well as examine 404a through management's perspective. Finally, our SOX leaders touch on IT general controls and companies involved in a SPAC deal and the distinctions relating to this unique situation. For more information on the SOX 404 a or 404b approaches, visit cbh.com/risk and also check out our published articles on the 2022 Sarbanes-Oxley SOX Compliance Considerations for Public Companies, Filing Status and ICFR Compliance Considerations for SPAC and IPO Transactions and the Are You Ready For Enhanced Cybersecurity SEC Reporting Requirements?  Podcast.Related Podcasts in the Risk In Review Series2022 SOX Section 404 Considerations & Summer PlanningThird-Party Risk Management and How It Can Add Value and Drive Success Within Your OrganizationWhat is Risk Analytics and Why Is It Important?Taking a Closer Look at the New SEC Cybersecurity Proposed Rule Changes and its Potential Impact on Companies

Our Risk & Accounting Advisory podcast takes a bird's eye view of the latest SOX 404 considerations public companies must consider as they wrap-up their first quarter filings and move into the summer. Keeping people, process, and technology at the forefront, we examine a few of the focus areas looking at business and operational considerations as companies begin the planning process for the second half of the 2022 SOX year.Related Information:For more information on SOX compliance or how your company can be prepared, assess overall trends and benchmarking in the SOX regulatory landscape and stay in compliance and proactively tackle any current or prior year issues, visit cbh.com/risk and check out our recently published article on the 2022 Sarbanes-Oxley SOX Compliance Considerations for Public Companies.

On this episode of the Risk & Accounting Advisory podcast, we are tackling the topic of Third-Party Risk Management (“TPRM”) in our Risk-In-Review series. This series provides informative content in a five-question format. Future episodes will include topics like Sarbanes-Oxley compliance, ESG, IT, Enterprise Risk Management, Financial Services Consulting and much more.We begin our discussion by defining TPRM as it pertains to an overall enterprise risk management framework. Then, we delve into the increased regulatory focus on TPRM due to external pressures like COVID-19, remote work environments, etc. We also look the benefits and challenges of implementing or transforming a business' TPRM framework. There are a myriad of considerations and barriers to understand, which all starts with clear roles and responsibilities, as well as engaging all levels of an organization, including Executive management and your Board. Each organization is unique and requires an integrated approach across all operational areas of the business. Finally, we examine the impending TPRM guidelines set forth by Office of the Comptroller of the Currency and the recent bulletin released by the Consumer Financial Protection Bureau.Cherry Bekaert's Risk Advisory practice is focused on helping our clients protect value, power performance, and build resilience with mature internal controls. We do this by leveraging technology to mitigate financial, operational, and compliance risks using purpose-built risk management solutions that cost effectively diagnose, mitigate, and monitor risk.If you would like to learn more about Third-Party Risk Management and how your business can implement a sustainable TPRM program to deliver on short and long-term goals aligning with regulatory expectations, reach out today.

We are launching a new series in our Risk & Accounting Advisory podcast, called Risk In Review, where we cover risk topics in a five-question format. Episodes will include topics like Sarbanes-Oxley compliance, IT, Enterprise Risk Management, Financial Services Consulting and more.We begin this episode's conversation by defining what is risk analytics, before tackling how organizations can increase value to certain departmental functions and discover its importance in driving better decision making, monitoring internal controls, gaining insights into transaction behavior, and increasing test coverage.We also explore costs associated with integrating risk analytics into business processes, as well as drawing alignment with available resources, tools, and skillsets to help achieve results. Finally, this Risk In Review podcast covers a success story that explains how good risk analytics shapes a company, providing strategies for more streamlined operations and powerful, timely decision-making.Cherry Bekaert's Risk Advisory practice is focused on helping our clients protect value, power performance, and build resilience with mature internal controls. We do this by leveraging technology to mitigate financial, operational, and compliance risks using purpose-built risk management solutions that cost effectively diagnose, mitigate, and monitor risk.

On this episode of the Risk & Accounting Advisory podcast, our Accounting Transformation professionals explain what it means for organizations as they grow or expand, navigate routine or complex transactions, adopt regulatory changes, or are simply looking to mature or optimize existing operations. We start the conversation by defining the key components to success accounting transformation: discussing organizational & department structure, systems and alignment, and accounting cycles and processes. We walk through the five-step maturity model to optimize business, as well as looking at accounting software systems integration and optimization. Finally, the podcast covers a real-world example of a success story and the process by which the company went through to transform their approach to physical inventory counting, costing, and tracking.Cherry Bekaert's Accounting Transformation practice is focused on technology-driven solutions for building foundational accounting needs, optimizing processes, and designing advanced digital controllership functions, which increases productivity, reduces costs, and improves reporting. 

On this episode of the Risk & Accounting Advisory podcast, our guests cover the latest on the proposed rules to enhance and standardize disclosures regarding cybersecurity risk management, strategy, governance, and cybersecurity incident reporting by public companies that are subject to the reporting requirements of the Securities Exchange Act of 1934. We begin discussing the everchanging threat landscape and its impact on the SEC's proposed rule change, which was released on March 9, 2022. Our Cybersecurity and SEC compliance professionals also covered the background and history on the proposed rule change as it relates to SOX Compliance, and what exactly the proposed amendment means, and how proposed regulations may impact Management and a Company's Board.Finally, the podcast covers the important items of how to get ready or be ready with regards to compliance, with a well-designed cyber assessment and generally, what this proposed rule means for companies preparing for SOX compliance or for those companies that have complied for years.Now is the time to prepare!

On the latest Risk Advisory podcast we are covering the latest guidance on the American Rescue Plan Act of 2021 (“ARPA”). We examine how organizations can successfully administer CARES funding, details around the State and Local Fiscal Recovery Funds (“SLFRF”) requirements and Single audit requirements, as well as reporting. Our guests also cover unique challenges with ARPA funds for the government sector and particularly as it pertains to compliance, including requirements to segregate direct and indirect costs, structuring indirect cost rates, and the allowability or unallowability of various types of costs. We are often engaged to assist organizations with revisions to policies and procedures to address these areas. Topics discussed include:0:38 – What is ARPA?1:46 – Addressing the challenges of ARPA funding when comparing to the CARES Act5:02 –Requirements for State and Local Fiscal Recovery Funds (“SLFRF”) fundingChallenges at the local level?8:55 – Challenges larger counties and municipalities face with ARPA funding, including Single Audit requirements and cost principles13:41 – Long-term challenges organizations may encounter with compliance requirements and fund management16:05 – Opportunities with the ARPA – Take your time and plan, be creative, modernize, etc.