About Chad McCarty

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So far Chad McCarty has created 6 blog entries.

Exploring the Auditor-Client Relationship Dynamic

By |2021-08-04T16:38:23-05:00August 2nd, 2021|Assurance, Change, Trust, Value|

  In many instances, the term ‘audit’ carries a negative connotation. Most people visualize auditors as impersonable, number-crunching accountants with the main objective of digging up as much ‘dirt’ in your financial records as possible. However, not all audits and auditors are created the same! Ideally, the auditor-client relationship is one of open communication during [...]

SAS 136: Significant Changes to Employee Benefit Plan Audits

By |2021-08-04T16:33:14-05:00June 7th, 2021|Assurance, Change, Compliance|

Statement on Auditing Standards No. 136 (SAS 136), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, will soon be effective for all employee benefit plans (EBPs) requiring an audit under the Employee Retirement Income Security Act of 1974 (ERISA). The new auditing standard is effective for years ending [...]

New Lease Accounting Standard: Is Your Organization Prepared?

By |2020-03-31T14:18:42-05:00March 17th, 2020|Accounting, Assurance, Change, FASB, Lease|

  In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02 – Leases (Topic 842), which contains substantial changes in the accounting for leases by lessees: organizations which lease assets. The new lease accounting guidance will require lessees to record an asset and liability on the statement of financial position [...]

Understanding Your Retirement Plan Document and Fiduciary Duties

By |2020-01-16T15:20:09-06:00January 15th, 2020|Assurance, Compliance, Internal Control, Nonprofit, Retirement|

  As a retirement plan administrator or plan trustee, you are responsible for the management and successful operation of the retirement plan, in accordance with the plan document and the Employee Retirement Income Security Act (ERISA), on behalf of plan participants and beneficiaries. Therefore, in serving in these fiduciary roles, it is greatly important to [...]

Developing Relevant Performance Metrics in Nonprofit Organizations

By |2020-01-28T12:17:32-06:00November 27th, 2019|Assurance, Board, Budget, Nonprofit, Records|

Nearly every nonprofit organization in existence can confidently state that their board of directors reviews and approves financial reports (generally the statement of financial position, statement of activities, and often a cash flow statement) at each meeting. However, many boards are missing out on a valuable opportunity in gathering important information to assist with [...]

Data Security: Is Your Organization Doing Enough?

By |2019-12-09T13:12:32-06:00August 14th, 2019|Assurance, Board, Fraud, Internal Control, IT, Nonprofit, Preparation, Tips|

The term data security broadly refers to defensive measures put into effect to prevent unauthorized admission into computers, databases, websites, and any other places data may be stored. Data security is typically applied to systems which protect personally identifiable information (PII). Examples of more sensitive PII include social security numbers, driver’s license numbers, full [...]

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