By Steven Markowitz  In the aftermath of the United States Supreme Court case, AT&T Mobility, LLC v. Concepcion, (2011) 131 S. Ct. 1740 (“Concepcion”) California courts have begun revising stat…

Source: jampolzimet.wordpress.com

Good information to pass along.

Dave Tate, Esq.

Creating Awareness with Internal Audits Stakeholders Sometimes It Takes Marketing

Source: www.theiia.org

Good for internal auditors and audit committee members to read.  Dave Tate, Esq., CPA (inactive), San Francisco, California

In this clip from the 2014 PLUS Hong Kong Professional Liability Regional Symposium, Kenneth Morrison of Mazars CPA Limited looks at the importance of good corporate governance the key items to loo…

Source: plusblog.org

Insurers are eagerly eyeing exponential growth in the tiny cyber coverage market but their lack of experience and skills handling hackers and data breaches

Source: www.insurancejournal.com

A useful and fairly detailed article about the state of insurance policies and coverage for cyber hacking.

The question of the privacy rights of consumers is an increasingly important topic. In the following guest post, Bill Boeck, Senior Vice President. Insuran

Source: www.dandodiary.com

Excellent discussion. Sale of a business could violate the privacy rights of consumers where the business has represented that it will not share or sell consumer data.

Dave Tate, Esq.

Source: www.cgma.org

Just based on intuition, yes I would assume that many, perhaps most nonprofits are not involved or sufficiently involved in risk management.  The article states that nonprofits should follow a framework:

“Follow a risk management framework. The 2004 ERM Framework created by the Committee of Sponsoring Organizations of the Treadway Commission (COSO, which includes the AICPA), is one such framework. The International Organization for Standardization’s ISO 31000 is another.”

But considering the length and complexity of the COSO and ISO 31000 materials, many nonprofits might want to consider following a more direct framework such as my 1-page outline which you will find in the About section of my blog at http://tatetalk.com.

The most important thing is to get started – start small or reasonable identifying and addressing the most pressing risks and build up from there.

Source: auditandrisk.org.uk

Good article about internal audit.  I have long said that internal audit needs to prove and improve itself to become more relevant and useful to management, boards and audit and risk committees, and that governing or professional internal audit entities and associations need to lead the way.  But the usefulness of only spotting and reporting issues, risks and problems is limited as solutions are needed.  Dave Tate, Esq. 

Mohamed Abdi Hassan, another notorious pirate nicknamed Afweyne, or “Big Mouth,” said earlier he was getting out of the game. Things are changing in East Africa’s high-profile pirate business: A combination of greater force at sea and swifter justice on land means the bottom has fallen out of the kind of Somali piracy vividly depicted in “Captain Phillips,” the 2013 film about the hijacking of the Maersk Alabama. “With a few very small exceptions, we’ve had two years now without any successful piracy attacks,” says Alan Cole, regional coordinator of the maritime crime program for the United Nations Office on Drugs and Crime (UNODC).

Source: news.yahoo.com

Lesson confirmed, right? Risk management, and have the will and ability to fight back and win.

Dave Tate, Esq. (San Francisco / California)

Source: blog.nacdonline.org

Another indication that the NACD is onboard with board risk management oversight.  Can NACD guidance be used to establish board standards of care?  If you are on a board, or a board risk committee, or an audit committee that has been delegated risk management oversight responsibilities, you need to keep on top of these developments, but the numbers of risk management commentators are difficult to keep up with.

Dave Tate, Esq.

Many preparers and practitioners have been anxiously awaiting the new, converged revenue recognition standard for quite some time. The standard was released by the Financial Accounting Standards Board and the International Accounting Standards Board on May 28. How can we prepare for a smooth transition to the new standard? What…

Source: blog.aicpa.org