The tech bubble of the 1990s left behind a wake of major accounting frauds in corporate America. While the infamous Enron scandal grabbed the most headlines and media attention, there were numerous other accounting frauds that had major impacts on the U.S. economy. Waste Management Inc. was one of the few companies who...
In an ever-evolving accounting industry and job market, upskilling has become an essential strategy for both employees and organizations. As AI and technology continues to advance and industry demands shift, the need for continuous learning is more crucial than ever. Below are some key benefits of upskilling in today’s...
In 1983 businessmen Murray Waldron and William Rector came up with a plan to create a discount long-distance communications provider called “Long Distance Discount Service” or LDDS (which would later become WorldCom). This was shortly after telecom giant AT&T agreed to a settlement agreement with the U.S. Departmen...
Account reconciliations are not only a critical task for accurate internal and external reporting, they are also a key tool for fraud prevention. The ACFE (Association of Certified Fraud Examiners) 2022 Report to the Nations noted that performing account reconciliations was one of the top methods for discovering f...
The month-end close process can vary significantly from one organization to another. The industry, entity size, and nature of the business operations play a significant role in the month-end close process. Outside of these considerations, there is another factor that has an even larger impact on the quality and duratio...
In a rapidly evolving economy, businesses are recognizing how important it is to keep up with technology and the way we do business. Executives and leaders need their employees to pivot on existing skills as well as add a repertoire of new skill sets.In January 2020, the World Economic Forum launched the “Reskilling Re...
How much time do you spend in your office per day? As a CFO or aspiring CFO, success increasingly becomes tied to the time you spend building relationships with your peers and other leaders in your organization. The amount of time you spend in your office, or heads-down at your computer, could actually be a detriment t...
Internal and external audits can quickly turn into disasters and lead to dire consequences if organizations are not prepared. Too often, finance teams think that they will ace their audits, but then significant issues arise that lead to unwelcome surprises. In a recent webinar, Nancy Wu with SkyStem walked t...
Heading into the new millennium, Enron was on top of the world. Or at least, most people on the outside thought so. Enron was ranked in the top 10 on the Fortune 500 list for largest companies in the U.S. and their revenue growth was exponential. They were highly touted as a company of innovation and beloved by most an...
Have you ever felt stuck in your current month-end close processes? When close comes around, most professionals feel they are racing a clock. For this reason, most teams can benefit from taking time after the books are closed to assess and improve their month-end close processes. Nancy Wu with SkyStem provided an...