O’Connor & Drew Blog
The Latest Information From The Professionals At O'Connor & Drew, P.C.
Filling The Roles
PROFESSIONAL DEVELOPMENTFilling the RolesPeter Bohan, Director of Firm Administration25 October 2022The job market in the accounting/finance world has progressively been getting tighter and tighter over the past few years. The baby boomers are fast disappearing from...
Single Audit: Don’t Be Scared… Be Prepared!
HIGHER EDUCATION Single Audit: Don’t Be Scared... Be Prepared!Lisa DiGiusto Manager, CPA25 October 2022If you work in upper management of higher education, there are two words that will scare you more than any ghost or goblin this Halloween season…Single…Audit. There...
CYBERSECURITY AWARENESS MONTH
Since 2004, the President of the United States and Congress have declared October to be Cybersecurity Awareness Month, helping individuals protect themselves online as threats to technology and confidential data become more commonplace.This year’s campaign theme “See...
SAS 99: Consideration of Fraud in a Financial Statement Audit And the Fraud Triangle
HIGHER EDUCATION SAS 99: Consideration of Fraud in a Financial Statement Audit And the Fraud TriangleChristopher P. Stenmon Principal, CPA, MST2 August 2022Happy Birthday SAS 99! This October, auditors all around the United States will be celebrating the 20th year...
FASB Lease Standard
HIGHER EDUCATION FASB Lease Standard Steven J. Cohen Principal, CPA, CGFM 2 August 2022 Overview Beginning for financial statements with year ends after December 15, 2021, the Financial Accounting Standards Board (FASB) will require not-for profit entities to...
Onboarding in a Hybrid World
BUSINESS Onboarding in a Hybrid World Michelle Anderson, Human Resources Manager 2 August 2022 The week leading up to an employee’s first day can set the tone for the employment relationship. This leads to a number of questions that need to be answered to ensure a...
Where is the LIFO Inventory Relief?
TAX Where is the LIFO Inventory Relief? Ryan McDonell Manager, CPA 26 July 2022 Many auto dealers use the last-in first-out (LIFO) accounting method for valuing new vehicle inventory. Under LIFO, dealers use the value of the most recently acquired inventory as an...
The Importance of a Relevant Buy-Sell Agreement
AUTOMOBILE DEALERSHIPS The Importance of a Relevant Buy-Sell AgreementChris NadeauManager, CMA, CPA, CVA26 July 2022In recent years, there has been a notable increase in the number of times I have been retained to consult on buy-outs of exiting shareholders. I have...
Three Critical Cyber Security Steps for Auto Dealerships
IT AUDIT & SECURITY Three Critical Cyber Security Steps for Auto Dealerships Don Lander, Director of Advisory Services, OCD Tech26 July 2022Anyone working in the car dealership business knows that your employees are crucial to the success of your dealership. You...
ASC 842- Leases Accounting Standards
AUTOMOBILE DEALERSHIPS Zachary LaFlashPrincipal, CPA25 April 2022The Financial Accounting Standards Board’s (FASB) standard on lease accounting (ASC 842) will be effective for non-public companies for their fiscal years beginning after December 15, 2021. For the vast...
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