Third Party Risk Management (TPRM)

A third-party vendor is an ancillary process—outside the control of your organization—which performs a function or provides a service; for example, a third-party payroll company or an IT provider. Third-Party vendor breaches are still a major cybersecurity risk management issue in 2017, and often times an organizations weakest link in their cybersecurity management. Although your…

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Don’t Forget to Perform Price Analysis on Your Subcontractors

Most prime contractors include one or more subcontractors in their proposals to the government. Solicitations issued pursuant to FAR Part 15, 15.404-3(b) require the prime contractor to conduct cost and price analyses to establish the reasonableness of the proposed subcontractor prices and to include the results of these analyses in the cost proposal. Even if…

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Tuition and Housing Revenue Recognition

In the blog Revenue from Contracts with Customers we talked about some of the guidance for revenue recognition for nonprofits. One of the first issues addressed by the American Institute of Certified Public Accountants (AICPA) Not-for-Profit Revenue Recognition Task Force is Tuition and Housing Revenue. This is primarily addressed to institutions of higher education but…

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Revenue Recognition from Contracts with Customers

Most people are aware by now that the generally accepted accounting principles (GAAP) model on revenue recognition is changing. ASU 2014-09, which covered Revenue from Contracts with Customers, was issued in 2014 and it represents—along with leases—one of the most significant GAAP changes in some time. The standard applies to all types of entities that…

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