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CW
Associates CPA's Hawaii, Services in Tokyo on 5 benefits of an integrated risk
management program

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CW
Associates CPA's Hawaii, Services in Tokyo on 5 benefits of an integrated risk
management program

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Risks facing companies can come from anywhere—currency-fluctuation risk related to the U.K.’s decision to leave the European Union is a recent example—which is why enhancing enterprise risk management (ERM) efforts is a popular topic among boards and the C-suite.

Here are five benefits of an integrated ERM program from the proposed framework released by the Committee of Sponsoring Organizations of the Treadway Commission (COSO):

Increase the range of opportunities. By considering all possibilities—both positive and negative aspects of risk—management can identify new opportunities and challenges associated with current opportunities. “Take the extra five minutes as you make a decision,” COSO Chair Bob Hirth said. “Ask, ‘What have we missed here? What have we left out? Is there some unintended consequence?’ As you have that discussion, you end up confirming your decision, or you say, ‘Wow, I didn’t realize we could look at it that way.’ This richer discussion gets you more possible opportunities.”

Identify and manage risk entity wide. Risks can affect many parts of an organization. Sometimes, a risk can emanate from one part of the business but have an effect on another part. As a result, management identifies and manages these entity wide risks to sustain and improve performance. The framework document cites the example of a bank that developed a system in response to trading risks it faced. The system combined internal transaction and market information with external information to provide an aggregate view of risks and allow the bank to quantify relative risks.

Reduce negative surprises and increase gains. ERM allows organizations to improve their ability to identify risks and establish appropriate responses, reducing surprises and related financial loss, and allowing them to profit from advantageous developments. “If you have richer discussions about alternatives and unintended consequences, bad things aren’t just going to stop, but over time, you will be less surprised,” Hirth said. For example, a manufacturing company setting delivery schedules realized that not all delays in highway traffic can be avoided, but it developed alternate routes and protocols to alert clients about potential delays.

Reduce performance variability. The challenge for some entities has less to do with surprises and more to do with variability in performance. For example, a public transportation system can aim for better on-time performance, but having buses and trains go from running 10 minutes late to 10 minutes early is too wide a swing in performance. Hirth said that having an integrated ERM program means doing a better job of judging performance on more than one target.

Improve resource deployment. Having a wealth of information on risk allows businesses to assess overall resource needs and enhance resource allocation. For example, a thorough risk assessment of a gas distribution company’s infrastructure enabled the organization to decide what parts were so old that they needed replacing and what parts could function a few more years with repairs. Having a greater focus on resources makes those resources—time, money, and people—more efficient, Hirth said.

COSO released its proposed framework on enterprise risk management in mid-June, and public comment is open until Sept. 30. Specifics of the framework update, Enterprise Risk Management: Aligning Risk with Strategy and Performance, could change as a result of feedback from stakeholders. COSO is a committee of five sponsoring organizations, including the AICPA. Comments on the exposure draft can be made by visiting coso.org.

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CW Associates CPA's Hawaii: Do You
Remember a Mentor’s Best Advice?

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CW Associates CPA's Hawaii: Do You
Remember a Mentor’s Best Advice?

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Have you ever approached a crossroads in your career and weren’t sure which path to take next? Or maybe you were struggling—with no luck—to gain more confidence and visibility in your job.If you were fortunate enough to have a mentor at these critical junctures, there’s a good chance you gained valuable insights into the best solutions and smartest next steps. In fact, 75% of executives in a poll by the Association for Talent Development said that a mentor had been critical in helping them ascend to their current position.

Mentoring includes imparting wisdom that the mentor has gained through a lifetime of business and personal experience. We reached out to members on LinkedIn and asked them to share some of the best advice they’d received from mentors throughout their careers. Here’s what they had to say:

·        Approach life with an unwavering set of core values. Integrity is the most important. -- David Almonte, CPA, CGMA

·        It’s okay to tell a client, “I don’t know. I’ll figure out the answer and get back to you.” -- Ralph T. Shinn, CPA

·        There’s always going to be an excuse not to do something, whether it’s work, family, school. If you want to make real change, then you have to take a risk. -- Eric Butts, CPA

·        Don’t look for a job. Look for a customer for your services. -- Tom Quinn, CPA

·        Tell the financial and operations story, not just the numbers. -- Lucinda Coffman, CPA

·        As Wayne Gretzky once said, “You miss 100% of the shots you don’t take.” Failure is the key to learning and learning is the key to success. -- David Almonte, CPA, CGMA

·        Sometimes you have to say “no,” particularly when your to-do list might limit your effectiveness. -- Richard Jones, CPA

If you don’t have one yet, you’ll find that a mentor has similar insights to offer, as well as specific ideas that suit your unique needs. The AICPA is piloting an Online Mentoring Program, a simple-to-use tool available for free to AICPA members. The program connects mentors and mentees with similar interests and fosters relationships entirely online.  The initial questionnaire to match mentees and mentors takes less than five minutes to complete. The program also offers a wealth of resources including the Share. Learn. Grow. Mentor guide and the Firm in Motion A PCPS Toolkit: Mentoring Guide. The ultimate goal is to enable participants to fully benefit from the mentoring experience. Find out what mentoring, and this valuable new resource, can do for you.  First-time users should use the passcode aicpa2016 to sign up.

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CW Associates CPA's Hawaii, Services in Tokyo, Hong Kong and
USA: Industries

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CW Associates CPA's Hawaii, Services in Tokyo, Hong Kong and
USA: Industries

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Industries
CW Associates, CPAs, provides accounting, auditing, tax, and general business consulting services to businesses and their owners and nonprofit entities in a variety of industries as well as to employee benefit plans.
Our largest clientele are significant players in Hawaii in the wholesale, retail, manufacturing, and real estate industries. We also provide services to automobile dealerships, associations, franchisees, restaurants, hospitality, private and charter schools and other commercial ventures. In addition, our firm has substantial experience and provides services to businesses in the following specialized industries:

Construction Contractors

Accounting, auditing, tax, and general business consulting services to the construction industry are a significant part of ourprofessional practice. The partners of our firm are actively involved in the General Contractors Association of Hawaii, the Hawaii Chapter of the Construction Financial Management Association (CFMA), and the Associated Builders and Contractors – Honolulu Chapter (ABC). They have presented CFMA’s Basics of Construction Accounting class to a variety of groups over the past ten years and have participated in a number of other construction presentations. In addition, each of our professional staff are trained annually in the unique accounting, reporting, and tax consequences of construction contracts. We pride ourselves on our relationships with local sureties and their expectations of your accountants.

Nonprofit Organizations and Governmental Entities

Accounting, auditing, tax, and general business consulting services to nonprofit organizations and governmental entities also is a substantial part of our professional practice. The professional staff of CW Associates, CPAs, are in compliance with the continuing professional education requirements required by Government Auditing Standards. Carleton L. Williams, our managing partner, has been performing compliance audits since 1979, when they were known as Attachment P audits (prior to the Single Audit Act of 1984). Each of our professional staff are trained annually on the Yellow Book and OMB A-133 accounting, auditing, reporting, and compliance requirements. Services to our nonprofit clients have included: applications for exempt status, preparation of indirect cost allocation plans, clarification of allowable and unallowable costs for federally funded programs, addressing pension plan termination, post-retirement benefits and other accounting issues, analysis of split-interest agreements and joint activity (fundraising) costs, and timely updates for new IRS reporting requirements.

Healthcare

Accounting, auditing, tax, and consulting services to healthcare organizations is a growing part of our professional practice with the addition of Terri Fujii as an audit partner. We provide services to community health clinics, medical and dental groups, and providers of long term care services. Services to our healthcare clients include preparing the Form 990, preparing cost reports, financial analysis, and assistance with regulatory compliance and operational improvements.

Employee Benefit Plans

CW Associates, CPAs, was Hawaii’s first member of the Employee Benefit Plan Audit Quality Center of the AICPA, which requires that all ERISA employee benefit plan audit engagement personnel possess current knowledge of applicable professional standards and the rules and regulations for ERISA (accomplished through employee benefit plan-specific continuing professional education). It also requires member firms to establish policies and procedures specific to the firm’s ERISA employee benefit plan audit practice to comply with the applicable professional standards and the Center’s other membership requirements, and to make publicly available information about its most recently accepted peer review. (Our firm and its predecessor received unqualified opinions without letters of comment in each of its peer reviews since inception in 1989.) Employee benefit plan audits also comprise a substantial part of our professional practice. Our firm provides limited and full-scope audit services of defined benefit pension plans, Employee Stock Ownership Plans (ESOPs), Internal Revenue Code Section 401(k) plans, Internal Revenue Code Section 403(b) plans, single-employer pension plans, and multi-employer pension plans.