News & Resources

How to Report Software Costs

  What do Tesla cars, smart TVs and equipment used for making french fries have in common? The answer is embedded software, according to recent comments by Financial Accounting Standards Board (FASB) Vice Chair James Kroeker. He also told the

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Somerset CPAs and Advisors Expanding Cloud Technology Practice

  Somerset CPAs and Advisors is pleased to announce the expansion of its cloud technology practice, Somerset Technology Solutions, LLC. Effective November 15, 2021, Dataquest Solution’s Acumatica cloud technology practice and Somerset Technology Solutions joined forces. This new organization will

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How Auditors Assess Cyber Risks

  Data security is a critical part of the audit risk assessment. If your financial statements are audited, your audit team will tailor their procedures to answer critical questions about cyber risks and the effectiveness of your internal controls. While

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Prevent and Detect Insider Cyberattacks

  In one recent cybercrime scheme, a mortgage company employee accessed his employer’s records without authorization, then used stolen customer lists to start his own mortgage business. The perpetrator hacked the protected records by sending an email containing malware to

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Five Steps to Streamline the Month-End Close

Many companies struggle to close the books at the end of the month. The month-end close requires accounting personnel to round up data from across the organization. Under normal conditions, this process can strain internal resources. However, in recent years

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How to Protect Yourself Against Identity Theft

Now more than ever, it’s important to safeguard yourself against identity theft. Here are some steps you can take to protect your personal and financial information. Check Yourself Out It’s important to review your credit report at least once a

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