The GLS team loves sharing insights on what’s happening in the profession. Review some of our recent articles on important changes you need to be aware of to be successful. Reach out to us if you would be interested in having GLS author an article for your publication.
The AICPA’s latest ethics interpretations address independence risks in recruiting and tax services for attest clients. This update aligns with global standards and introduces new restrictions to mitigate undue influence and advocacy threats. Learn how these changes affect firms and key compliance considerations.
The AICPA’s NPAG released a report outlining six critical recommendations to combat the accounting talent shortage. From revamping education and CPA licensure to improving diversity and workplace experience, these strategies aim to revitalize the profession. Explore the key takeaways and their impact.
Over the past 15 months, the PCAOB has sanctioned multiple CPA firms for quality control violations, citing failures in professional skepticism, audit evidence, and compliance with reporting requirements. Notably, PwC Greece was fined $3 million for disregarding contradictory audit evidence, and KPMG China faced penalties for insufficient audit documentation. These cases underscore the critical role of strong quality control systems in maintaining compliance. With new standards like SQMS No. 1 and QC 1000 set to take effect, firms must proactively enhance their quality management frameworks to mitigate risk and uphold auditing integrity.
Occupational fraud is a serious threat to businesses worldwide, with losses totaling over $5 trillion annually. The ACFE Occupational Fraud 2024 report reveals that asset misappropriation, corruption, and financial statement fraud are the most common schemes. Red flags like employees living beyond their means or experiencing financial difficulties often precede fraud. Strong internal controls, such as financial audits, surprise audits, and hotlines, are proven to reduce fraud losses by up to 50%. Discover how to safeguard your organization against fraud risks.
FASB’s ASU 2023-08 addresses the accounting and disclosure of crypto assets, requiring fair value measurement and enhanced transparency. Effective December 15, 2024, this update ensures better decision-useful information for investors.
FOR NONPROFITS
Money Matters for Nonprofits demystifies financial statements and basic accounting, empowering nonprofit board members to better advise their organizations and make an even greater difference in the world.
Melisa F. Galasso is the founder and CEO of Galasso Learning Solutions LLC. A CPA with nearly 20 years of experience in the accounting profession, Melisa designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting.
Her passion is providing high-quality CPE that is meaningful, creates efficiencies and improves quality, and positively impacts ROI. She also supports essential professional development, audit level training, and train the trainer efforts.
Melisa is a Certified Speaking Professional, a Certified Professional in Talent Development (CPTD), and has earned the Association for Talent Development Master Trainer™ designation. Her passion for instructional design and adult learning techniques is one of the differentiators that set her apart from other CPE providers.
She also serves on the FASB’s Not-for-Profit Advisory Committee (NAC), AICPA Council, and the AICPA’s Women’s Initiative Executive Committee (WIEC). She also serves as a Subject Matter Expert for the Center for Plain English Accounting. She previously served on the AICPA’s Technical Issues Committee (TIC), the VSCPA’s Board of Directors, and is a past Chair of the NCACPA’s A&A committee. In addition, Melisa is the author of Money Matters for Nonprofits: How Board Members Can Harness the Power of Financial Statements by Understanding Basic Accounting which is available on Amazon or anywhere you purchase books online.
Melisa received a Top 50 Women in Accounting Award in 2021 by Ignition, is a 2020 Enterprising Women of the Year Award recipient, and was honored as a “40 under 40” by CPA Practice Advisor in 2017, 2018, and 2019. She was also named the 2019 Rising Star by her regional NAWBO chapter, received the Don Farmer award for achievement in technical content instruction, and earned several other awards for public speaking and technical training.
