UPDATES + INSIGHTS

Article Summary

U.S. GAAP allows nonprofit museums to choose whether to capitalize qualifying art collections, recognizing that collections are mission‑driven assets rather than traditional financial resources. Most museums elect not to capitalize collections because they are held in the public...

Article Summary

• A SOC exam typically spans multiple phases:control gap assessment (hours to days), control design and implementation (1–6 months), fieldwork (3 days–3 weeks), and reporting (1–2 months).
• Identifying whether a SOC 1, SOC 2, or SOC 3 report is needed depends on whether services...

Article Summary

• SOC reports provide assurance that a service organization’s internal controls are designed and operating effectively.
• SOC 1 focuses on financial reporting controls, while SOC 2 addresses security, availability, processing integrity, confidentiality, and privacy.
• SOC examinations...

Article Summary

• SOC 2 Trust Services Criteria were updated to align with the 2013 COSO Internal Control Framework and include enhanced focus on cybersecurity, governance, and risk management.
• New description criteria require expanded disclosures, including principal service commitments, system...

Article Summary

• A Written Information Security Plan (WISP) is a formal document outlining how an organization identifies, assesses, and manages cybersecurity risks to protect sensitive data.
• Regulatory drivers such as HIPAA (1996), GLBA (1999), the FTC Safeguards Rule (2003), and 2021–2024...

Article Summary

• Explains how to determine whether a vendor qualifies as a Subservice Organization in SOC 1 and SOC 2 reports.
• Defines Subservice Organizations based on AICPA SOC Audit Guides, emphasizing “relevant” and “necessary” controls.
• Identifies two key factors: whether vendor controls are...

Article Summary

• Employee deferrals must be deposited into a retirement planas soon as they can reasonably be separated from an employer’s general assets.
• Common timeframes such as five or seven business days are general expectations, not safe harbors.
• An employer’s fastest historical deposit sets...

Smarter Systems. Stronger Results. A Practical Look at Software for Dealerships

February 10, 2026

How a Strong Month-End Close Drives Dealership Financial Success

February 10, 2026