Insights

Anticipation about forthcoming regulations for the Qualified Opportunity Zone (QOZ) program has grown to a fever pitch in recent weeks.

CBIZ and MHM’s 2019 Executive Education Series™ unpacks some of the major changes coming your way through webinar-based training.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is a common metric used by private equity fund managers to value investments made in portfolio companies.

Private equity and venture capital groups around the country have a lot of money but limited opportunities to spend it.

Financial services groups use benchmark interest rates to assist with business functions ranging from lending to mitigating interest rate risks. One of those benchmark interest rates, the London Inter-Bank Offered Rate (LIBOR), is effectively going away after 2021.

Threats to information security are leading to innovation within the information technology function.

When it comes to what not-for-profit organizations should pay their top executives, the “instructions” are not always clear or obvious.

Not-for-profit organizations that hold collections received some much-needed clarification from the Financial Accounting Standards Board (FASB) that will eliminate a diversity in practice.

Cloud updates and other technology advances have put new pressure on most technology companies—especially Software as a Service (SaaS) companies—to streamline roll-outs of updates and new product offerings.

The European General Data Protection Regulation (GDPR) might be ushering in a new age of cyber regulations.

The Tax Cuts and Jobs Act (TCJA) introduced an additional test for when sales, gross receipts, and other items of income (collectively, sales) are recognized.

Clarity is critical for implementing new accounting standards.

The Securities and Exchange Commission (SEC) cuts emerging growth companies some slack when it comes to their financial reporting requirements.

Several not-for-profit developments emerged during the first part of the year that should be on your organization’s radar.

In 2017 the Financial Accounting Standards Board issued an accounting standards update (ASU 2017-01) clarifying the definition of a business.

As not-for-profit organizations adopt the new financial statement presentation changes, they may want to take another look at their accounting for fundraising costs.

As part of our commitment to keeping you informed with the latest regulatory developments, members of our Student Financial Aid Specialty Group recently attended the Department of Education’s Federal Student Aid (FSA) conference in Atlanta.

The IRS released proposed regulations in November 2018 to provide taxpayers with guidance on applying a key tax reform provision related to business interest expense deductions.

Many touted the tax reform legislation known as the TCJA as the most significant change to the Internal Revenue Code (IRC) since the Tax Reform Act of 1986.

The improving economic conditions have created a near perfect environment for real estate over the past five years.

The Supreme Court made 2018 an incredibly exciting year for state and local taxes.

Starting in 2019, private manufacturers will be following new guidance for recognizing revenue from the contracts with their customers.

There is little question that the accounting for share-based payment awards was among the most time consuming and complex areas of U.S. GAAP.

Even though the pace of new standard setting has appeared to have slowed, not-for-profit organizations will have no shortage of accounting considerations in the next year.

Corporate AMT refunds claimed under Section 53(e) will not be taking a hit for the federal deficit in 2018, according to a recent IRS update.

Late in 2018, the Financial Accounting Standards Board (FASB) released minor changes to lessor accounting designed to make adopting the new leasing standard easier.

Double dipping is not overreaching for businesses with fiscal years beginning in 2017 and ending in 2018.

It’s the New Year and a new tax season. As the celebrations end and the holiday decorations are put away, the process begins for tracking down and organizing important tax return data.

Federal agencies may be in the midst of a partial shutdown over southern border security concerns, but tax season hasn’t hit a wall.

Recently, the IRS made several changes to the rules related to hardship withdrawals for not-for-profit organizations.

The FASB issued ASU 2018-17 Consolidation (Topic 810) which expands the accounting alternative for private companies' application of variable interest entity (VIE) consolidation guidance and changes the analysis of related party decision maker and service provider fees.

The transition to the new leasing standard promises to be time-consuming, and it could have an impact on financial statements. Taking action early — before the effective date — can help private companies simplify their adoption process and potentially avoid compliance issues with loan covenants.

MHM was the recipient of the Kreston International Collaboration Award at the Kreston World Conference last week in New Orleans.

The amendments in the Rule are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors.

The time to adopt the new leasing standard is almost here for public companies. Changes introduced in ASC Topic 842 take effect for public companies for fiscal years beginning after Dec. 15, 2018. All leases will need to be evaluated in light of the new requirements and internal processes and reporting may need updating.

The 2017 tax reform law affected the tax treatment for divorce settlements by eliminating the deduction for alimony and maintenance payments for the payor and the tax on the alimony for the recipient.

The IRS recently released its proposed regulations interpreting Section 965, the provision in the Tax Cuts and Jobs Act (TCJA) that imposes a one-time "transition tax" on the stockpiled earnings of U.S. companies' foreign subsidiaries.

The cloud provides a more efficient venue for creating new products or services by allowing remote collaboration. From a cybersecurity perspective, however, cloud software presents a logistical nightmare.

As the effective date nears, entities will need to be prepared for the changes to lease accounting. The following are some elements to consider when preparing for the transition to ASC Topic 842.

In the fourth quarter, we will be offering industry-specific looks at revenue recognition issues as well as quarterly updates for all businesses to consider. Most webinars are eligible for CPE credit.

Private equity and venture capital firms and their portfolio companies need to be aware of the potential tax impact, as changes to financial reporting practices could create differences between book and tax accounting.

Beyond the task of selecting an external auditor, an audit committee provides additional key functions to an organization that are of immense value.

A low unemployment rate and high number of open positions up the ante in the talent marketplace. Not-for-profit organizations may want to go on the defensive to ensure they keep their top talent.

ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans, Topic 715-20 removes several disclosure requirements, and adds and clarifies others in an effort to provide more useful information for benefit plan financial statements.

The 2017 tax reform law gives donors more of an incentive to make charitable contributions, increasing the deduction allowed for cash contributions to public charities from 50 to 60 percent of adjusted gross income. Substantiating that deduction, however, may be more challenging due to recently finalized IRS regulations.

Private equity and venture capital firms and their portfolio companies should be aware of the potential impact the Wayfair decision could have on their existing sales and use tax collection, remitting and reporting processes.

The FASB recently issued proposed guidance that would simplify three elements of the new leasing standard that will affect lessor accounting.

Online trading platforms have become a popular way investors can buy and sell digital assets, including cryptocurrency coins and tokens offered in Initial Coin Offerings (ICOs).

The increasing popularity of these digital currencies may offer new opportunities for your organization because they represent new ways to raise money and conduct business, their transactions are secure, and their underlying technology has the potential to dramatically lower not-for-profits' bookkeeping costs.

Tax-exempt organizations other than those organized under 501(c)(3) or political organizations (under Section 527) will soon be able to leave off donor names and addresses from their Form 990s.

Internal accounting departments may be focused on complying with the tax changes in South Dakota vs Wayfair (and rightly so), but there are also financial reporting considerations that come into play with sales and use taxes.

Those reticent about making backdoor Roth IRA contributions for fear of drawing IRS scrutiny may want to reconsider participating in the strategy.

As use of cryptocurrency grows in popularity, it presents challenges for accounting of which vendors and their accountants will need to be aware.

This OMB memo dramatically increased these thresholds, which should simplify purchase processes for not-for-profit organizations receiving federal funds.

Three emerging technologies in particular — blockchain, automation, and cloud software — will shake up some traditional accounting practices and streamline others.

In South Dakota v. Wayfair Inc. , the Supreme Court ruled that the physical presence standard for sales tax collection is no longer the law of the land. Retailers across the nation must prepare for a profound increase in sales tax collection responsibilities as states adapt their laws to this new judicial standard.

From large organizations to small local associations, cybersecurity is a concern for everyone in the not-for-profit sphere.

The Tax Cuts and Jobs Act will impact income tax planning for trusts and estates, at least until Dec. 31, 2025 when many of the provisions are scheduled to expire. Here are some tax planning opportunities to consider for executors, trustees, and beneficiaries of trusts, as well as those considering the creation of new trusts.

Domestic manufacturers should explore the potential benefits and drawbacks under the Tax Cuts and Jobs Act now.

Failing to follow audit regulations can mean significant consequences for a not-for-profit organization. Here are some things to look for within your own organization before your audit begins.

The IRS may be faced with a declining workforce and budget, but it's still active in monitoring compliance for not-for-profit organizations. In its 2018 work plan, the IRS stressed its data-driven approach to selecting Form 990s to examine.

Regardless of size or type of operation, all companies can benefit from having an audit committee to help with corporate governance strategies and, ultimately, provide the best chance to ensure the organization's success.

In light of lawsuits and the recent continuation of certain cases, not-for-profit organizations may want to take a close look at their 403(b) programs, and if necessary, make some changes to help minimize fiduciary risk.

It's a good time to take a look at the message your organization's tax return is sending.

Over the past several months, regulators have released new guidance that will affect not-for-profit accounting and taxes. Here are highlights of some of the major developments from the end of 2017 and the beginning of 2018.

Employers should begin preparing for the restatement process if they have not done so already.

Meeting donor (and media) perceptions and expectations with regard to how much executives within a not-for-profit organization should be paid can be complicated.

Bankers are optimistic about the next few years, and why not? Tax reform presents banks and financial institutions with additional options.

Life sciences companies have many new things to consider in light of the changes made by the 2017 tax legislation known informally as the Tax Cuts and Jobs Act (TCJA).

In the wake of an increasingly improved economy and a strengthening stock market, many private biotech companies have either initiated the process of going public or are at least contemplating it.

While much of the focus of the recently enacted tax reform legislation has been on the direct effect of the new federal provisions, there are major indirect implications for state income taxes as well.

These accounting changes will likely affect financial statements, so it's critical that entities understand where accounting changes will need to be made as well the impact to their financial statement in order to communicate the reason for the changes to their financial statement users.

Accounting changes will affect financial statements, so it’s critical entities understand what accounting changes will need to be made in order to explain the reason for the changes to their financial statement users.

The new tax law introduced as the Tax Cuts and Jobs Act (TCJA) includes considerable changes to the Internal Revenue Code that will impact the private equity and venture capital industries.

The TCJA provides many changes for individuals and business that mostly take effect beginning in 2018. Some are permanent and some expire after 2025. Having a good list of start and end dates is important to understanding the Act's long-term impact.

Operating environments change, and not-for-profit organizations can expect to feel a financial impact from the new tax legislation.

Not-for-profit organizations will face some critical challenges as the new tax law begins to take effect.

Effective Jan. 1, 2017, Revenue Procedure 2016-37 changed the IRS determination letter program to eliminate the five-year remedial amendment cycle for tax-qualified individually designed plans (IDP).

The new tax law that is informally referred to as the Tax Cuts and Jobs Act (TCJA) included many perks for businesses, but it also established new protocols for the recognition of gross income that may be detrimental.

SAB 118 introduces the concept of a measurement period for the accounting for the TCJA.

The Tax Cuts and Jobs Act is the most far reaching tax change to affect the real estate sector since the Tax Reform Act of 1986. Generally speaking, real estate fared well under the new law.

This update provides brief descriptions of selected international tax provisions of the Tax Cuts and Jobs Act — based on the more extensive summary above — and adds a few observations about the impact of such provisions.

These are the top five issues to be dealt with in preparing Dec. 31, 2017 financial statements.

Understanding the risk management lessons from major events in 2017 will help you plan to address the risks of tomorrow.

It's a challenge to retain a talented finance executive. The following may help your organization keep the talent it has secured.

Proposed updates to individual tax brackets, employment tax-related provisions, and estate planning are among several areas that may have an impact on charitable giving and other tax-related matters.

A growing number of organizations are turning to a framework of internal coaches who can assist in creating a pipeline of leaders and develop managers who can coach their teams.

The new guidance enhances COSO's 2004 ERM publication, Enterprise Risk Management-Integrated Framework by providing additional detail organizations can use to enhance enterprise-wide risk management procedures.

A proactive approach to managing your property tax burden can return significant dollars to your bottom line.

Not-for-profit organizations have a diversity problem, and it starts at the board level.

Data-driven analytics are here to stay when it comes to compliance enforcement for not-for-profit organizations.

Information security is a threat for every business, but it’s particularly disruptive to the nation’s infrastructure systems including transportation, communications and financial institutions.

Not-for-profit organizations affected by natural disasters may be able to harness the generosity that follows a natural disaster, but they should be careful.

A financial statement audit is bound to produce questions on financial statement reporting, and many are matters that are better addressed before the start of the audit.

Mergers and acquisitions aren't part of a typical not-for-profit organization's growth strategy, but they may be a resource worth considering.

Regulatory burdens, customer demands and new technologies will continue to encourage smaller community and regional banks to consolidate in response to this shifting landscape.

Not-for-profit organizations can better manage employees in different age groups if they understand some common generational traits and where differences may arise.

We recently received an inside look at the grant-making process, and the experience provided some additional insights into the type of information and requests that make a grant application appealing to grant-makers.

Recent tax court cases indicate that regulators will be aggressive in enforcing charitable contribution tax deduction rules.

As entities work through their transition to the new guidance, a number of questions may come up. The following may assist with implementation.

A good board with a wide variety of skills may lead your not-for-profit to new heights.

At a recent Department of Education Federal Student Aid conference, presenters discussed some of the most common compliance issues involving student aid and federal funds.

Each organization is vulnerable to unique risks and disruptions, but in general, not-for-profits should be prepared to address four types of losses: loss of people, loss of vendors, loss of facilities and loss of technology.

Audit committees should evaluate and update their charters to ensure they include best practices, not only for managing the audit process but also for helping their organizations mitigate their key risks.

The number of cyber attacks continues to rise. Employee benefit plans should evaluate their protocol to make sure they are prepared for the risks in their environment.

To identify the right candidate, not-for-profit organizations may want to broaden the search to include individuals with a corporate background.

Not-for-profit organizations can help protect their organization from financial abuse and mismanagement by understanding what form fraud may take.

Not-for-profit organizations must be vigilant in how they manage and protect their sensitive information, including employee data, donor data and financial data.

CPAs will use the report to evaluate entities' cybersecurity risk management programs, similar to the process used to evaluate an organization's control environments in SOC 1 and SOC 2 reports.

Understanding common accounting mistakes related to these instruments as well as the accounting guidance to which the instruments may be subject can assist with navigating through complex debt and equity transactions.

The Johnson amendment was passed in 1954 and prohibits Section 501(c)(3) tax-exempt charitable organizations from participating in political activities that favor or oppose a candidate for office.

CBIZ and MHM are pleased to sponsor the 2017 American Institute of Certified Public Accountants (AICPA) National Not-for-Profit Conference being held on June 21-23, 2017.

Organizations that follow four simple steps may find that an in-depth examination from a regulator is no cause for alarm.

Not-for-profit organizations can use social media to help drive engagement with internal and external audiences.

New revenue recognition standards for financial reporting require careful planning and education to develop an implementation strategy. They may bring about substantial income tax consequences as well.

To ensure your organization is adequately protected, management and IT need a routine monitoring plan in place and regular communication about the following topics.

2017 started with a big backlog of companies looking to go public, and year-to-date, very few of them have gone public. The first quarter had only four biotech IPOs. With that, companies right now are looking for other ways of raising capital.

Used by tax-exempt organizations, these "top hat" nonqualified retirement plans allow key employees or a select group of employees to defer receipt of compensation to a later date, perhaps when their tax rate is lower.

If your organization accepts in-kind donations, it should have clear policies and reporting measures in place.

MHM's David Diamond recently participated in a panel at the ROTH conference discussing the process of listing on a US National Exchange and the impact on liquidity and visibility within the investment community.

Logical security protocol makes it more difficult for one user to be the source of a major issue.

While business growth and regulatory compliance are perhaps the two most critical business drivers behind a financial service firm's decision to outsource, the outsourcing solution itself creates a risk that must be managed and regulatory requirements that must be met.

Although the OCC's objectives in granting limited-purpose bank charters to fintech companies are regulatory in nature, the move could be a huge game changer for companies seeking to innovate within the financial services industry.

The most significant change relates to the establishment of the Current Expected Credit Loss (CECL) impairment model for loans measured at amortized cost.

In 2016, the FASB released 20 accounting standards updates. Among the more significant were changes to leasing, financial instruments and the not-for-profit reporting model.

Not-for-profits should prepare for the effective date by ensuring their processes are ready for the new requirements and that they are prepared for the transition to ASU 2016-14.

How leases are transitioned to the guidance under FASB ASU 2016-02, Leases (Topic 842) will depend on the types of leases in place at the date of adoption and whether electing available practical expedients makes sense for the organization.

MHM and CBIZ representatives have been forging valuable relationships with our international network peers while attending the Kreston India Conference 2017 in Mumbai. Kreston is our international network of accounting firms.

Protecting your organization from cybersecurity threats is essential in today's business environment. One of your key areas of vulnerability comes from third-party service providers.

Data breaches and other disruptive environments can often be traced to external providers, and as such, service organizations are being asked to demonstrate their controls to the user organization.

MHM's Employee Benefit Plan Audit Practice Leader Hal Hunt was recently quoted in an article by PlanSponsor Magazine titled "Both the DOL and IRS Are Stepping Up Their Audits."

Who needs to be contacted and when may vary depending on your physical location.

Changes resulting from ASU 2015-02 Consolidation (Topic 810): Amendments to the Consolidation Analysis impact each step in evaluating whether a relationship with another entity should be consolidated.

In light of the recent attention paid to impairment accounting, oil and gas companies should evaluate their own practices to ensure they meet the applicable standards.

MHM is proud to announce that Joyce Farris of our MHM's Board of Directors was recently named a Woman to Watch - Experienced Leader by the Missouri Society of CPAs.

At the Kreston International 45th Annual Conference, CBIZ and MHM were once again presented with the International Social Networking Award for their consistent efforts to post insightful, relevant and quality content across social media platforms and the application of highly shareable infographics to accompany their content.

In this installment of Seven Ways to Strengthen Cybersecurity, we'll discuss what we've learned from high-profile breaches.

CEOs, CFOs and business owners are well advised to have adequate familiarity with the requirements under the applicable standards because proper application of such standards is critical to achieve correct reporting for acquired businesses.

MHM is pleased to announce the appointment of Mike Loritz as the Midwest Region Attest Practice Leader (RAPL).

MHM is pleased to announce Rich Howard has been re-elected to a two-year term to represent the North America region on the Kreston International Board of Directors.

Major changes to not-for-profit organizations' financial statement presentation were finalized with the issuance of the FASB's ASU 2016-14.

In the second part of our series we will examine controls for portable devices in more detail.

Certain types of employee benefit plans with investments in master trusts may face increased disclosure requirements.

While there was broad reaching coverage of many technical and operational issues impacting not-for-profits, two hot topics really bubbled to the surface: Recently approved accounting standards and accounting standards in the pipeline.

Congratulations to Tony Stagliano of our National Construction Practice, who was recently presented with the Joe Quigley Memorial Award from the Construction Financial Management Association (CFMA).

The term fiduciary can apply to a much broader set of relationships, such as the one between a not-for-profit's board and the organization. Fiduciaries can be any entity that has the trust, responsibility or power to make decisions on behalf of another.

The first of our series explores the key definitions with which organizations should be familiar as well as the considerations when the human element is involved in a possible breach of your digital information.

As not-for-profit organizations prepare for the first Single Audit under UGG, they should look over these and other lessons we learned in year one of UGG.

A recent proposed accounting standards update would simplify goodwill accounting for all entities not following the private company accounting alternative, including public business entities, not-for-profits and employee benefit plans.

Implementing the new revenue recognition standard will be complicated for all entities, even when the changes do not present a dramatic change from how entities recognize revenue today, such as the case with the construction industry.

One key area that audit committees should be examining is risks and threats from third parties.

A huge congratulations to our Tampa Bay market on recently receiving TWO workplace recognitions!

The FASB recently created a transition resource group (TRG) to assist with implementing a piece of its financial instruments project.

Our second annual Growth & Employment Trends in the Technology & Life Sciences Sector report explores technology trends in more detail.

The use of a side letter increases the risk of accounting and financial reporting irregularities.

The following provides a brief recap of the items on the FASB's 2016 technical agenda that are specific to not-for-profit reporting.

The FASB recently released guidance to clarify principal versus agent consideration under the new revenue recognition standard (Topic 606).

A recent update from the FASB allows the first time adoption of the four private company accounting alternatives without having to perform a preferability assessment.

CBIZ and MHM were recently recognized with two awards by Kreston International, of which CBIZ and MHM are members.

Despite not having any major changes to report, we encourage all organizations to pay close attention to all new accounting rules as they may find themselves in a special or unique circumstances that could affect their reporting.

MHM is pleased to announce Barry M. Berkowitz has been appointed to a two-year term as Chair of the Pennsylvania State Board of Accountancy, commencing January 1, 2016. Berkowitz has been serving on the Board for the past four years.

Past Event 1

Joanna Schultz, an MHM shareholder and our national director of audit technology, speaks with Compliance Week about the growing use of data analytics in the audit profession.

Entities will soon be required to present deferred tax liabilities and assets as noncurrent in their financial statements.

Mark Winiarski, Mayer Hoffman McCann P.C. Shareholder, shared his insight on materiality with Compliance Week. Mark discussed whether auditors following PCAOB standards would be affected by the materiality changes proposed by the FASB.

Congratulations to MHM's Michelle Spriggs on being named by The National Academy of Public Accounting Professionals (NAPAP) as one of the Top 10 Accountants in Rhode Island!

Manufacturing companies face unique considerations with the new revenue recognition guidance. You should consider how these situations and scenarios may be affected by the standard in order to prepare.

For manufacturers, risks may entail consideration of suppliers, third-party vendors, IT, staffing and succession planning and emerging markets.

Although often thought of as creating a high degree of risk, derivative financial instruments, when used appropriately, can be a critical risk management tool for many organizations.

Taking a five-step approach to selling your business can help you define your objectives, identify your risks and value drivers and obtain a purchase offer that benefits both you and the company.

The new revenue recognition standard has been issued, and as the Financial Accounting Standards Board (FASB) finalizes implementation guidance, your company should prepare for the effect the standard will have on accounting and reporting revenue under construction contracts.

MHM is pleased to announce a number of Shareholders who have been appointed to national committees within the accounting profession.

MHM's In Plain Sight: 10 Common Employee Benefit Plan Pitfalls outlines how plan sponsors can address the common problems that can arise and keep small errors from becoming larger issues.

On July 31, 2015, the FASB issued ASU 2015-12, which is designed to simplify several aspects of employee benefit plan financial reporting.

Catherine Latham, a shareholder of Mayer Hoffman McCann, has been recognized as one of six "Woman to Watch" from the Massachusetts Society of Certified Public Accountants (MSCPA).

Data breaches affect all organizations, from small not-for-profit organizations to large commercial retailers. Should your organization fall victim to a cyber attack, the results could be devastating.

Impending accounting changes may mean more businesses decide to reconsider their customer loyalty programs.

Findings from a recent Department of Labor Report, Assessing the Quality of Employee Benefit Plan Audits: 2014 Audit Report suggest a strong correlation between the number of employee benefit plan audits a firm performs and audit quality.

Mayer Hoffman McCann Shareholder David Diamond was interviewed by the San Diego Business Journal for a recent article titled "Going Public is Part of the Formula for Success in Life Sciences."

Mayer Hoffman McCann ShareholderJames Comitoshared his thoughts on the use data analytics in the profession with Journal of Accountancy for a recent article titled "Data Analytics Helps Auditors Gain Deep Insight."

The Department of Labor (DOL) is proposing a rule change that would classify the brokers of retirement plans as fiduciaries.

More not-for-profit organizations are recognizing the benefit of financial performance measurement as a strategy for evaluating operations, programs, services and financial stability.

Professional Standards Group member Mark Winiarski shared his thoughts on the new ASU 2015-02 with Tammy Whitehouse of Compliance Week for a recent article titled "Consolidation Rule's Consequences More Than You Expect."

PSG member Brad Hale was recently quoted in the magazineAgendafor an article discussing audit committees and related-party transactions.

This standard is the third accounting alternative proposed by the Private Company Council (PCC) and endorsed by the FASB. It is an accounting alternative that permits a private company reporting entity to elect to not apply the variable interest entity (VIE) guidance to certain leasing arrangements.

The completion of these projects represents an important step in the development and implementation of alternatives within US generally accepted accounting principles (GAAP) for private companies.

Michelle Spriggs, a member of Mayer Hoffman McCann's Professional Standards Group, has been recognized as one of six "Woman to Watch" from the Massachusetts Society of Certified Public Accountants (MSCPA).

MHM's Rich Howard and Kreston International's Jon Lisby were recently featured in a Public Accounting Report article titled "As Merger Deals Snowball Among Firms, Association Activity Adapts And Responds."

The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law in 2010 and ushered in an overhaul of the US financial regulatory system so sweeping that many of the regulations needed to fully implement the law are still evolving in 2012.

MHM Shareholder James Comito was recently interviewed by Compliance Week for an article about auditor rotation. James commented on the PCAOB's thoughts on improving audit quality.