Payton Baran

Manager of Business Develop- ment for Legal Confirma- tions, Confirma-

How technology helps auditors and lawyers reduce risks related to the legal confirmation process

If a company or organization is at risk of losing or winning a material lawsuit, then stakeholders should know about it, and transparency is expected. Such outcomes can impact decisions made by readers of an audited financial statement.

For every audit, auditors perform required procedures to determine if existing legal contingencies are fairly presented and properly disclosed in an entity’s audited financial statement. As part of the process auditors and law firms complete a legal confirmation. The legal confirmation request is first prepared by the auditor and client, and then the law firm provides an audit response letter detailing the status of the client's legal matters directly to the accounting firm.

Technology ensures that audit confirmation process requirements are adhered to by both accounting and legal professionals. Two critical components of the process are validation and auditor control, and if ignored an opportunity for fraud exists.

See below to learn more about the legal confirmation process and an effective workflow aided by technology. Also be sure to join us for our September 21, 2016 webinar at 1 pm EDT.

Erika Schonberg

Director of Marketing & Alliances, XCM Solutions

It's summertime...Road trip!

I love summertime. Let's face it - summer is far too short and precious up here in the Northeast to be wasted in a climate controlled office. Fortunately, if you're like me and you can work from home, you occasionally remember that it is beautiful outside and venture out onto the deck with your laptop. Or, better yet, most of us take our vacations during these months and leave work behind altogether for a few days or even a week at a time.

This week, I'm feeling really inspired by the example of Bordeaux & Bordeaux, a small family-owned Charlotte, S.C. firm that spent the month of June on a 15-state roadtrip across the middle of the U.S. Yes, you heard me right - they traveled for 32 days, covering over 7,000 miles of terrain in an RV! Having had the opportunity to get acquainted with Donna Bordeaux over the last several years, as both a longtime XCM and Xpitax client, I was fortunate enough to see photos of her amazing trip.

My first reaction was envy - I definitely need to take that trip before my children are old enough to protest such close quarters for a month. My envy quickly ceded to wondering how. How do you step away from your business responsibilities for 32 days? I didn't have to ponder for long, since I was interviewing Donna for a short profile in Jim Metzler's "Beyond Commoditization" white paper, while she was traveling through rural Wyoming. The answer is you don't…well, not completely anyway. That's what being a digital CPA is all about, right?

Donna and her husband Chad are partners in the firm that bears their names. They've set up a completely digital operation that includes the use of flexible sourcing strategies (note: Xpitax plug) and were able to continue to serve their 45 monthly small business clients from the road - all with a laptop and (somewhat inconsistent) wi-fi connection.

Their firm is a great example of the six integrated components that Jim discusses in his white paper. And, since the first two essential components are an advanced workflow system and strategic use of technology, my guess is that most XCM clients have this advantage. You can learn more about becoming a Digital CPA - and meet Donna - at this year's Digital CPA Conference in D.C., December 8-10.

Visit the XCM Facebook page to see a photo collage of Donna's amazing trip (okay, envy's back…).

Erika Schonberg, Director of Marketing & Alliances - Erika is responsible for XCM Solutions’ marketing and alliances strategies. She is a seasoned marketing professional who has implemented marketing and communications programs for high technology companies for more than 15 years.