What others dream about, WISE women do. On April 21, the women Igniting the Spirit of Entrepreneurship (WISE) Symposium hosted its 13th annual event. More than 900 aspiring entrepreneurs who desire to attain success and significance attended the event at the Carrier Dome on the Syracuse University campus.

Over the past decade, WISE has been synonymous with entrepreneurial excellence and has grown to become the premier event not only for up-and-coming entrepreneurs, but also for anyone active in the business community. That includes corporate people, aspiring entrepreneurs, startups, growth business owners, and anyone interested in networking with smart, savvy women in business. 

The attendees had the opportunity to gain wisdom from more than 20 business experts during workshops and speeches covering topics including productivity, leadership, building your business, breaking bad habits, managing your time, making life maps, branding, developing sales skills, using social media, and discussing how to get what you want in business and life — to name a few. 

The WISE Connections Café was open all day with 28 business experts available to sit one-on-one with attendees to help them solve their business challenges and advise them on how to succeed in their business.

Walking the event, I witnessed groups of two, three, or more women networking in deep conversation with each other. I could overhear them helping each other with ideas and leads to succeed in their business.

More than 100 local vendors were on site, offering products and services to help the attendees in their businesses and in their lives. While eating lunch, it was exciting for me to see these women sit down as strangers, exchange cards, offer help to each other, and leave as friends.

Last year after the WISE Symposium, 77 percent of the attendees reported increased sales, and the event reached 7.1 million people on the Twitter hash tag #WISE2014. 

I have traveled 1,500 miles and spent more than $1,600 to witness and partake of events as exciting and as productive as the WISE Symposium. It’s amazing that there is an event like this in our own backyard that can be life changing, where you can visit experts from a variety of businesses, and learn ideas and concepts that can help you to succeed — all for just $100. Wow, talk about a fantastic bargain with the opportunity to learn and grow your business. What about you and your business next year? Are you going to become WISE?        

James McEntire is founder and owner of JM Sales Consulting, a company that says it provides training and coaching for those who want to excel in sales. Contact him at (315) 761-3208, or visit his website at http://jmsalesconsulting.com

As an auditor, I’m asked a wide variety of questions, and I welcome those inquiries from my clients. As in any productive relationship, communication with your auditor is not only helpful, but also the cornerstone of working together effectively.

Certain communications are required, and should be proactively addressed by your auditor. Top topics of discussion range from difficulties performing the audit, to highlights of key estimates and sensitive audit areas, to accounting adjustments resulting from audit procedures performed.

While these required communications are a good jumping-off point and can lead to an excellent dialogue, a board of directors should be prepared to ask more questions. In cases where an audit or finance committee is in place, these discussions should begin in that setting. These committees are responsible for, among other things, overseeing and evaluating the audit process and assisting the organization in addressing financial-reporting risk.

I would suggest that at a minimum, the audit committee (or finance committee if an audit committee doesn’t exist) consider asking the external auditor the following questions:

ν What are the biggest risks regarding financial reporting facing the organization in the next year and over the long term?

ν What steps do you believe the organization should take to address those risks?

ν How does your firm assess our risk-management process over financial reporting?

ν What are the high-risk areas of the audit and how were these addressed in the audit?

ν What observations do you have about management’s documentation and assessment of the internal-control structure?

ν Have you discussed any observations for improving internal controls with management? What was the substance of those conversations?

ν Are you aware of any circumstances where management failed to demonstrate commitment to the highest ethical standards?

ν What role, if any, did your firm have in management’s preparation of the financial statements?

ν Are there any areas of the financial statements that are difficult to understand or where we could provide more clarity to help a user better understand the financial statements?

ν Is there anything going on within the organization that you believe warrants further investigation?

And finally:

ν Are there any questions we have not asked that should have been asked? If so, what are those questions?

This final question is one of my favorites, and an effective tool for any oversight committee. You see, it may be difficult to cover all the bases and have a clear view of the auditor’s perspective unless you ask directly, “What are we missing?” This is a powerful tool indeed.

Some of these questions may be covered in general conversation, while others are best held for discussion in what is called an “executive session.” During an executive session, staff are excused and “those charged with governance” have the opportunity for open dialogue with the external auditor. You might ask, “What’s the point?”

Typically, auditors work with the management team to gather audit evidence, understand accounting applications, and assess the propriety of financial reporting. But auditors do not work for management. The auditor has a direct responsibility to those individuals charged with governance. Sometimes this is a board of directors or perhaps a plan trustee or business owner. It’s whoever is charged with ultimate responsibility for the organization.

During the course of communication with your auditor, you should also expect to hear about industry trends and suggestions on how things could be done better. And while no one likes to hear about an error or deficiency, let’s face it — things happen. It’s always better to know where improvements are needed and be able to take action.

Look forward to meeting with your auditor, and remember, questions are not just for fun; they are your responsibility.                         

Gail Kinsella is a partner in the Syracuse office of The Bonadio Group accounting firm. Contact Kinsella at gkinsella@bonadio.com