Top Questions You Should Ask Your CFO or Controller

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1 Top Questions You Should Ask Your CFO or Controller Jonathan Wilke, CPA, CIA Partner Dixon Hughes Goodman Dealer Services Group Fort Worth, TX Adam Lawyer, CPA/ABV/CFF Senior Manager Dixon Hughes Goodman Dealer Services Group Fort Worth, TX

2 Key Takeaways After attending this workshop you will be better able to identify the: Importance of financial accountability Significant risks that face most dealers Key accountability questions to ask your CFO/controller 2

3 Why Accountability Is Important Regardless of the type of accounting manager you have, they must be held accountable Dealers/executives are spending less time in their stores Multiple locations Competing time demands Significant amount of net worth tied up in stores Average 2013 net worth was $3.2 million* * 2014 NADA DATA 3

4 Always Be Watching 4

5 Top Questions to Ask Your CFO or Controller What are you doing to protect this dealership from fraud? Where is our cash? What are our greatest financial risks? How are we monitoring compliance with regulations? 5

6 Fraud by the Numbers Fraud Financial Loss by Employee* 1) Executive - $500,000 2) Manager - $130,000 3) Employee - $75,000 Fraud Frequency by Employee* 1) Employee 42% 2) Manager 36% 3) Owner/Executive 19% * Association of Certified Fraud Examiners ACFE Report to the Nations on Occupational Fraud & Abuse

7 Why Should You Care? External audits are among the least effective controls in combating occupational fraud. Fraud detected by external audit three percent* Fraud detected by accident seven percent by accident* Data monitoring, surprise audits, a dedicated fraud department, or a fraud risk assessment can identify frauds 50 percent quicker.* Vast majority of fraudsters are first-time offenders* * Association of Certified Fraud Examiners ACFE Report to the Nations on Occupational Fraud & Abuse

8 What Are You Doing to Protect the Dealership From Fraud? Where are our greatest risks for fraud? What are our key controls to prevent/detect fraud? How do we know those controls are functioning? 8

9 Criminals 9

10 Fraudsters 10

11 Tone at the top How to Prevent Fraud? Inspect Pay attention Background checks Segregate duties 11

12 Tone at the Top Set a standard for excellence Write an ethics policy Share the ethics policy ZERO TOLERENCE 12

13 Inspect Inspect what you expect Regular inspections of information Deal file testing Transaction testing Daily bank reconciliations Internal audits 13

14 Pay Attention Is this your employee parking lot? Pass the Ball Video 14

15 Pay Attention Be aware of incentives or opportunities for rationalization Recent financial struggles Health struggles, self or family, etc. Anyone living above their means Nicer home than you would expect Nicer clothes, jewelry, etc. Expensive, frequent vacations, etc. Sudden uptick in spending Be aware of privacy laws 15

16 EVERY TIME Background Checks Assuming your state allows such checks, consult with legal counsel as necessary Actually read the results Don t justify hiring someone you shouldn t 16

17 Segregation of Duties 17

18 Segregation of Duties Four main functions Authorization Custody Record keeping Reconciliation Duties should not overlap Job rotation Regular vacations 18

19 How Is This Effective? 19

20 Where Is Our CASH? Common question: I made $$$ this year, where is all my cash? Key differences between income and cash Increase/decrease in working capital Increase/decrease in debt Distributions Non-cash charges - Depreciation - Allowance for bad debt - Reserves Controller/CFO should prepare a cash-flow statement regularly 20

21 Frozen Capital Frozen Capital Assets that are difficult to turn into cash, such as obsolete parts, over-aged vehicle inventories, past due accounts receivable, or excessive equipment. Ford Accounting Manual 21

22 Frozen Capital Standards Frozen capital based on industry guides or business needs New vehicles > 120 days Used vehicles > 45 days Parts inventories > 60 days Receivables > 90 days CIT > 30 days How do you determine your standard? 22

23 How Can We Better Use Excess Capital? Many dealers have excess cash what s the best use? Pay down floor plan Ask lender to increase amount allowed in CMA offset Even small increases help - $500,000 x 4.25% = $21,250/year Look for items that offer pre-payment discounts - Sales tax, some states as high as 15% discount/year Treasury management Sweep accounts Outside investments 23

24 What Are Our Greatest Financial Risks? 24

25 What Are Our Greatest Financial Risks? Rising interest rates Most analysts expect steady rise in rates over next two to three years How will rise in rates affect our cost of capital? How can we best mitigate those increasing costs? - Refinance now at lower rates - Hedging - Plan to pay down debt/flooring Cost of insurance Many captives moving away from subsidizing insurance 25

26 How Are We Monitoring Compliance With Regulations? Highly regulated industry DOE, DOJ, DOL, EPA, FTC, OCC, OFAC, CFPB, OSHA, OCC, NHTSA, FinCEN, FRB, FCC, EEOC, etc. etc. etc. NADA and ATD Federal Regulatory Compliance Chart 39-page guide on many applicable federal regulations for car and truck dealers For information on NADA s CFPB Compliance Guide, please contact Paul Metrey at

27 How Are We Monitoring Compliance With Regulations? How do we test deal files for compliance? Deal file checklist Regular testing rotation Sample selection Regular findings report 27

28 How Are We Monitoring Compliance With Regulations? Monitoring our F&I processes Rate spread caps F&I Menus Testing rotation Snow Video Manufacturer programs Compliance with incentives rules Compliance with warranty rules 28

29 Questions? 29

30 Please visit the NADA University Online booth in the Expo Hall for information on accessing electronic versions of this slide presentation and the accompanying handout material, and to order the workshop video-recording. Top Questions You Should Ask Your CFO or Controller Jonathan Wilke, CPA, CIA Audit Partner Dixon Hughes Goodman Fort Worth, TX Adam Lawyer, CPA, ABV, CFF Senior Audit Manager Dixon Hughes Goodman Fort Worth, TX

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