Which Businesses Are Required to Have Audits?
An audit provides the public with assurance that a company has its financial records in check. While not every business faces an audit situation, there are certain circumstances and certain businesses which are required to have audits.
Differences between GAAS & Governmental Auditing Standards
Audits can be a confusing business, and one common misunderstanding stems from the differences between GAAS and governmental auditing standards. The odds are, if you’re not an accountant or CPA, you haven’t given it too much thought. Others, however, wonder why two different sets of accounting standards exist and how they differ. Here’s a basic […]
What the Revenue Recognition Means for the Audit Profession
As 2019 continues, the auditing profession has been working alongside of other professionals to ensure that the IRS’s Revenue from Contracts with Customers is implemented correctly. Savvy auditors know already the considerations needed for revenue recognition, and the Professional Company Accounting Oversight Board (PCAOB) has helped to provide information along the way.
Certified Audits for Churches in Preparation for Loan
Is your church considering a new building or in the need of additional funds for church renovations? If your church or nonprofit religious organization (501(c)(3)) is preparing to obtain financing through a bank loan, odds are that the bank you are working with will require a certified audit of your finances to ensure compliance with […]
The Auditing Profession from Ancient Civilization to Today
Records indicate that the audit shows up in civilizations of ancient Greece, China and Egypt, as financial documentation and regulations were needed while conducting business. Though not thoroughly documented, Grecian practices mimicked those of today. Circa 522-486 A.D. revealed an example of the first auditors working as the spies of King Darius of ancient Persia. […]
Audit Profession to Grow by 2026
A growing number of workers are concerned that Artificial Intelligence (AI) will take over all if not part of their jobs. The Pew Research Center conducted a study discussing the impact that automation could have upon jobs in the United States. And while advances in technology continue to appear from automated vehicles to the seemingly […]
Top 8 Questions Audit Committees Should Ask Accounting
Audit Committees can sometimes have a tumultuous relationship with Accounting management, especially when there are significant changes to operations, policies, or procedures that go unnoticed by the Audit Committees. If your Audit Committee is to provide adequate oversight for your company’s financial reporting system, it can be more efficient in its responsibilities by developing a […]
Nonprofit Control Deficiencies and How to Correct Them
Just as in building a home, building a nonprofit requires that certain foundations and securities be set in place. By establishing strong internal controls, nonprofit organizations can correct control deficiencies and ensure their financial health. Nonprofit organizations are encouraged to create a set of checks and balances for any associated individuals or entities otherwise known […]
Open Position: Senior Audit Manager
Want to work in a flexible environment where you don’t key or report hours? Want to use the latest and greatest in audit technology? Value based audit engagements?….What?… Like living in the cloud? How do incentives and an excellent benefits package sound to you? Sound counter-auditor? Too good to be true? It’s not.
What are Agreed-Upon Procedures?
When businesses perform certain functions, such as purchasing additional businesses, certain procedures need to be put into place. Specified procedures are written and based upon what the client needs. These are called agreed-upon procedures (AUP) and these steps help set specificity within the transaction. AUPs are put in place and provide a test, analysis, or […]