Technological Advances and the Audit Practice
As we wade into the depths of continuous technological advancement, a range of automation has surfaced that could alter the way we live, work, and relate to one another. These changes could transform every industry around the globe. Within the scope of the audit practice, computerized devices have the potential to allow an auditor to […]
Differences Between Financial Audits and Reviews
Numerous forms of financial statement accountability evaluations exist and, with some being so similar, it is vital to discern the difference between them when deciding which is appropriate for your business or nonprofit entity. Two evaluations, the financial audit and the financial statement review, are so similar in nature that it’s important to understand the […]
What to do After Receiving a Qualified Opinion
For business owners who have hired a CPA or Audit Firm to conduct an independent audit of your financial statements for the first time, the results can be deceiving. Whether your organization is required to perform an annual audit, seeking a merger or acquisition, approaching an IPO, or seeking a business loan, navigating an independent […]
Protecting Against Company Fraud and Theft
As a company leader, you naturally worry about protecting your business from being exposed to risks. Like the Trojans discovered, the mightiest walls can sometimes fall easier from within than from outside. As a business owner or corporate leader, you should be aware it’s estimated that almost 33% of all business failures involve company fraud […]
The Value of Audit Services
Determining the value of audit is a straightforward and non-precarious activity. As accounting professionals, we, of course, refer to audit from a financial audit standpoint, but there are many types of audits including compliance audit, tax audits, and operational audits, to name a few. A financial audit is the analysis of the fairness of information […]
How to Gain Tax-Exempt Status for Your Nonprofit
Obtaining federal tax-exempt status is somewhat of a mystery for many incorporated business owners. Gaining tax-exempt status for your nonprofit 501(c)(3) organization is necessary to reap the majority of the real benefits, such as access to grant money, income exemptions, property exemption, and tax-deductions for donations received. Therefore, it’s important to understand the steps to […]
The Four Types of Audit Opinions
There are various types of audit opinions, so they can easily be confusing for the non-finance and accounting manager. Due to the enormous amount of man-hours and costs associated with financial reporting, the SEC has left the financial reporting process for publicly listed companies to public accounting firms. Certain companies and types of organizations must […]
What is an Independent Audit?
Certain nonprofits are required to undergo an independent audit on an annual basis. An independent audit is needed if requested by a federal, state, or local governing body, if your nonprofit has more than $750,000 in federal expenditures, or as a condition of receiving a loan or grant. An Independent audit provides a professional opinion […]
When Does a Retirement Plan Need an Annual Audit?
In accordance with the Employee Retirement Income Security Act (ERISA), retirement accounts with more than 100 eligible participants at the start of the plan year are considered large retirement funds. These large retirement funds require that an annual audit of plan financial statements be conducted by an independent, qualified public accountant.
Tax Reform: Noteworthy Provisions
With the most extensive overhaul of the U.S. tax code in more than three decades having now been passed by both Houses of Congress, and officially signed by President Trump to enact it into law, tax reform is here. These changes will require businesses and individuals to re-evaluate their long-term tax strategies starting in the […]