Avoiding Conflicts of Interest With Auditors

A conflict of interest could impair your auditor’s objectivity and integrity and potentially compromise you company’s financial statements. That’s why it’s important to identify and manage potential conflicts of interest with auditors. What is a conflict of interest? According [...]

By |2020-10-20T13:41:26-04:00October 20th, 2020|Categories: Audit, Blog|Tags: , , , |0 Comments

FASB to Delay Long-Term Insurance Standard … Again

On September 30, the Financial Accounting Standards Board (FASB) finalized a rule to delay the effective date of the updated long-term insurance standard for a second time. The deferral will give insurers more time to properly implement the changes [...]

By |2020-10-09T12:39:15-04:00October 9th, 2020|Categories: Audit, Blog|Tags: , , , , , |Comments Off on FASB to Delay Long-Term Insurance Standard … Again

Gifts In Kind: New Reporting Requirements for Nonprofits

On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions charities and other not-for-profit organizations receive known as “gifts in kind.” Here are the details. Need for Change [...]

By |2020-10-06T13:33:26-04:00October 6th, 2020|Categories: Audit, Blog|Tags: , , , , , , |Comments Off on Gifts In Kind: New Reporting Requirements for Nonprofits

Prepare in Advance to Easily Survive IRS Audits

IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But if your properly plan and prepare for IRS audits, you should fare well. [...]

By |2020-10-05T13:17:20-04:00October 5th, 2020|Categories: Audit, Blog, Tax|Tags: , , , , |Comments Off on Prepare in Advance to Easily Survive IRS Audits

3 Steps To “Stress Test” Your Business

During the COVID-19 crisis, you can’t afford to lose sight of other ongoing risk factors, such as cyberthreats, fraud, emerging competition and natural disasters. A so-called “stress test” can help reveal blind spots that threaten to disrupt your business. [...]

By |2020-10-02T17:05:46-04:00October 2nd, 2020|Categories: Audit, Blog, COVID-19|Tags: , , , , |Comments Off on 3 Steps To “Stress Test” Your Business

Why Meetings With Your Auditor Matter

Remote audit procedures can help streamline the audit process and protect the parties from health risks during the COVID-19 crisis. However, seeing people can be essential when it comes to identifying and assessing fraud risks during a financial statement [...]

By |2020-10-01T18:27:09-04:00September 28th, 2020|Categories: Audit, Blog|Tags: , , , , , |Comments Off on Why Meetings With Your Auditor Matter

Reporting COVID-19-Related Debt Restructurings

Today, many banks are working with struggling borrowers on loan modifications. Recent guidance from the Financial Accounting Standards Board (FASB) confirms that short-term modifications due to the COVID-19 pandemic won’t be subject to the complex accounting rules for troubled [...]

By |2020-10-02T14:29:04-04:00September 18th, 2020|Categories: Audit, Blog|Tags: , , , , , |Comments Off on Reporting COVID-19-Related Debt Restructurings

On-Time Financial Reporting Is Key In Times Of Crisis

Many companies are struggling as a result of shutdowns and restructurings during the COVID-19 crisis. To add insult to injury, some have also fallen victim to arson, looting or natural disasters in 2020. On-time financial reporting can assure stakeholders [...]

By |2020-10-02T16:06:26-04:00September 11th, 2020|Categories: Audit, Blog|Tags: , , , |Comments Off on On-Time Financial Reporting Is Key In Times Of Crisis

Reporting Discontinued Operations Today

Marketplace changes during the COVID-19 crisis have caused many companies to make major strategic shifts in their operations — and some changes are expected to be permanent. In certain cases, these pivot strategies may need to be reported under [...]

By |2020-10-02T16:25:22-04:00September 4th, 2020|Categories: Audit, Blog|Tags: , , , , |Comments Off on Reporting Discontinued Operations Today

Levels Of Assurance: Choosing The Right Option For Your Business Today

The COVID-19 crisis is causing private companies to re-evaluate the type of financial statements they should generate for 2020. Some are considering downgrading to lower levels of assurance to reduce financial reporting costs — but a downgrade may compromise [...]

By |2020-10-02T16:52:57-04:00August 28th, 2020|Categories: Audit, Blog, GAAP, Uncategorized|Tags: , , , , |Comments Off on Levels Of Assurance: Choosing The Right Option For Your Business Today
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