Transitioning to remote audits

Are you comfortable communicating electronically with your auditors? If so, a logical next step might be to transition from on-site audit procedures to a more “remote” approach. Remote audits can help reduce the time and cost of preparing audited [...]

By |2018-07-20T13:36:52+00:00July 20th, 2018|Categories: Audit, Blog|Tags: , , |0 Comments

Using analytical procedures in an audit provides many benefits

Analytical procedures can make audits more efficient and effective. First, they can help during the planning and review stages of the audit. But analytics can have an even bigger impact when used to supplement substantive testing during fieldwork. Defining [...]

By |2018-06-29T13:10:09+00:00June 29th, 2018|Categories: Audit, Blog|Tags: , , |0 Comments

Spotlight on auditor independence and hosting arrangements

With Independence Day coming up, it’s a good time to check up on auditor independence issues. This is especially important in 2018. Why? New rules go into effect this fall that may warrant changes to the services provided by [...]

By |2018-06-25T17:36:15+00:00June 25th, 2018|Categories: Audit, Blog|Tags: , , |0 Comments

Auditing related-party transactions

Business owners generally prefer to work with entities they know and trust. But related-party transactions can provide opportunities for individuals to act in a manner that’s inconsistent with the interests of shareholders. That’s why auditors take pains to identify [...]

By |2018-06-08T13:21:14+00:00June 8th, 2018|Categories: Audit, Blog|Tags: , |0 Comments

SOC 2 Reporting Changes Coming End of 2018

In April 2017, the American Institute of Certified Public Accountants (AICPA) updated the Trust Services Criteria (TSC), impacting the controls required to be included with a SOC 2 report. The new criteria, while available for use now, will be [...]

By |2018-06-05T18:40:20+00:00June 5th, 2018|Categories: Audit, Blog, Technology|Tags: , , |0 Comments

It’s time for a midyear checkup!

Time flies when you’re busy running a business. But it’s important to occasionally pause and assess interim performance — otherwise you’re likely to be surprised by the year-end results. When reviewing midyear financial reports, however, recognize their potential shortcomings. These [...]

By |2018-05-25T14:45:25+00:00May 25th, 2018|Categories: Audit, Blog|0 Comments

IRS issues guidance to ease transition to FASB’s new revenue recognition rule

In 2014, a new accounting standard on how to recognize revenue from contracts was issued by the Financial Accounting Standards Board (FASB). Now the IRS is allowing a new automatic change in accounting method for businesses to use to [...]

By |2018-05-22T20:32:21+00:00May 22nd, 2018|Categories: Audit, Blog|0 Comments

IRS Audit Techniques Guides provide clues to what may come up if your business is audited

IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such as executive compensation and [...]

By |2018-05-08T14:41:50+00:00May 8th, 2018|Categories: Audit, Blog|Tags: , , , |0 Comments

How Tax Reform May Affect Venture Capital Funds

We’ve heard a lot about tax reform in the New Year, and as investors anxiously await delivery of their K-1 and complete tax filings, one question might still be lingering —what exactly are the effects of tax reform on [...]

By |2018-04-11T15:09:42+00:00March 6th, 2018|Categories: Audit, Blog, Venture Capital|Tags: , , |0 Comments

How to Classify Shareholder Advances

Owners of closely held businesses sometimes need to advance their companies money to bridge a temporary downturn or provide extra cash flow for an expansion, a major expense or other purposes. Should you categorize those advances as bona fide [...]

By |2018-04-11T15:10:27+00:00March 2nd, 2018|Categories: Audit, Blog|Tags: |0 Comments