How to Read a SOC Report in 5 Minutes (or Less)

TL;DR: Open the SOC report, Ctrl-F, and search for “Opinion,” and if the audit opinion states, “In our opinion, in all material respects…” the report gets a gold star. See? That was even less than 5 minutes! After performing [...]

By |2021-10-12T19:12:19-04:00October 12th, 2021|Categories: Audit, Blog, System and Organization Control, Technology|0 Comments

10 financial statement areas to watch for COVID-related effects

The COVID-19 pandemic is still adversely affecting many businesses and not-for-profit organizations, but the effects vary, depending on the nature of operations and geographic location. Has your organization factored the effects of the pandemic into its 2021 financial statements? [...]

By |2021-10-08T13:50:27-04:00October 8th, 2021|Categories: Audit, Blog, COVID-19|0 Comments

Flash reports: Real-time financial reporting

Timely financial reporting is key to making informed business decisions. Managers need to know what’s in the pipeline to respond promptly and decisively. Unfortunately, it typically takes several weeks to prepare financial statements under U.S. Generally Accepted Accounting Principles [...]

By |2021-10-05T18:45:12-04:00October 1st, 2021|Categories: Audit, Blog|0 Comments

Is it time to upgrade your accounting system?

Timely financial data is key to making informed business decisions. Unfortunately, it’s common for managers to struggle with their companies’ accounting system to get the information they need, when they need it. Often, it takes multiple, confusing steps to [...]

By |2021-09-24T19:47:46-04:00September 24th, 2021|Categories: Audit, Blog, Software Solutions|0 Comments

How to Calculate a Discount Rate for Lease Accounting

One of the many determinations companies need to make as they implement ASC 842, the new lease accounting standard, is calculating the appropriate discount rate for their leases. For lessees, selecting and estimating the discount rate will have an [...]

By |2021-09-22T17:02:51-04:00September 21st, 2021|Categories: Audit, Blog, Consulting, Lease Accounting|Tags: |0 Comments

Related-party transactions draw attention from auditors

Related-party transactions and financial connections are a normal part of operating a business. But these arrangements have gotten a bad rap because dishonest people sometimes use them to disguise poor performance or dishonest activities. So, identifying related parties and [...]

By |2021-09-21T11:25:31-04:00September 17th, 2021|Categories: Audit, Blog|0 Comments

Reduce Family Office Accounting Complexity by Choosing the Right Software

Prioritize Your Accounting Software One of the most effective ways for a family office to improve efficiency and reduce complexity is selecting the best accounting software for its needs. While popular accounting software such as QuickBooks is suitable for [...]

Best practices for reporting business-related T&E expenses

Many companies have resumed some level of business-related travel and entertainment (T&E) activities — or they plan to do so this fall. Unfortunately, these expense categories may be susceptible to incomplete recordkeeping and even fraud. So, it’s important for [...]

By |2021-09-07T14:59:18-04:00September 3rd, 2021|Categories: Audit, Blog|0 Comments
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