audit
The top line of an income statement for a for-profit business is revenue (or sales). Reporting this line item correctly is critical to producing accurate financial statements. Under U.S. Generally…
Read MoreIn today’s uncertain marketplace, many businesses are stashing operating cash in their bank accounts, even though they might not have imminent plans to deploy their reserves. However, excessive “rainy day”…
Read MoreIs your business constantly replacing its tools and small equipment? Certain items that can fit in a backpack, pocket, or even the armrest of a vehicle — such as power…
Read MoreFrom time to time, owners of closely held businesses might need to advance their companies money to bridge a temporary downturn or provide funds for an expansion or another major…
Read MoreEvery fall, CPAs are busy preparing for audit season, which generally runs from January to April each year. This includes meeting with clients, assigning staff and scheduling fieldwork. Likewise, organizations…
Read MoreMany nonprofit organizations are under no legal obligation to have annual, or even regular, financial statement audits. But your organization might want to consider going through the process anyway. It…
Read MoreOn August 30, 2023, the Financial Accounting Standards Board (FASB) unanimously voted to finalize its proposed improvements to the disclosure rules for income taxes. Here’s what’s changing and when those changes…
Read MoreBy scheduling annual financial statement audits, you can demonstrate your organization’s financial fitness to donors and other stakeholders. Plus, state governments and other grant makers may mandate them. But don’t…
Read MoreThe accounting profession is facing a talent crisis. The U.S. Bureau of Labor Statistics estimates that roughly 17% of U.S. accountants and auditors have left their jobs over the past…
Read MoreAn interesting tool called Benford’s Law can be effective in detecting fraud. But it also can be used during external auditing procedures to test journal entries for unusual numeric patterns.…
Read More