audit
Every 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…
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Many 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…
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On 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…
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By 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…
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The 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…
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An 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.…
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When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS…
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The pandemic has presented numerous challenges for businesses, but it also taught us how to be resilient, cost-conscious and adaptable. Over the last few years, we’ve learned that remote working…
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Maintaining the status quo in today’s volatile marketplace can be risky. To succeed, businesses need to “level up” by being proactive and adaptable. But some managers may be unsure where…
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Footnotes appear at the end of a company’s audited financial statements. These disclosures provide insight into account balances, accounting practices and potential risk factors — knowledge that’s vital to making…
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