Recently, the AICPA Auditing Standards Board (ASB) issued an updated Statement on Auditing Standards that will lead to some audit changes in how employee benefit plans that are subject to ERISA are examined. If you are having an audit performed, it’s important that you understand how the auditor’s report...
Medical practices that work with insurance providers always need to be conscious of the accuracy of claims that they are submitting. If you suddenly receive an audit notification from one of the companies that you work with, it can be panic-inducing if you aren’t sure whether or not your...
As we approach the end of a particularly stressful and tumultuous year, it’s time to take a moment to assess the financial state of your business and complete your accounting end of year checklist. A single mistake on one financial statement during one business year can snowball into major...
Understanding the different levels of service an accountant can provide related to an organization’s financial statements is important when determining what your company may need. Owners may automatically assume that they need an audit but that is not necessarily true. There are three levels of assurance an accountant can...
Financial statements help investors and lenders monitor a company’s performance. However, financial statements may not provide a full picture of financial health. What’s undisclosed could be just as significant as the disclosures. Here’s how a CPA can help stakeholders identify unrecorded items either through external auditing procedures or by...
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 and properly address related-party transactions.
Now that your financial statement audit is complete you are most likely breathing a sigh of relief. Before you jump back into work, there are a few things you should do to benefit from the audit. Here are five simple steps to follow:
Companies routinely evaluate opportunities to reduce expenses. However, many organizations are unaware of the savings that can result from a business energy audit. Not only are many of the savings from an energy audit sustainable, they are typically well received by employees and customers. Even better, your company may...
Don’t assume you have to expand your company to increase profits. Extra cash is probably sitting right under your nose.
The financial services industry is facing its most significant regulatory reforms since the Great Depression. The Dodd-Frank Wall Street Reform and Consumer Protection Act, Solvency II, Basel III, and other new regulations present challenges that transcend compliance. These ever-evolving regulations are causing financial services companies to reconsider significant business...
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