Too many non-profit organizations – aiming to maintain transparency and trust among stakeholders – cower at the sight of audits. But with the right guidance, even those without extensive financial backgrounds can successfully prepare for and engage with an accounting firm during this critical process. Organizing financial records, reviewing...
Navigating the complexities of the audit process within the death care industry requires a specialized approach, one that an experienced accounting firm can provide with finesse. This sector’s unique financial landscape calls for meticulous preparation of records, a keen understanding of relevant regulations, and the strategic implementation of robust...
Facing the prospect of an audit can be an overwhelming experience for businesses, emphasizing the critical need for meticulous preparation. MKS&H recognizes the nuanced challenges of audit preparedness and has curated this comprehensive guide to empower businesses with not just insights but practical strategies. Join us as we delve...
When it comes to taxes, the Internal Revenue Service (IRS) plays a crucial role in collecting revenue for the government. One of the ways the IRS ensures compliance with tax laws is through audits. The term “audit” can evoke fear and uncertainty in the minds of taxpayers but understanding...
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.