How Internal Audit’s Role Can Evolve in Today’s COVID-19 Environment

The COVID-19 pandemic has caused a shift in how many internal audit functions operate within businesses.

2020-08-06T17:07:02-04:00August 6, 2020|Categories: Audit & Assurance, Cybersecurity, PBMares COVID-19 Insights|

Manage Third Party Risk with a SOC 2 Audit

Business owners and executives are familiar with the concept of risk management. From managing inventory levels to reviewing insurance coverage to maintain a proper level of protection, it’s a routine business practice

2020-04-22T09:38:32-04:00April 21, 2020|Categories: Audit & Assurance, Consulting, Cybersecurity|Tags: , |

Coronavirus: Financial Reporting Considerations

Source: RSM US LLP.  PBMares is a member of RSM US Alliance.  The effects of the coronavirus are evolving rapidly and are unique for each entity’s circumstances. In addition to addressing the serious operational impacts of the coronavirus, it is important that all entities consider how the coronavirus affects their financial reporting.

Recording Contributions with Donor-Imposed Restrictions

Donor contributions make up a lot of Virginia’s nonprofits’ annual revenue. Even though the organizations are not relying only on these contributions, nonprofit management has to understand how to account for these contributions in one of two ways.

2019-10-07T10:35:35-04:00October 7, 2019|Categories: Audit & Assurance, Not-for-Profit|Tags: , |

Eliminating the Concept of Extraordinary Items

Determining whether an event or an item was an extraordinary item has been a confusing and often burdensome determination for accountants and entities alike.  Over [...]

2019-07-24T20:20:27-04:00October 5, 2017|Categories: Audit & Assurance, Tax: Business|Tags: , , |

10 Signs It May Be Time to Shop for a New Auditor

Thinking about hiring a new auditor can be overwhelming. Many times over the years I have heard auditees say, “I don’t want to get used [...]

2018-09-11T19:22:44-04:00August 10, 2017|Categories: Audit & Assurance, Business Advisory, Not-for-Profit|Tags: , , |

How to Handle a DCAA Audit

If you have proposed on or been awarded a contract with the Federal government, and especially with the Department of Defense, you probably have been the recipient of a visit from the Defense Contract Audit Agency (DCAA).  While these visits to perform a multitude of audits and evaluations are not the end of the world, they should be taken and reacted to seriously.

Nonprofit Reporting of Expense Allocations

Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities (Topic 958), issued August 18, 2016 by the Financial Accounting Standards Board (FASB), [...]

2018-08-22T15:52:59-04:00November 16, 2016|Categories: Accounting, Audit & Assurance, Not-for-Profit|Tags: , , |