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: , , |

The Basics of Temporarily Restricted Contributions

For some nonprofit organizations, contributions are a significant source of revenue.  Proper accounting treatment for those contributions is key, which include tracking and monitoring restricted [...]

2023-08-07T10:51:06-04:00November 15, 2016|Categories: Audit & Assurance, Not-for-Profit|Tags: , , |

Rules of Engagement: Dealing With External Auditors

Banks’ financial statements tell their performance story to the outside world. Because the banks’ independent external auditor’s reports provide assurance about the quality of the [...]

2023-07-11T09:59:48-04:00September 29, 2015|Categories: Audit & Assurance, Financial Institutions|Tags: |
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