Is your organization ready for its year-end audit? Here are a few tips from an auditor than can help you prepare for a smooth and efficient audit.
What is a SOC1 report? A Service Organization Controls Report (commonly referred to as a “SOC1” report), is a report on the controls in place [...]
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 [...]
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 [...]
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.
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), [...]
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 [...]
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 [...]