AUDITS, REVIEWS & COMPILATIONS

SSAE No. 21 – Direct Examination Engagements

If a CFO were asked to recount the assurance services that a CPA firm typically provides, he or she would likely recall audits performed under the statements on auditing standards (SAS) as well as reviews, compilations, and preparation engagements performed under the statements on standards for accounting and review services (SSARS). Many of these same [...]

2021-03-23T15:45:45-05:00March 23rd, 2021|AUDITS, REVIEWS & COMPILATIONS|

Updates to the AICPA’s SAS No. 134 through SAS No. 140

The AICPA's Auditing Standards Board has published new Statements on Auditing Standards (SASs): No. 134 through No. 140. Traditionally, new SASs aren't something the general public needs to understand. However, in this case, these new SASs require broader understanding because there are vital decisions for business leaders who issue financial statements that result from [...]

2021-03-23T12:08:09-05:00March 23rd, 2021|AUDITS, REVIEWS & COMPILATIONS|

IRS Takes Aim at Private Foundations

The Internal Revenue Service (IRS) has turned the old audit paradigm on its head by introducing a new enterprise, or holistic approach that allows it to more effectively target its audits. This new initiative, announced by two IRS commissioners at a tax forum held on July 10, 2020, identified over 1,000 private foundation returns associated [...]

Will COVID-19 Cause a Lease Accounting Implementation Delay for Private Companies?

With the influx of new accounting standards over the past couple of years, the burdens added to smaller accounting departments seem to be continuously mounting. Add in the COVID-19 pandemic, and now accounting departments and business owners are burdened with how to keep businesses afloat when collections take longer to come in, vendors requesting payment [...]

OMB and HUD Guidance in Response to COVID-19 Pandemic

With the novel Coronavirus (COVID-19) now affecting the operations of governmental entities, not-for-profit organizations, and other recipients of federal award programs, the Office of Management and Budget (OMB), the Department of Housing and Urban Development (HUD), and the Department of Education (ED) have, in response, issued guidance on the easing of due dates and certain [...]

Preparing for a Single Audit: Compliance Requirements

During the compliance portion of a single audit, the auditor tests compliance with requirements that both the Office of Management and Budget and each federal awarding agency have determined to be important for each major program. The auditor also evaluates and tests internal controls over those requirements. At the start of the audit, the auditor [...]

2020-03-02T21:52:28-06:00March 2nd, 2020|AUDITS, REVIEWS & COMPILATIONS|

Centralized Partnership Audits Are Here

The IRS has changed how it will approach auditing partnerships by moving to a centralized partnership audit regime. The goal of the program is to allow the IRS to audit partnerships at the entity level and require the partnership entity to pay any amount due. The partnership can then elect to “push out” any resulting [...]

2019-07-25T12:45:44-05:00July 25th, 2019|AUDITS, REVIEWS & COMPILATIONS|

Natural Disasters Can Affect Your Financial Statement, Too

Natural disasters can have financial implications for business owners over months, years, and even decades. Companies are expected to follow regulatory guidelines in all circumstances, including — and especially — in the aftermath of a natural disaster. Although the expectations are plainly written into the guidance, many companies are unfamiliar with the key points. Four [...]

Elevate Your Audit Committee: 5 Topics for 2019 Agendas

Audit committees play a vital role in overseeing the integrity of financial reporting. But in today’s shifting risk landscape, is your audit committee paying attention to the right things? Most audit committees are effective at executing their core responsibilities, such as selecting and overseeing the independent auditor. Optimizing your audit committee, rather than falling prey [...]

2020-06-18T14:48:50-05:00June 19th, 2019|AUDITS, REVIEWS & COMPILATIONS|

Four Must-Have Features When Selecting an Auditor

A company should insist on specific qualities and characteristics from the auditor it chooses to ensure that its accounting and reporting arms are working properly. To guarantee that the audit process goes smoothly, we’ve listed four must-have features when it comes time to consider the auditor selection process. Experience Speaks The expertise of an audit [...]

2018-11-28T21:02:07-06:00March 15th, 2018|AUDITS, REVIEWS & COMPILATIONS|

An AUP or an Audit: Which Way Should You Go?

The public accounting profession offers a number of services, making it difficult for many to understand which direction is best for a particular need. Two services that are often confused are audits and agreed-upon procedures (AUPs). An AUP engagement offers the client greater flexibility than what a traditional audit can provide. It is likely to [...]

2019-05-08T16:39:52-05:00August 30th, 2017|AGREED UPON PROCEDURES, AUDITS, REVIEWS & COMPILATIONS|

Why Fair Value is Becoming a Popular “Celebrity” in the Accounting Profession

Entertainment magazine fans probably see the same popular celebrities in issue after issue. Similarly, those who stay up-to-date on current accounting issues probably stumble upon a new article about the fair value standard almost every week. The reason for this increased focus is relevance. The question constantly posed by accounting practitioners, academics, and users of financial [...]

2018-11-12T15:44:22-06:00July 26th, 2017|AUDITS, REVIEWS & COMPILATIONS|

Financial Statement Preparation: 4 Steps to Power Up Business Performance Tracking

Most of us have played a video game at some point in our life – likely even Super Mario or Donkey Kong. Some people scour online to find helpful tricks that will help them advance to the next level. Similarly, many of us are often looking for ways to help advance our business, and financial [...]