First time audit expectations, preparation and planning

Recently, I read an article that the Pentagon failed what is being called its first-ever comprehensive audit. While the auditors did not note any instances of fraud from the audit, it uncovered several matters the Pentagon must work to address. The Defense Department was not surprised by this as they never expected to pass it …

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Understanding audit risk assessment procedures

Risk assessment is the foundation of an audit. For auditors, it is how we come to understand your company and plan our audit procedures to provide the most reliable information for you and the users of your financial statements. What is risk assessment? I will help you understand what is involved and make the audit …

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Is an agreed-upon procedures engagement right for you?

Recently, we covered the differences between audits, reviews and compilations. Those aren’t the only types of engagements our audit and accounting group performs. We provide various agreed-upon procedures and consulting engagements for several clients. Not only can these be a better fit to clients in certain situations, they can be less costly as well. Agreed-upon …

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Audit, review or compilation: what’s the difference?

As companies grow, have a change in financing needs or experience other evolutions to the business, a certain level of financial statement services from a CPA often becomes necessary. While it’s obvious that auditors can perform an audit of your financial statements, a review or compilation may be more appropriate, depending on your organization’s wants …

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Accounting careers: what do auditors do?

There are a lot of misconceptions about Certified Public Accountants (CPAs). Most people associate CPAs with taxes, crunching numbers, cubicle isolation and monotonous tasks, among other things. However, quite the opposite is true. CPAs have a wide range of career paths, can hold a variety of positions throughout all types of organizations, work in all …

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It’s audit time … HELP!

Is it that time again for the suits to show up at your front office asking for a conference room for two weeks and the lion’s share of your time to conduct your annual audit, while you’ve already spent hours compiling documents for their infamous “PBC List?” Well as one of those pesky auditors, I’m …

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Deferred compensation: does it work?

Former Major League All-Star Bobby Bonilla made headlines on July 1st, 2011, when he showed up on the New York Mets payroll. Most would expect a 48 year old former major leaguer to be on the payroll in the position of a coach or mentor, but Bobby Bonilla was just beginning to receive money that …

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Why You Should Keep Your CPA in the Loop

Planning for your year-end audit, review or compilation engagement should be kept on your mind all year round. There are several events that can occur in your business throughout the year that can impact the financial statements and the year-end engagement. We value a continuing and positive rapport with our clients throughout the year. While …

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Are you on the same page as your CPA?

I recently read an article that was quite interesting, very true (in some cases) and, at times, hilarious. It was an article titled “A New Glossary of Accounting Terms” by Charles J. Pendola. In the article, he discusses how accounting terminology may not mean the same thing from one individual to another, and the actual …

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The Importance of Preparing a Budget

How successful would your business be if you could predict the future? Preparing a budget for your financial statements isn’t necessarily going to predict your future, but it is a good start. Budgeting your future financial statements is a helpful and useful tool that your business can utilize to help anticipate future performance and help …

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