Benefits of cross training employees

Cross training is training people to work in several different roles or training them to do tasks outside of their normal responsibilities. In today’s competitive hiring environment, implementing cross training can bring benefits to existing and future employees and your company. Don’t miss: The benefits of peer reviewed CPA firms Some of the employee benefits …

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The benefits of peer reviewed CPA firms

Every three years audit firms enrolled in the AICPA Peer Review Program are required to have a peer review of their accounting and audit practice. Since the AICPA oversees the peer review program, the entity that performs the peer review is another firm approved by the AICPA. Basically, this is where the term “peer review” …

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What are the audit independence requirements?

Audited or reviewed financial statements need to be performed by an independent public accounting firm. What causes a firm to not be independent from your company? While there may be an obvious reason such as having ownership in your company, there are many situations that cause threats to independence. Here are occasions you may be …

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Significant risks in an audit

In order to perform an effective audit that results in a set of fairly stated financial statements it is necessary for us (the auditors) to gain an understanding of your business and identify any specific financial reporting risks, referred to as significant risks in an audit. Don’t miss: Monitoring inventory For the purpose of an …

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Tips for being prepared for your year end audit

It is no secret when it comes time for your annual audit, there is a lot to get done in a short amount of time. We are well aware of how stressful and time consuming this can be – which is why we want to provide you with some tips and advice so the process …

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Audits are not always fun, but do provide many benefits

The added responsibility of managing an audit on top of your day-to-day responsibilities can feel like an inconvenience. But it helps to keep in mind the benefits of having an audit that truly outweighs the inconveniences: Provides a reasonable level of assurance (not 100%) Provides more credibility for selling a business or applying for funding …

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The end of LIBOR

LIBOR stands for London Interbank Offered Rate and is the average interest rate at which major global banks lend to one another. For the past few decades, it has been the benchmark interest rate for consumer loans worldwide, such as credit cards, car loans, adjustable-rate mortgages, and business loans as well as investment instruments such …

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Tips for auditing remotely

Auditing remotely has become the new normal for nearly every auditor across the country. While not ideal, professions are learning to adapt to the new normal we all are facing, and the auditing industry is no different. While it is easy to feel overwhelmed by having to change the processes and procedures you have become …

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Financial reporting considerations of COVID-19

While millions of businesses in the United States are grappling with the economic impact of COVID-19 and the uncertainly that lies ahead, there are potential items resulting from the pandemic that you need to consider as part of your financial reporting. You need to keep these in mind when reporting financial information to third parties. …

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Privacy in the time of pandemic

Data privacy in a pandemic is important. Personal data is a complicated asset for many businesses but is becoming more pervasive in the modern business world. Personal data obtained by businesses relating to their customers or employees is an extremely valuable asset and is used to market a business, make informed decisions and policies and …

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