It’s that time of year again to close the books and get ready for your annual audit. You may be cringing because it’s coming soon, but with proper planning and communication, the audit process can go very smoothly for you and not be time consuming. We’ve compiled our top 10 restaurant audit preparation best practices …
It’s the holiday season – you’re busy, your staff is busy, life is full of interruptions, and for you December 31 ending governments out there, you’ve still got to close your books at year-end. There’s only so much time between your actual year-end, when your entity is really performing closing entries to begin your annual …
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 …
Pop quiz! What is the most important resource to a nonprofit organization? Answer: People! You thought I was going to say the contributions, didn’t you? While that might be what supports the mission of the organization, where would the organization be without the development department raising those contributions, the finance team making sure your tight …
When the Uniform Guidance was issued, it brought with it several changes for entities that receive federal awards. The purpose of the Uniform Guidance was to reduce the risk of fraud, waste and abuse as well as to streamline the requirements for several different types of entities that receive federal funds. The Office of Management …
Financial statements generally report on a company’s financial position for a specified period of time or reporting period. However, sometimes transactions will occur after the reporting period has ended and the point in time when the financial statements are ready to be issued. These transactions may influence a user of the financial statements opinion on …
In governmental accounting, the presentation of prepayments and immaterial inventory supplies on the fund statements balance sheet (using the current financial resources measurement focus) is optional. The balance sheet only includes financial assets, defined as cash or something that will convert to cash in due course. Prepayments and immaterial inventory supplies can fall in this …
A number of Accounting Standards Updates (“ASU”) will become effective in the next few years, and perhaps most notable among them are the new lease and revenue recognition standards. ASU 2016-13, which introduces ASC 326 to the codification, will also be impactful and is worth taking note of. While the new standard will not be …
Proper preparation for your year-end 401(K) audit can lead to a much smoother and effective audit experience for both your company and your auditor. A constant line of communication leading into the audit will allow both parties to be as efficient as possible, especially when it comes to performing fieldwork. In addition to what your …
In April 2015, as a part of the FASB’s initiative to simplify and improve accounting standards, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. Why should we care about an Accounting Standards Update issued two years ago? Because for privately held companies and not-for-profit organizations, ASU 2015-03 is effective for financial …