Guide for Independent Reviews has been updated

When performing an audit for a court in the state of Arizona, auditors use a “Guide for Independent Review” to perform testing over controls and cash receipts, along with cash disbursements. In the most recent update, effective January 1, 2021, new areas for testing have been added. Those areas suspense/hold monies, overpayments and bonds over …

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Health matters, even during your audit

It’s that time of year again, audit time. For many, surviving another audit can be a rough ride. There is no denying that stress is high during audit time, pushing many near the brink of burning out. You focus so much on the audit many things are pushed to the wayside; sometimes this includes personal …

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Restaurant 401(k) compliance

It is that time of year again, 401(k) Plan audits are just around the corner. Although this can be a stressful time of year, there are things that you can do to help your Restaurant 401(k) compliance audit and your plan run smoother. The items noted below are particularly important for restaurants for a number …

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How do you determine which grant to test in a single audit?

When single audits are required, there are a few steps needed in order to determine which federal program will be tested. Auditors use a risk-based approach when looking at the programs and their backgrounds. Don’t miss: Are not for profits prohibited from lobbying? The steps are as follows: Identify the larger federal programs and label …

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Experienced an operating loss? Consider impairments of long lived assets.

The COVID-19 pandemic made 2020 a challenging year for restaurant operators. For many restaurants, the difficulties caused by the pandemic will require management to review the carrying amounts of long-lived assets for potential impairment. Impairment is the write-down of value for assets on your balance sheet. Annual review of asset carrying amounts is standard for …

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Restaurant audit prep tips

Here we go again! Another year, another audit. Maybe this time last year you were a little stressed trying to prepare paperwork and fulfilling requests for the audit team but have no fear because we have tips for you this year! Don’t miss: What restaurant owners need to know about the employee retention credit You …

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What to expect to be asked for in an employee benefit audit

If your company sponsors an employee benefit plan with 100 or more participants, an audit may be required (for more on when an audit is needed read the Henry+Horne blog Does your employee benefit plan need an audit). After it is determined that an audit is necessary and the audit is soon to begin, you …

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What is missing from your SEFA?

In addition to your many end of fiscal year document requirements, you’re also responsible for the Schedule of Expenditures of Federal Awards (SEFA).  There a some things you will want to make sure aren’t missing from your SEFA filings. Below is a list of items you’ll need to prepare the SEFA under Uniform Guidance as …

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Preparing for a single audit

Single audits are required for all non-federal entities that expend $750,000 or more in federal awards. Single audit engagements can be complex and may involve a number of unusual audit requirements, so being prepared for your single audit plays a vital part in the single audit process. Here are some things to consider if you’re …

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New overtime threshold proposed by Department of Labor

In case you missed it, the U.S. Department of Labor (DOL) announced on March 7, 2019 its proposal to raise the minimum salary for employees to qualify for Fair Labor Standards Act white-collar exemptions from $23,660 per year to $35,308 per year. Employees making less than this amount would automatically be eligible for overtime pay …

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