Remove accounting principles Remove accounting system Remove audit
article thumbnail

Financial Audit Preparation Steps: Expert Tips for An External Audit Process 

Withum

Preparing for an audit is a critical step for businesses navigating regulatory compliance, pursuing mergers and acquisitions or completing significant business transactions. Understanding the financial statement audit process and planning ahead can save time, reduce stress and ensure accurate results.

audit 100
article thumbnail

Common Accounting Mistakes: Government Edition - Issue #7 Accounting for Fixed Price vs Cost Contracts

SMBAccountant

This requires a detailed job costing within an accounting system for which many contractors are not prepared. These oversight bodies are not typically concerned with a contractor’s accounting system during a phase I award because of the fixed price. Sometimes there are financial viability reviews before the award as well.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Case Study: Enhancing Financial Processes for Growth and Audit Readiness

Withum

As the company grew, its in-house accounting team encountered increasingly complex tasks that required specialized expertise and resources. The team recognized the need for external support and a more streamlined solution to avoid potential audit issues and ensure financial accuracy. and foreign entities.

audit 52
article thumbnail

Common Accounting Mistakes: Government Edition – Issue #3 Policies and Procedures

SMBAccountant

Accounting policies and procedures can reach into almost every department, area, or responsibility, so they need to be communicated and monitored often. If there is ever an audit by DCAA of the accounting system or any portion of it, the policies and procedures will be reviewed.

article thumbnail

Common Accounting Mistakes: Government Edition - Issue #7 Accounting for Fixed Price vs Cost Contracts

SMBAccountant

This requires a detailed job costing within an accounting system for which many contractors are not prepared. These oversight bodies are not typically concerned with a contractor’s accounting system during a phase I award because of the fixed price. Sometimes there are financial viability reviews before the award as well.

article thumbnail

Contractor Business Systems Series: Part 1 — The Ins and Outs of Government Contractor Accounting System Requirements

Cherry Bekaert

Per these rules, the DoD will conduct audits or reviews of the adequacy of these systems. If significant system deficiencies are identified and not corrected, the DoD can impose substantial consequences, such as withholding a percentage of payment or deeming a contractor ineligible to submit bids.

article thumbnail

A Comprehensive Guide to Building an Optimal Accounting System

Basis 365

In the complex world of business, a robust accounting system supports the foundation of financial clarity and control. Whether you're a small startup or a seasoned enterprise, building an optimal accounting system requires careful planning, strategic technology integration, and unwavering commitment to financial discipline.