SMBAccountant

DECEMBER 2, 2020

Many small business government contractors are exempt from complying with cost accounting standards (CAS) and defined by the code of federal regulations (CFR). However, compliance with generally accepted accounting principles (GAAP) is required. What exactly is GAAP? All publicly traded companies are required to follow GAAP.

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Accounting Today

JUNE 6, 2024

Officials discussed some of the latest accounting standards and advice for auditing firms during a USC and FEI conference.

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CPA Practice

AUGUST 10, 2023

Grant Thornton LLP, one of America’s largest audit, tax and advisory firms, has appointed two new leaders to the firm’s Audit Quality & Risk practice. Decker assumes her new role from Mary Ropes, an Audit partner at Grant Thornton, who retires after more than 35 years of service at the firm. Thank you for your leadership.”

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Cherry Bekaert

MAY 9, 2024

For many architecture and engineering (A&E) firms, overhead rate audits are a critical aspect of financial management since they can be a great way for firms to recoup incurred costs necessary to run their business from the government. Q: What is an overhead rate audit? Q: What are the benefits of an overhead rate audit?

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Acterys

OCTOBER 20, 2024

It focuses on presenting financial data clearly and in accordance with accounting standards. While financial reporting involves a detailed understanding of accounting standards, software, and tools, FP&A demands strong analytical skills, financial modeling, forecasting capabilities, and a deep understanding of industry dynamics.

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Cherry Bekaert

JULY 30, 2024

In the fourth episode of Cherry Bekaert’s Cost Accounting Standards (CAS) podcast series, Brendan Halloran , a Director in Cherry Bekaert’s Government Contracting Industry practice, is joined by Jeff Annessa , a Senior Manager in the Firm’s Government Contracting practice.

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Going Concern

AUGUST 2, 2023

Audit Analytics has released “ A Twenty-Year Review of Audit Fees ,” an in-depth look at audit fee trends from 2002 to 2022 and there are some fun charts inside. Mainly we care about this one: In FY2003, average audit fees were $681,000; in FY2022, this number was $2,243,000. God bless Audit Analytics.

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Going Concern

OCTOBER 12, 2023

KPMG Audit Plc was also hit with a fine — £3.5 million — as were the two audit partners in charge of the Carillion work for years 2013-2018. KPMG failed to conduct its audit work with an adequate degree of professional scepticism. million fine, reduced by 30% to £18.5 But that’s not all!

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CPA Practice

OCTOBER 18, 2024

Sorry about the name pronunciations friends, but these two really had a dog on good idea because they were really trying to use AI to work on accounting memos. So for our auditing friends on the call, talk to me a little bit about accounting memos. So you just take the contracts and you drop again, Excel doc or CSV into it.

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SMBAccountant

AUGUST 12, 2020

When working as a government contractor, these processes and policies need to be written, reviewed, and updated regularly to ensure compliance with the company’s own requirements, and the accounting standards demanded of contractors spending tax dollars.

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Accounting Insight

SEPTEMBER 2, 2024

As businesses navigate an increasingly globalized economy, the concept of offshoring has gained traction across various sectors, including auditing. However, despite its growing adoption, offshore auditing is often surrounded by misconceptions that can create hesitation among professionals.

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Cherry Bekaert

JUNE 25, 2024

Among those regulations are the Cost Accounting Standards (CAS), which are one of the most common challenges faced by emerging government contractors. Compliance with CAS is a contractual obligation, and failure to adhere to these standards can result in financial penalties, contract adjustments and contract termination.

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MarkFriedlich

MARCH 30, 2020

The International Accounting Standards Board (IASB) has released the document, IFRS 9 and COVID-19—Accounting for Expected Credit Losses Applying IFRS 9 Financial Instruments in the Light of Current Uncertainty Resulting from the COVID-19 Pandemic.

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Going Concern

JULY 23, 2024

Be aware, audit firms. Exactly what they said was: The PCAOB’s standard-setting agenda includes a research project to assess whether there is a need for guidance, changes to PCAOB standards, or other regulatory actions in light of the increased use of technology-based tools in the preparation and subsequent audit of financial statements.

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CPA Practice

JUNE 12, 2024

KPMG LLP’s Audit practice is embedding the Databricks Data Intelligence Platform within KPMG Clara, its global smart audit platform that brings together data and analytics, artificial intelligence and automation, collaboration capabilities and audit workflow, to deliver a better audit experience.

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MarkFriedlich

MARCH 30, 2020

The CARES Act (the “Act”) provides temporary relief from FASB Accounting Standards Update (ASU) No. Specifically, as worded in the Act, “no insured depository institution, bank holding company, or any affiliate thereof shall be required to comply with the Financial Accounting […].

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Going Concern

MARCH 8, 2024

In an interview with Bloomberg Law, Punt said he is optimistic about growing the accounting giant’s market share for the proactive services Deloitte calls “business transformation,” arguing general counsel need to deliver more value to their businesses through streamlined processes. When conducting the fiscal year 2021 audit of Tingo, Inc.,

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Cherry Bekaert

MAY 21, 2024

In addition to these expenses, companies that own private aircraft must also comply with various tax regulations, including properly reporting any personal use of the aircraft by company owners and executives, as the Internal Revenue Service (IRS) has recently been targeting this area for audits.

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CPA Practice

MAY 24, 2024

The Board of Trustees of the Financial Accounting Foundation (FAF) today announced that Hillary H. Salo, whose five-year term on the Financial Accounting Standards Board (FASB) begins July 1, 2024, will serve as the board’s vice chair upon the start of her term. In this capacity, she will succeed current FASB vice chair James L.

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ThomsonReuters

JANUARY 12, 2023

The primary role of an accountant is to handle a variety of tasks including tax preparation, financial planning and audits. . One of these expanded service areas is audit. . But what exactly does offering auditing services entail? How does it compare to traditional accounting services?

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Going Concern

JANUARY 25, 2023

When Thomson Reuters reported late last year that the Financial Accounting Standards Board (FASB) had proposed an eighth round of changes to lease accounting rules 1 , accounting and finance execs around the country channeled their inner Charlie Browns with a collective, “Good grief!”

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Withum

MARCH 7, 2025

Management should also ensure that financial reports comply with relevant accounting standards and regulations and conduct regular financial audits to identify discrepancies and areas for improvement. Audits help in maintaining financial integrity and ensuring that resources are used efficiently.

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Withum

DECEMBER 19, 2023

As these companies gain traction and seek external investments, audited financial statements play a crucial role in instilling trust among stakeholders, investors, and potential partners. 10 Key Steps Here are the key steps startup e-commerce companies can take to prepare for their audited financial statements.

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Cherry Bekaert

FEBRUARY 22, 2024

The annual financial statements must be audited, and the date of effectiveness must be within one year and 45 days from the audited balance sheet date. Our Accounting Advisory team regularly interprets and applies U.S.

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CPA Practice

NOVEMBER 25, 2024

The Board of Trustees of the Financial Accounting Foundation (FAF) has announced the appointment of Robert W. Scott to a five-year term on the Governmental Accounting Standards Board (GASB). Before entering the public sector, he was employed as an audit manager with the accounting firm of Deloitte & Touche.

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Withum

FEBRUARY 17, 2023

This webinar, presented by Ryan Miller, and Sienna Richert of Withum’s Healthcare Services Group, will provide an accounting and auditing update applicable to healthcare organizations. Identify best practices for implementing new accounting standard updates, including ASC 842 leases, updates, and other matters.

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LSLCPAs

SEPTEMBER 10, 2024

In case you missed it – being audit-ready is essential for maintaining transparency, ensuring compliance with accounting standards, and fostering public trust. The post Capital Assets in Action: A Crash Course with Examples for Audit Prep appeared first on LSL CPAs.

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Anders CPA

JANUARY 8, 2024

Jeanne Dee, CPA/CGMA, audit and assurance partner at Anders CPAs + Advisors (Anders), has been appointed to the Financial Accounting Standards Board (FASB) Not-for-Profit Advisory Committee (NAC) effective January 1, 2024. Jeanne also served as a board member and secretary for the Missouri State Board of Accountancy.

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CPA Practice

JUNE 24, 2024

Internal Audit Checklist: For conducting audits within the firm to ensure compliance with accounting standards and regulations. Financial Statement Template: To prepare standardized financial statements for clients, such as balance sheets, income statements, and cash flow statements.

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CPA Practice

OCTOBER 29, 2024

GBQ Partners, a full-service accounting firm with over 300 professionals across multiple Ohio offices, has established itself as a trusted advisor to clients in construction and various other industries. Tackling the Lease Accounting Challenge: The construction industry presents unique lease accounting challenges.

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Anders CPA

JULY 21, 2022

The Financial Accounting Standards Board (FASB) issued new reporting guidelines to help increase transparency around the measurement of contributed nonfinancial assets recognized by not-for-profits, including how much was used to support programs and activities.

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Going Concern

JULY 22, 2022

Global Rulemakers Say It’s Time to Fix Goodwill Accounting [ Bloomberg Tax ] The International Accounting Standards Board said Thursday that it would decide whether to change the rules covering acquisition accounting at its next meeting. At Mazars, three of eight audits reviewed (38 percent) met the same threshold.

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Going Concern

JANUARY 31, 2023

Bloomberg reported today that KPMG UK CEO Jon Holt told them the firm plans to raise audit fees, news that comes on the same day we find out KPMG UK revenue increased 12% to £2.72 Much of that did not come from audit however, deal advisory is up 24% and consulting 22%. billion ($3.3 billion) for their fiscal year ending in September.

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Withum

AUGUST 21, 2023

As tokenization gains momentum, the role of accounting and audits becomes increasingly vital in ensuring transparency, accountability, and trust in these emerging technologies. Every token transfer and ownership change is recorded transparently, creating a comprehensive audit trail.

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CPA Practice

JULY 8, 2024

Kowalsky serves on the Climate Task Force of the Federal Accounting Standards Advisory Board (FASAB) and sits on the Board of Directors of a cryptocurrency, digital assets, and blockchain 501(c)(3) non-profit which he co-founded. Patrick Donahue is an audit partner specializing in integrated audits.

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ThomsonReuters

JANUARY 12, 2023

Amidst a complex audit environment, today’s accountants have many opportunities to take advantage of technology and specialize in up-and-coming focus areas. One of these specialties is ESG audits. . What is an ESG audit? Like any audit, ESG audits can be internal or external. Who performs an ESG audit?

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ThomsonReuters

NOVEMBER 8, 2022

Who needs to know : Small, midsize and large finance and accounting professionals that prepare or audit financial statements in compliance with US GAAP. Want more clarity around how to account for revenue-generating contracts in business combinations? Accounting Standards Update (ASU) No.

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