SMBAccountant

JULY 14, 2020

If you are submitting proposals for a government contract, the government prefers the accrual basis of accounting because it gives a more accurate picture of the company’s profit or loss. If a company is audited in the middle of the year, a panic ensues to get the books in order and reconciled to an accrual basis.

Government 246

Government accrual accounting quickbooks Account 246

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). Privately held companies may choose a non-GAAP reporting method, but when working with the federal government and the Defense Contract Auditing Agency (DCAA) GAAP must be followed.

Government 219

Government accounting principles Account accounted 219

Going Concern

SEPTEMBER 20, 2023

note: This post brought to you by the Big Government Auditing lobby. Just kidding, it’s a guest post from Parker Skaats, CPA, an experienced government worker who’s here to pitch the joys of government work to the unwashed overworked masses. Enter the world of government auditing.

Government 124

Government audit CPA auditor 124

SMBAccountant

NOVEMBER 4, 2020

Quality management and accounting systems go hand in hand, especially when it comes to managing government contracts. DCAA auditors not only want to see that there is a policy in place, but there is continued effort to monitor the effectiveness through separation of duties and internal audits.

Government 246

Government Account accounted accountant 246

SMBAccountant

JULY 29, 2020

Government contractors have an even harder and more dire concern when it comes to cost plus contracts. Large variances between the budget and actual expenses can result in money owed to the contractor, or worse, money owed back to the government. Budgets may be the most artful part of accounting. The other issue is timing.

Government 190

Government accounted Account accountant 190

SMBAccountant

OCTOBER 7, 2020

Whether the SBIR/STTR that’s being worked is a grant through the National Science Foundation (NSF) or a federal contract, there is an oversight agency, such as the Defense Contract Audit Agency (DCAA) for Department of Defense (DOD) contracts, that will review the adequacy of a contractor’s accounting system prior to a phase II award.

Account 246

Account accounted accountant accrual accounting 246

Going Concern

JANUARY 9, 2025

Training Hours for Audit Personnel. Experience of Audit Personnel. Average years of career experience of senior professionals in key industries audited by the firm at the firm level and the audited companys primary industry at the engagement level. Retention of Audit Personnel (firm-level only). across the firm.

audit 125

audit auditor Education accounting firms 125

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.

Government 190

Government accounting principles Account accounted 190

Going Concern

JANUARY 8, 2024

Hey remember the Bloomberg story last March about how staff shortages at audit firms were causing municipal credit ratings to tank ? Said the Sheridan Press today : The city of Sheridan and Sheridan County’s FY2023 audits will come in after the state-mandated deadline. The late audit was due on the 31st of December.

Wyoming 126

Wyoming audit Government Montana 126

CPA Practice

NOVEMBER 11, 2024

In the coming months, my K2 organization and this column will continue to cover useful AI tools for Client Accounting Services (CAS), tax, and audit. Trullion : Data extraction, validation, and reconciliation; can pre-read an audit; manages lease accounting and revenue recognition. Trullion could be a replacement for DataSnipper.

accounting firms 111

accounting firms Technology Account accounted 111

CPA Practice

DECEMBER 11, 2024

Wolters Kluwer, a provider of professional information, software solutions, and services, has announced two significant enhancements to its TeamMate+ audit management platform: Multi-Year Audit Planning and the Business Rules Engine. This new functionality enables audit teams to ensure data integrity throughout the audit cycle.

audit 59

audit Technology Government 59

CTP

JANUARY 15, 2025

Just the mention of the word audit can strike fear into a taxpayers heartbut with enough preparation, an audit does not have to be a reason for anxiety. Each year, a number of audits are randomly chosen by the IRS, so the possibility of being audited is unavoidable even if your tax return has been filled out perfectly.

audit 52

audit auditor Legal tax return 52

CPA Practice

JUNE 19, 2024

government contracts account for over $700 billion annually , a significant portion of which hinges on the ability for contractors to “establish and maintain an acceptable accounting system” which includes “timekeeping” and “labor distribution.” Changes to time entries are inevitable, yet they must be managed with a rigorous audit trail.

Government 115

Government general ledger audit accounting system 115

CPA Practice

JULY 11, 2024

a provider of assured integrated reporting, has added the Global Internal Audit Standards to the Workiva platform, making it the first SaaS company to incorporate the newest standards into its suite of GRC (governance, risk, and compliance) solutions. Workiva Inc.,

audit 111

audit auditor Washington Government 111

ThomsonReuters

MARCH 17, 2025

Blog home With regulatory bodies intensifying their focus on audit quality , todays audit professionals face a growing level of scrutiny around their work. To adapt to an industry in flux, audit professionals must harness modern solutions that offer robust documentation frameworks, advanced technology, and proven audit methodology.

audit 52

audit auditor Technology financial statements 52

CPA Practice

OCTOBER 8, 2024

According to a new report from top six accounting firm BDO USA, company finance leaders are expecting technology like artificial intelligence to be used by their external auditors now to enhance their audit engagement and consider it the second-most important factor when choosing an audit firm. Graph courtesy of BDO USA.

audit 143

audit Finance auditor Technology 143

AccountingDepartment

JUNE 13, 2024

When it comes to compliance with government regulations, navigating the intricacies and nuances of DCAA accounting is essential for any government contractor.

Government 105

Government Account accounted accountant 105

CPA Practice

MAY 26, 2023

It is stepping up efforts to audit employers as aggressive promoters continue to make a pitch for fraudulent refunds (IR-203-40, 3/7/23). The IRS is actively auditing and conducting criminal investigations related to these false claims. Practical advice: If you’re tapped for an audit, don’t panic. How does the ERC work?

audit 138

audit general ledger income tax tax return 138

CPA Practice

AUGUST 12, 2024

Forming an environmental, social, and governance (ESG) strategy can be a resource intensive task given all the areas that it could impact. Luckily, companies with internal audit resources already have in place a valuable contributor to ensuring ESG success. By David Plajstek, Principal, UHY.

audit 119

audit auditor Government 119

AccountingDepartment

NOVEMBER 2, 2023

When it comes to compliance with government regulations, navigating the intricacies and nuances of DCAA accounting is essential for any government contractor.

Government 110

Government Account accounted accountant 110

AccountingDepartment

FEBRUARY 15, 2024

For a business, becoming a government contractor can open doors to a sea of lucrative opportunities – but these waters run deep with regulations, especially those set by the Defense Contract Audit Agency (DCAA). A critical cog in the machinery that is the U.S.

Government 110

Government audit accountant accounted 110

CPA Practice

MAY 25, 2023

It is stepping up efforts to audit employers as aggressive promoters continue to make a pitch for fraudulent refunds (IR-203-40, 3/7/23). The IRS is actively auditing and conducting criminal investigations related to these false claims. Practical advice: If you’re tapped for an audit, don’t panic. How does the ERC work?

audit 130

audit general ledger income tax tax return 130

TaxConnex

JUNE 29, 2021

If back taxes are not disclosed but are instead discovered through an audit, the taxpayer is at a disadvantage and will end up being assessed various penalties plus interest plus all historical tax due. If you own a small company, the penalties levied by governments in an audit could do serious damage to your financial stability.

audit 246

audit Sales Tax Legal 246

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?

audit 115

audit auditor Transportation Government 115

CPA Practice

AUGUST 26, 2024

Forvis Mazars, LLP, ranked among the largest public accounting and consulting firms in the United States, is expanding its Public Sector Advisory Services practice by launching a new line of Government Outsourced Accounting Services (GOAS) for clients. Leading the new service line is Karen Kurtin. Leading the new service line is Karen Kurtin.

Government 110

Government accounting and finance accounted Account 110

Going Concern

JANUARY 3, 2025

The new platform of roughly 12,000 professionals will include a united Trans-Atlantic advisory and tax practice, as well as independent audit practices. But in recent months, local governments have been waiting longer and paying more for required financial statements. Audit firms face a unique set of challenges.

auditor 98

auditor audit Rhode Island cpa firm 98

Acterys

FEBRUARY 11, 2025

Data Governance: Use role-based access controls, version tracking, and audit trails to ensure data integrity while maintaining transparency. Approval workflows to validate changes and maintain a clear audit trail. Why It Matters: Compliance with organizational data governance policies.

Approval Workflows 130

Approval Workflows audit Government B2B 130

Accounting Today

JULY 9, 2024

While the IRS and the Treasury have committed to tax administration equity, the Government Accountability Office recently found potential unintended biases in some of the systems and methods used by the IRS for audit selection — meaning some populations may be getting selected for audits at a higher rate than others.

audit 93

audit Tax Government accountant 93

CPA Practice

SEPTEMBER 5, 2024

Keeping up with sales tax changes can be difficult and, even if you’re careful, your business can be selected for a state audit. Just the thought of being selected for a sales tax audit can be intimidating.

audit 115

audit Sales Tax auditor 115

MyIRSRelief

AUGUST 2, 2024

This dichotomy creates a complex tax landscape for cannabis businesses, particularly concerning compliance, audits, and the infamous Section 280E of the Internal Revenue Code (IRC). Navigating Audit s IRS Audits The IRS has made it clear that cannabis businesses are a priority for audits.

audit 130

audit Tax Nevada Colorado 130

Accounting Insight

FEBRUARY 13, 2025

Recently, the companies completed an independent evaluation of the safety and security features within Caseware AiDA, the organizations AI digital assistant, performed via the Holistic AI Governance Platform. Launched in May 2024, AiDA is a state-of-the-art AI-powered digital assistant for the accounting, audit and finance professions.

Government 52

Government accounting and finance audit Finance 52

TaxConnex

JULY 29, 2021

Luckily as of July 1, a threshold of $100,000 (same as the state of Illinois) has been included in this standard so that the local government can only go after a remote seller who has made sales into the city that meets or exceeds the threshold. Got all that?

Sales 246

Sales Tax Illinois audit 246

MyIRSRelief

NOVEMBER 1, 2024

Create Bylaws: These are the rules that govern the corporation. Inadequate records can lead to errors on tax returns, missed deductions, and potential audits. Audit Support In the event of an IRS audit, professional tax advisors can provide valuable support. What are the Tax Benefits of an S Corporation?

tax preparation 130

tax preparation tax planning corporation tax Tax 130

Cherry Bekaert

AUGUST 1, 2024

Contributor: Ali Karim , Accounting Advisory, Senior Associate The Government Finance Officers Association’s (GFOA) 118 th Annual Conference was held between June 9 – 12, 2024, at the Orange County Convention Center in Orlando, Florida. The one obvious challenge was that there were numerous sessions to choose from.

Government 98

Government Finance accounting and finance Florida 98

CPA Practice

APRIL 29, 2024

The recruitment and hiring landscape for internal audit must evolve to ensure the profession keeps pace with a changing risk environment. According to the report, hiring managers tend to seek recent college graduates who have studied accounting (80%), followed by those from auditing (53%) and business (44%).

audit 111

audit Education auditor Technology 111

TaxConnex

MAY 5, 2022

Make sure you aren’t making these common mistakes to ensure you have sales tax in order and aren’t at risk for penalties and fees in the case of an audit. Taking your customers’ word that they are exempt will not help you during an audit. Other exemptions can apply to special entities, including government organizations and nonprofits.

Sales 244

Sales South Dakota Tax Hawaii 244

CPA Practice

OCTOBER 22, 2024

Grant Thornton, a provider of end-to-end audit, assurance, tax and advisory services, has appointed Greg Davis to lead the firm’s Workday practice. With strong leadership experience in driving initiatives in education, government and healthcare, his commitment to excellence is evident.

accounting and finance 119

accounting and finance Healthcare Manufacturing payroll 119