As we head towards the end of 2020, it is expected that most auditors will have to deal with auditing the books of companies greatly impacted by COVID-19. Many of the situations will be new and unique to audit teams, although they are likely to see them often in the next couple of years. This […]
Since so many people are still working from home, they don’t have the physical casual contact with each other that they used to have. Familiarity with others is one of the ways trust is developed. We know people – we like them – we have learned something personal about them during lunch or coffee. Now […]
To define its financial stature, every company has to perform some accounting tasks including collection, analysis, classification, verification, interpretation, and presentation of financial information. Among various types of bookkeeping, one is called corporate accounting. Corporate accounting deals with the preparation of cash flow statements, financial records, balance sheets and creation of consolidated documents, etc. Corporate […]
Blockchain, also known as distributed ledger technology (DLT), is a technology that enables the existence of cryptocurrency – the likes of Bitcoin. Blockchain is an accounting technology that is concerned with the transfer of ownership of assets and maintaining a ledger of accurate financial information. In accounting, records are maintained and stored in a centralized […]
The rise in the global use of digital assets presents new challenges for how to properly account for these types of assets in financial statements following GAAP. Understanding what digital assets are and how to categorize the different types of assets is crucial for the auditor. CPAs must be able to account for investments in […]
Business fraud, also known as corporate fraud, refers to the unlawful activities undertaken by an individual or company, performed in a dishonest and unethical manner. Business fraud is designed for the advantage of an individual or company performing it. Business fraud has an impact on the business, other employees, and outside parties. Considered a white-collar […]
Business intelligence (BI) is the collection of strategies and tools used to analyze business information. It is a set of processes, technologies and architectures that analyzes raw data and transforms it into actionable information to help executives and end-users make informed business decisions, that drives profitable business actions. It is a suite of software and […]
In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments to address the recognition of credit losses in a more timely manner. Prior to the issuance of ASU No. 2016-13, estimating the allowance for credit losses was […]
Internal audit is a department within an organization that evaluates a company’s internal controls, its corporate governance, and accounting processes and provides impartial and independent review to the management. Internal audits also provide detailed information to governing bodies and executives about the organization’s risks, control environment, and operational effectiveness. The internal auditors report to the […]
A nonprofit organization is an organization dedicated to serving charitable, educational, religious or scientific purposes. The aim of such an organization is to fill society’s needs and make our communities more livable places. Unlike normal businesses, that operates to generate profit for owners and stakeholder, non-profit organizations do not operate for profits. They do generate […]
