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 […]
The American Payroll Association is the national certification body for payroll specialists, representing more than 21,000 members. The association is for individuals responsible for processing company payrolls and provide them with knowledge, skills and expertise to become certified payroll professionals. There are two levels of certifications offered by The American Payroll Association: Fundamental Payroll Certification […]
It’s so mixed up. More and more employees are working from home. Programs like Zoom are helping us connect and pressing zillions of buttons on our telephone actually gets us transferred to the “right” person who is working from their home. What would we do without technology! Plexiglass screens are on everyone’s desk, or station. […]
The Financial Accounting Standards Board (FASB) recently released a new accounting standard requiring additional disclosure information when reporting contributed nonfinancial assets on financial statements. Accounting Standards Update (ASU) 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosure by Not-for-Profit Entities for Contributed Nonfinancial Assets updates the requirements and guidance on proper disclosure and presentation of contributed nonfinancial assets. What […]
The Sarbanes-Oxley Act of 2002 is a law passed by U.S. Congress on July 30, 2020 protect investors from corporate fraud. Also known as the SOX Act of 2002, and the Corporate Responsibility Act of 2002, it is enforced by the Securities and Exchange Commission and imposed strong penalties for non-compliance and gave job protection […]
Forensic accounting is a newer accounting specialty that has become more popular in the last several years but many professionals don’t have a strong understanding of what a forensic accountant does. In this post, we will define forensic accounting and get a better understanding of this specialty profession. Forensic Accountant Defined The American Institute for […]
