The amount that is due or to be paid to the creditors or suppliers of goods and services to the business is called accounts payable. Accounts payable also refers to a department within a company responsible for making payments that a company owes to its suppliers and creditors. The effective management of accounts payable contributes […]
For auditors performing calendar year-end audits, the December 31, 2020 audit cycle will present unknown COVID-19 related challenges, in addition to the ‘normal’ challenges faced by auditors. This blog post will highlight some areas for auditors to consider and review as part of the year-end audit process as well as some basic practices to have […]
A form of leadership in which individuals demonstrate conduct for the common good that is acceptable and appropriate in every area of their life in called Ethical Leadership. In simple words, ethics is doing the right thing. By modeling the right behavior, you can inspire your employees to achieve more while acting responsibly. Ethical leadership […]
The spread of COVID-19 has prompted travel restrictions worldwide and remote work policies, it also affected routine in-person audits and official on-site inspection activities. To avoid delays and canceled or deferred audits, many firms are turning to remote or virtual audits to maintain their assurance activities until operations become normal. It is due to the […]
The Office of Management and Budget (OMB) just released the December 2020 addendum for the August 2020 Compliance Supplement. Auditors who performed single audits for clients have been anxiously awaiting this addendum to prepare for year-end audits. Because many organizations received federal COVID-19 assistance and relief, the OMB had to add to the current Compliance […]
Internal audit is a systematic approach to evaluate the company’s internal controls, regulatory and corporate compliance, and accounting processes. Internal audits provide tools necessary for the organization to achieve operational efficiency by providing information it needs for the accomplishment of its goals and correcting slip-ups before they turn up in an external audit. Internal auditors […]
When you are hoping to improve the productivity and growth of your firm, you have to invest in offshore accounting services. In offshoring, the business operations are relocated to another country for better opportunities and tax savings, which makes it a powerful business model. The CPA and accounting firms in the US adopt offshore accounting […]
Correctly categorizing contributions, donations, and grants for proper revenue recognition on the income statement has generally been a complicated exercise. Fortunately, the Financial Accounting Standards Board (FASB) has updated the guidance needed to assist in properly recording these revenue sources. FASB Accounting Standards Update (ASU) 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received […]
Due to the outbreak of coronavirus pandemic, many businesses, schools, and universities are adopting online or e-learning. The pandemic is transforming many aspects of life and education is one of them. Employers have adapted to working and dealing with clients online, which made accountants work remotely online to continue delivering their services for clients or […]
Ethics play a vital role in today’s business as it can impact the brand image, public perception, and even productivity of employees. Companies that maintain ethical business cultures are more financially successful and have a highly motivated and productive workforce. Employees are motivated to practice honesty and integrity while they speak or act. Such ethical […]
