Three COVID-19 Audit Risks for 2020

Illumeo Customer Success's Profile

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 post add

Digging into ERISA

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Many people do not realize that Certified Public Accountants provide the service of auditing the financial statements of employee benefit plans.  Before digging into this niche audit area, it is imperative to understand the governing law that establishes the need for the audit. 

All About Agreed-Upon Procedures

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Preparing taxes and performing audits are the most popular types of services offered by a CPA firm.  However, CPA firms actually provide a myriad of services, one of which is the agreed-upon procedure engagement. 

The Effects of COVID-19 on Goodwill Impairment Testing

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For many companies there is a strong chance that one of the effects of the COVID-19 virus will be considering it as a triggering event requiring the performance of goodwill impairment testing.

Lease Standard Changes Arising from COVID-19

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The Financial Accounting Standards Board’s (FASB) newest lease accounting standard, Accounting Standards Codification (ASC) 842, is facing implementation delays and challenges due to the COVID-19 crisis.  

Examining COVID-19 Fraud Risks through the Concept of the Fraud Triangle

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The theory behind the fraud triangle is one of the most basic concepts an accounting student learns in his or her introductory auditing college coursework.

FAQs Keeping Pace With COVID-19 Questions

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As questions pour into the Department of Labor and the Internal Revenue Service from employers on the Families First Act and the CARES Act, both agencies are updating their respective FAQs.  Here are the latest updates: