Digging into ERISA
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
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
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
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.
WHD Opines on Regular Rate of Pay Issues
The U.S.
WHD Issues Final Rule on Bonuses for Fluctuating Workweek Employees
On May 20, 2020, the U.S.
Examining COVID-19 Fraud Risks through the Concept of the Fraud Triangle
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.
WHD Issues Final Rule on Qualifying as a “Retail or Service” Establishment
On May 18, 2020, the U.S.
FAQs Keeping Pace With COVID-19 Questions
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:
Audit Challenges in the Wake of COVID-19
There are many challenges for auditors in the wake of the COVID-19 virus. Auditors are finding new creative ways to ensure they are still meeting audit standards requirements while conducting test work during this quarantine phase.&nb