A single audit is an audit of a federal award that is expended by state and local governments and non-profit entities. The audit is performed to ensure that the entity expending the funds is following all of the rules and regulations of the award. A federal award program must be audited if there has been […]
A corporate tax is imposed by the government on a business’s profit. The amount that is collected from corporate taxes is used as a source of income spent on the nation. The operating earnings of an entity are calculated by deducting expenses which include the cost of goods sold and depreciation from revenues. Afterward, tax […]
The COVID-19 pandemic has thrown many curveballs at the accounting industry, one of which is how to properly perform revenue recognition tests in accordance with the latest authoritative guidance while also adjusting testing for the pandemic environment. FASB (Financial Accounting Standards Board) issued Accounting Standards Update (ASU) No. 2020-05, Topic 606 – Revenue from Contracts […]
Many companies are still unaware of the importance of cybersecurity and the ways to tackle them. A technical fault or human error can be seriously harmful for business operations. One of the indispensable components of the company’s infrastructure is cybersecurity. Success is dependent on the ability of a company to safeguard its proprietary information and […]
Bookkeeping is a term that refers to recording financial transactions and activities on a daily basis. It is the process of identifying, measuring, and recording financial transactions. Bookkeeping is a part of the accounting process confined within record keeping. Companies can make key financial, operating, and investing decisions and are able to track all information […]
Earlier this year the AICPA Accounting Standards Board (ASB) issued a standard creating a new type of engagement, known as a Direct Examination Engagement. The name of the standard creating this type of engagement is the Statement on Standards for Attestation Engagements (SSAE) No. 21, Direct Examination Engagements. SSAE No. 21 adds AT-C Section 206, Direct Examination […]
Continuing professional development (CPD) is the wilful development of knowledge and skills that are required to perform in professional affairs. It is sharpening current skills, or developing them to a new level, or learning new skills related to a certain profession. In today’s changing world, your skills and knowledge need to be up-to-date to have […]
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 […]
