Not-for-profit (NFP) organizations have faced their own set of struggles while dealing with the coronavirus. While there are some common struggles among all companies tasked with operating during the coronavirus, NFP organizations have been uniquely affected. The proper reporting of both going concern and subsequent events as well as coronavirus assistance and relief are audit […]
Americans are experiencing unemployment fraud as they started to receive documents for calculating their taxes. These scams have increased with the rise in unemployment due to the COVID-19 pandemic. Scammers are using stolen names and personal information for filing and receiving unemployment benefits. This fraud is affecting people who have lost their jobs and is […]
The coronavirus has added several challenges for those performing single audits for clients with the primary challenge being how to deliver a quality audit to the client in a timely manner. In December 2020 the Office of Management and Budget (OMB) released the newest addendum to the Compliance Supplement and this addendum addressed how to […]
With the growth in demand for education in both academic and industrial structures, there is also demand for flexibility to integrate continuous learning in day-to-day life. This demand has resulted in implementing new learning and teaching techniques like distance learning. Unlike early days when distance learning was sending study materials via posts and taking exams […]
Statement on Auditing Standards No.136 (SAS 136), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (Employee Retirement Income Security Act of 1974), addresses issues related to the quality of the independent audit work done on employee benefit plan audits. These issues were brought to the attention of the AICPA […]
Digital transformation and change management involve multiple components and each has to be arranged in a way that could lead to achieving the goals successfully. Forward-thinking leaders realize that the first step towards improving competitive advantage is to digitally transform their corporate training program. Mostly overlooked, one of the most important elements in digital transformation […]
After a full year of COVID-19 related restrictions, many employees have deferred the usage of their vacation and sick days. Because companies must account for the possibility of these hours being used in the future, it is likely that the compensated absences liability will be substantially larger for 2020 than in previous years. Compensated absences […]
NOCLAR, which stands for Non-compliance with Laws and Regulations, was created and has been updated by the International Ethics Standards Board for Accountants (IESBA). NOCLAR is an action that violates a law or regulation that has a direct impact on financial statements or violates laws which address compliance matters. Recently two AICPA boards provided interpretation […]
Payroll is the process of calculating and disbursing wages, salaries, bonuses, expenses and deductions relating to employees’ compensation for their work. It is necessary to maintain financial records, understand current laws and regulations, detailed knowledge of tax issues, and a system to ensure employees are compensated accurately. A payroll manager supervises the payroll department and […]
As part of its strategy, every business focuses on growth and development, including that of its employees. Organizations normally train employees for practical reasons like onboarding new employees, keep with the industry trends, and even demonstrating how to use new equipment. Also known as workplace learning, corporate training aims to design activities to educate employees, […]
