If your organization receives federal assistance, the Office of Management and Budget (OMB) has released updated regulations you need to be aware of. The 2024 updates to the Uniform Guidance, effective October 1, 2024, introduce several important changes to the requirements for single audits. Here are the key points: These revisions are part of an…
Read MoreIndependent financial statement audits are designed to provide assurance that the amounts reported in them are reasonably stated. An integral part of the audit process is an assessment of the effectiveness of an organization’s system of internal control. As a result, the independent auditor gains valuable insight on how the organization works – from top…
Read MoreWhile most of the financial relief benefits driven by the pandemic have expired, there are some after-effects to consider as we head into 2023. If your business received financial assistance from a federal agency through the CARES Act, you may be subject to single audit requirements. The CARES Act provided federal funding to many organizations…
Read MoreIf you discover money missing from your business, you may need a forensic accountant. Forensic accountants are qualified to investigate the source of missing money and determine whether you were robbed or taken advantage of financially. They’re the people you need when you need to find out where the money went. These experts can research…
Read MoreEvery year, the IRS mails millions of letters and notices to taxpayers for a wide variety of reasons. In this article, we’ll explore some of the reasons IRS mails these letters or notices and give you some tips on what to do, and not do, if you receive one from the IRS. Each letter or…
Read MoreOn Memorial Day weekend, the US Treasury and the Small Business Administration (SBA) released two new Interim Final Rules regarding the Paycheck Protection Program (PPP). Key updates and clarifications for PPP loan forgiveness include: Borrowers may seek forgiveness for payroll costs for the eight weeks beginning on either: The date of disbursement of the borrower’s…
Read MoreBusinesses often enter into so-called “collaborative arrangements” when they partner with another entity on a major project. Unfortunately, the current guidance for these types of arrangements under U.S. Generally Accepted Accounting Principles (GAAP) is somewhat vague. Here are some questions that may arise as participants report shared costs and revenue on their income statements, along…
Read MoreWork-in-progress (WIP) is a major inventory account for manufacturers, media and film companies, construction contractors, and other entities that enter into long-term contracts. WIP reports help management gauge the profit on each long-term project. To maximize profitability, it’s essential to regularly monitor these reports. What should be included? There are many ways to create WIP…
Read MoreAuditors assess their clients’ risk factors when planning for next year’s financial statement audit. Likewise, proactive managers assess risks at year end. A so-called “SWOT” analysis can help frame that assessment. Typically presented as a matrix, this analysis of strengths, weaknesses, opportunities and threats provides a logical framework for understanding how a business runs. It…
Read MoreVirtually every business must file a tax return. So, some private companies issue tax-basis financial statements, rather than statements that comply with U.S. Generally Accepted Accounting Principles (GAAP). But doing so could result in significant differences in financial results. Here are the key differences between these two financial reporting options. GAAP: GAAP is the most…
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