New report shows a decrease in CAMs in 2022

  The Public Company Accounting Oversight Board (PCAOB) recently published its second post-implementation review on critical audit matters (CAMs). The report found that, while the proportion of auditor’s reports that have a single CAM has increased, the average number of CAMs has declined over time. Here’s what you should know. Defining CAMs Auditors of public [...]

2023-02-03T10:42:49-06:00February 3rd, 2023|Accounting & Auditing Resources|

5 benefits of outsourcing your accounting needs

  CPA firms do more than audits and tax returns. They can also help you with everyday accounting-related tasks, such as bookkeeping, budgeting, payroll and sales tax filings. Should your organization outsource its accounting needs? Here are five potential advantages to consider when evaluating this decision. 1. Professional advice. Outsourcing to an experienced CPA firm [...]

2023-01-13T16:10:58-06:00January 13th, 2023|Accounting & Auditing Resources|

Update on remote auditing

  Remote work became a buzz topic when the United States went into lockdown mode in 2020 to combat the effects of COVID-19. Like many companies, audit firms quickly shifted to remote auditing with video conferencing and drones. Now that the country has largely reopened, will auditors continue to work remotely? Remote auditing “definitely continues [...]

2023-01-13T16:10:43-06:00January 13th, 2023|Accounting & Auditing Resources|

FAQs about QuickBooks

  Almost 40 years after its launch, QuickBooks® remains the leading accounting software program for small and medium-sized businesses. If you decide to use QuickBooks for your bookkeeping needs, you may have questions about implementation and using it to run your operations. Here are answers to some basic frequently asked questions (FAQs) to help you [...]

2023-01-13T16:10:26-06:00January 13th, 2023|Accounting & Auditing Resources|

Pick the right accounting method for your business

  Timely, accurate financial information is essential to running a successful business. There are a number of accounting methods you can use to record and track your business’s financial performance. Here’s an overview of cash, tax and accrual basis accounting to help you choose a method that’s appropriate for your situation. Cash basis Often startups [...]

2022-12-23T09:26:21-06:00December 23rd, 2022|Accounting & Auditing Resources|

What happened to the international convergence project?

  For years, there was talk of converging U.S. Generally Accepted Accounting Principles (GAAP) with the International Financial Reporting Standards (IFRS). While the formal convergence project lost steam about a decade ago, Financial Accounting Standards Board (FASB) Chair Richard Jones assured stakeholders at a recent Financial Accounting Foundation meeting that convergence discussions are still regularly [...]

2022-12-23T10:22:00-06:00December 23rd, 2022|Accounting & Auditing Resources|

How to report software costs

  What do Tesla cars, smart TVs and equipment used for making french fries have in common? The answer is embedded software, according to recent comments by Financial Accounting Standards Board (FASB) Vice Chair James Kroeker. He also told the Private Company Council that today’s mixed accounting model for software costs is outdated and should [...]

2022-12-09T08:54:57-06:00December 9th, 2022|Accounting & Auditing Resources|

What to do if your CFO or controller leaves

  A leadership departure in your accounting department can create turmoil, at least temporarily. However, it also provides an opportunity to assess the department’s performance and create a vision for how it should perform in the future. Here are four questions to address if your CFO or controller leaves. 1. Is the job description up [...]

2022-11-30T13:36:43-06:00November 30th, 2022|Accounting & Auditing Resources|

Accounting policies and procedures are essential for nonprofits, too

  Financial reporting isn’t all about profits. Not-for-profit entities can also benefit from implementing formal accounting processes. From preparing budgets and monitoring financial results to paying invoices and handling payroll tax, there’s a lot that falls under the accounting umbrella. Are these tasks, and others, being managed as efficiently at your organization as they could [...]

2022-11-30T13:36:19-06:00November 30th, 2022|Accounting & Auditing Resources|
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