Safeguarding Integrity: The Importance of SOX Compliance

In the aftermath of major financial scandals that shook the global economy, the U.S. Congress enacted the Sarbanes-Oxley Act (SOX) in 2002 to restore confidence in the financial markets. The legislation introduced stringent regulations to ensure the integrity of financial reporting and corporate governance practices. While SOX compliance applies to all public companies, its significance is particularly […]

Benefits of Using a Lease Management Software Tool to Implement ASC 842

Lease Accounting Standard ASC 842

As the time frame for implementing the new lease accounting standard, ASC 842, is only a few short months away, it may be beneficial to look at some of the advantages of using a lease management software tool rather than relying on more conventional methods. Compliance with the new standard is the most important factor […]

Time to Increase Your Internal Audit Awareness

Minimizing year-end financial adjustments

May is Internal Audit Awareness Month. While your business may not be required to undergo regular audits, you should consider the benefits of conducting one. An internal audit can reassure stakeholders that you take seriously your fiduciary responsibility. Audits can also help you identify risks before they become intractable problems. Here’s how to initiate and […]

New Audit Standards for Entities with Fiscal Years Ending after December 15, 2021

Tax planning for businesses

After a one-year delay in implementation due to COVID-19, auditors will be required to implement a new suite of audit standards intended to provide more transparency into the basis of the audit opinion and more closely align the reporting requirements of U.S. generally accepted auditing standards with those of the PCAOB and International Auditing and […]

Single audits expected to increase due to CARES Act

American Rescue Plan Act

As a result of the Covid-19 pandemic, the U.S. government has implemented a number of measures to provide economic support to businesses. Perhaps the most impactful has been the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provided $2.2 trillion of funding for individuals, Paycheck Protection Program (PPP) loans, unemployment benefits and direct aid […]

Nonprofits – Here’s why internal audits still matter

Biden far-reaching tax overhaul

Fraud doesn’t simply take a vacation during crises, such as the COVID-19 pandemic. If your not-for-profit’s internal controls aren’t effective, crooked individuals can find ways to exploit them and steal from your organization — even if they’re working remotely. Other threats, such as financial shortfalls, might also loom. So it’s important to continue to schedule […]

What to do when the audit ends

Biden far-reaching tax overhaul

Financial audits conducted by outside experts are among the most effective tools for revealing risks in nonprofits. They help assure donors and other stakeholders about your stability — so long as you respond to the results appropriately. In fact, failing to act on issues identified in an audit could threaten your organization’s long-term viability. Working […]

Cincinnati – New Lease Accounting and Revenue Recognition Standards

Time is running out to comply with the new lease accounting and revenue recognition standards. Many companies have underestimated the significance of the changes and the amount of effort required to implement the new guidance. Has your business fully assessed the potential impact these new guidelines could have on your organization and your financial statements? […]

Cleveland – New Lease Accounting and Revenue Recognition Standards

Time is running out to comply with the new lease accounting and revenue recognition standards. Many companies have underestimated the significance of the changes and the amount of effort required to implement the new guidance. Has your business fully assessed the potential impact these new guidelines could have on your organization and your financial statements? […]

Columbus – New Lease Accounting and Revenue Recognition Standards

Time is running out to comply with the new lease accounting and revenue recognition standards. Many companies have underestimated the significance of the changes and the amount of effort required to implement the new guidance. Has your business fully assessed the potential impact these new guidelines could have on your organization and your financial statements? […]

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