Category Archives: Audit News
You may have noticed in the past few years that your annual audit seems to take longer than it once did. Changes in accounting and auditing standards, increased disclosure requirements, and the unprecedented growth of our clients are causing us to spend more time planning, documenting, and completing our audit procedures than ever before.
1. Does the person who handles incoming cash receipts also record transactions?
2. Is a cash register used in the business?
3. Is a bank lockbox used for processing customer payments?
4. Are deposits made daily and secured prior to depositing in a safe?
Occupational fraud is a scheme in which an employee abuses the trust placed in him or her by an employer for personal gain. Its formal definition is: The use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization’s resources or assets.
A multiemployer pension plan is used by an employer to provide a benefit to their employees in a plan that is shared with multiple employers, usually in similar industries. Under previous accounting principles, employers were only required to disclose their contributions to the plan without disclosing the funded status of the plan.
As a cooperative, you are allowed to allocate various taxable items to your members. Common items include qualified patronage and the section 199 deduction. This benefit comes with some specific rules regarding reporting to your members and reporting to the Internal Revenue Service. When cooperatives make allocations to their members, they generally have up to 81/2 […]
Organizations with fewer than 100 employees significantly trail their counterparts in the implementation of formal antifraud controls, according to a worldwide survey by the Association of Certified Fraud Examiners (ACFE). Antifraud experts say formal controls can help small businesses prevent and detect instances of fraud that, left undiscovered, could lead to costly losses and possibly […]