Posts Tagged ‘Audit’
By Edelstein on September 26, 2022
An interesting tool called Benford’s Law can be effective in detecting fraud. But it also can be used during external auditing procedures to test journal entries for unusual numeric patterns. Here’s what you should know
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Posted In: Alerts & Advisories
By Edelstein on September 20, 2022
Your CPA offers a wide menu of services. One flexible offering, known as an “agreed-upon procedures” engagement, provides limited assurance on a specific aspect of an organization’s financial or nonfinancial information. What’s covered? Agreed-upon procedures
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Posted In: Alerts & Advisories
By Edelstein on September 12, 2022
In today’s volatile market conditions, it’s important to review your accounts receivable ledger and consider writing off stale, uncollectible accounts. The methods that you’ve used in the past to evaluate bad debts may no longer
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Posted In: Alerts & Advisories
By Edelstein on September 7, 2022
Risks abound in today’s uncertain marketplace. Nearly two-thirds of senior finance leaders said that the volume and complexity of corporate risks have changed “mostly” or “extensively” in the past five years, according to a new
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Posted In: Alerts & Advisories
By Edelstein on September 6, 2022
The Financial Accounting Standards Board (FASB) could have congressional lobbyists nipping at its heels over a “book minimum tax” rule in the newly enacted Inflation Reduction Act of 2022 (IRA). This would be the first
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Posted In: Alerts & Advisories
By Edelstein on August 17, 2022
We are proud to announce that Edelstein has again been named as one of the Top 200 (#168) accounting firms in the nation by Inside Public Accounting (IPA). Firms are ranked by U.S. net revenues
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Posted In: Awards
By Edelstein on August 15, 2022
As businesses and not-for-profit entities increasingly rely on technology, cyberthreats are becoming more sophisticated and aggressive. Auditors must factor these threats into their risk assessments. They can also help you draft cybersecurity disclosures and brainstorm
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Posted In: Alerts & Advisories
By Edelstein on August 8, 2022
Auditors commonly use confirmations to verify such items as cash, accounts receivable, accounts payable, employee benefit plans and pending litigation. Under U.S. Generally Accepted Auditing Standards, an external confirmation is “a direct response to the
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Posted In: Alerts & Advisories
By Edelstein on August 1, 2022
Under U.S. Generally Accepted Accounting Principles (GAAP), financial statements are normally prepared based on the assumption that the company will continue normal business operations into the future. When liquidation is imminent, the liquidation basis of
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Posted In: Alerts & Advisories
By Edelstein on July 25, 2022
Today, many companies share research or technology to develop new products. For example, manufacturers might enter into a joint venture to conduct scientific research to design a new medical device. Or a watchdog group might
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Posted In: Alerts & Advisories