Remote Quality Bookkeeping

JUNE 28, 2023

To combat these threats and safeguard their financial well-being, businesses are turning to a powerful tool known as forensic auditing. But what does the word “forensic audit” even mean? Forensic Audits vs. Financial Audits Financial audits are independent evaluations of a company’s financial statements.

Auditing 52

Auditing Financial Statements Financial Records Collections 52

Remote Quality Bookkeeping

JUNE 28, 2023

To combat these threats and safeguard their financial well-being, businesses are turning to a powerful tool known as forensic auditing. But what does the word “forensic audit” even mean? Forensic Audits vs. Financial Audits Financial audits are independent evaluations of a company’s financial statements.

Auditing 52

Auditing Financial Statements Financial Records Collections 52

Accounting Tools

JUNE 5, 2024

What is an Eligibility Audit? An eligibility audit is intended to spot instances in which an employer is paying the benefits for an employee or the employee’s dependents who do not qualify for them. What is Included in an Eligibility Audit? An eligibility audit can encompass the following areas: Dependent eligibility tracking.

Auditing 40

Auditing 40

Accounting Tools

AUGUST 29, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is an Interim Audit? An interim audit involves preliminary audit work that is conducted prior to the fiscal year-end of a client.

Auditing 40

Auditing Financial Statements 40

Accounting Tools

JUNE 9, 2024

What is an Audit Report? An audit report is a written opinion of an auditor regarding an entity's financial statements. The report is written in a standard format, as mandated by generally accepted auditing standards ( GAAS ). The different types of audit reports are noted below. The scope of the audit.

Auditing 40

Auditing Financial Statements Financial Records 40

Nanonets

MAY 8, 2023

If not, it may be time to rework your current accounting policies to implement audit trails. Despite what many business owners believe, audit trails aren’t reserved only for companies that receive an audit. Audit trails can prevent fraud, aid in disaster recovery, and ensure compliance with regulatory agencies.

Auditing 52

Auditing Accounts Payable Accounts Payable Purchase Order 52

Counto

NOVEMBER 10, 2024

catering, events). Audit Trail : Accurate records are required for input tax claims and to ensure smooth filing during any tax audits. Here’s what you need to know: Threshold for Registration : Restaurants must register for GST if their annual taxable turnover exceeds S$1 million.

Record Keeping 52

Record Keeping Billing Invoicing Tax 52

Cloud Accounting Podcast

MARCH 25, 2025

link] Former Defense Contractor and his Wife Indicted for Evading U.S. link] Former Defense Contractor and his Wife Indicted for Evading U.S.

Financial Reporting 40

Financial Reporting Payroll Collections Tax 40

CapActix

MAY 8, 2023

For example, if you plan to start a new business or have a significant capital gain, you may want to delay filing your taxes until after these events occur. This can help protect your firm in the event of an audit or other regulatory inquiry. Audit Defense: Maintaining documents can also help with audit defense.

CPA 98

CPA Tax Auditing Record Keeping 98

Accounting Tools

JUNE 14, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is a Financial Statement Review? A review does not require the accountant to obtain an understanding of internal control , or to assess fraud risk , or other types of audit procedures.

Financial Statements 75

Financial Statements Auditing Accruals Financial Reporting 75

Cloud Accounting Podcast

JANUARY 19, 2024

They also examine the UK Post Office scandal that led to hundreds of criminal convictions of postmasters, as well as Deloitte's recent massive audit failures, and the impacts of the talent shortage illustrated by delayed government audits in Wyoming. All this and more, right here, right now!

CPA 64

CPA Auditing Computation Accounting Software 64

Insightful Accountant

DECEMBER 19, 2024

InsureTax, is a Lloyd's agent, offering the first-ever Tax Audit Insurance solution tailored for small businesses (SMBs). This solution is very different than other solutions you think can protect you in the event of a tax return audit.

Auditing 52

Auditing Tax 52

Accounting Tools

MAY 4, 2023

Related Courses Accounting for Intangible Assets Fixed Asset Accounting How to Audit Fixed Assets An intangible asset is a non-physical asset having a useful life greater than one year.

Computation 75

Computation Auditing Accounting Accounting 75

Accounting Tools

APRIL 18, 2024

Related AccountingTools Courses GAAP Guidebook How to Audit Liabilities If it is not possible to arrive at a reasonable estimate of the loss associated with an event, only disclose the existence of the contingency in the notes accompanying the financial statements. Related Article Contingent Liability

Accounting 75

Accounting Accounting Financial Statements Auditing 75

AP Association

MARCH 22, 2022

If a business needs to demonstrate proof of making a payment or they are facing an audit, it will depend on the financial records created by the Accounts Payable clerk. These records are essential to a business's financial health, as well as tracking all payments and cash flow to suppliers and vendors.

Accounts Payable 130

Accounts Payable Accounts Payable Accounts Payable Clerk Accounting 130

Accounting Tools

JULY 8, 2023

Further, the business entity concept is needed from a liability perspective, to ascertain the assets available in the event of a legal judgment against a business entity. And finally, it is not possible to audit the records of a business if the records have been combined with those of other entities and/or individuals.

Bookkeeping 75

Bookkeeping Auditing Tax Accounting 75

Accounting Tools

DECEMBER 20, 2023

Accounting entries are also needed by an organization’s auditors; they cannot conduct an audit without having a complete set of financial records, and those records are created with accounting entries. In short, it is impossible for a business to create financial reports or have them audited unless they use accounting entries.

Accounting 75

Accounting Accounting Accruals General Ledger 75

Accounting Tools

JULY 16, 2024

Costs may be assigned to the fund raising classification, which refers to the sales and marketing activities of a nonprofit, such as solicitations, fund raising events, and writing grant proposals. Fund raising.

Accounting 75

Accounting Accounting Financial Statements Budgeting 75

Accounting Tools

OCTOBER 23, 2023

This information must be sufficiently organized that the auditors can easily access information when they conduct the year-end audit.

Bookkeeping 75

Bookkeeping Financial Statements Payroll Deposits 75

Blake Oliver

JANUARY 10, 2024

Thorough record-keeping is critical to validating one’s professional gambling status if audited. Reducing Audit Risk With Proper Documentation Detailed record-keeping provides critical support and protection in the event of an audit.

Tax 80

Tax Accounting Accounting Record Keeping 80

Accounting Tools

NOVEMBER 2, 2023

Related Courses Fixed Asset Accounting How to Audit Fixed Assets What are the Causes of Depreciation? When there is damage to or impairment of an asset, it can be considered a cause of depreciation, since either event changes the amount of depreciation remaining to be recognized. Is Depreciation an Operating Expense?

Auditing 75

Auditing Accounting Accounting 75

Accounting Tools

OCTOBER 13, 2023

Related Courses How to Conduct an Audit Engagement A scope limitation is a restriction on an audit that is caused by the client, issues beyond the control of the client, or other events that do not allow the auditor to complete all aspects of his or her audit procedures.

Auditing 40

Auditing Financial Statements Accounts Receivable Accounts Receivable 40

Invoicera

NOVEMBER 23, 2023

Regular Audits and Updates: A reputable expense management tool conducts regular security audits and updates to identify vulnerabilities and patch them promptly. This ensures that in the event of data loss or system failure, your information remains intact and accessible. How often should financial audits be conducted?

Expense Reports 99

Expense Reports Auditing Invoicing Billing 99

1st Step Accounting

AUGUST 29, 2017

The IRS highly targets the meals and entertainment deduction for audits. The reason being is that most business owners don’t understand what is truly deductible when it comes to eating out and other entertainment events. This includes events like sporting events, the theater, and nightclubs.

Auditing 52

Auditing Tax Invoicing Accounting 52

Compleatable

JUNE 15, 2023

These steps are absolutely necessary; they’ll be reviewed during the annual audit and have to be correct for fiscal statutory returns. Can they reclaim the VAT / Tax (as that depends on what was bought)? Which department & GL expense codes should it be coded to?

Invoicing 100

Invoicing Accounting Software Billing Purchase Order 100

Invoicera

JANUARY 19, 2025

Audit-ready records Automated systems allow every transaction to be recorded in minute detail so that auditors would not have to do much checking and ensure that all records are up to date and compliant. The system also provides audit-ready records, making it easier to meet reporting requirements.

Accounts Receivable 40

Accounts Receivable Accounts Receivable Account Receivables AR 40

Accounting Tools

DECEMBER 18, 2023

This concept is a key issue in auditing, where audits are to be carried out in accordance with the standards set for the profession. Its proper application helps to ensure that high-quality audits are conducted, and that the resulting financial statements issued by clients can be relied upon.

Auditing 40

Auditing Financial Statements 40

Accounting Tools

AUGUST 30, 2023

Related Controls Auditing Nonprofit Entities Nonprofit Accounting What is a Donor-Imposed Condition? A donor-imposed condition is a future event or an uncertain event that can result in the return of a donated asset or the elimination of an obligation to transfer an asset.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

JUNE 8, 2023

Related Courses Accountants' Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook How to Conduct an Audit Engagement Records Management What are Source Documents? It may also be prudent to retain these documents irrespective of regulations, if only to provide evidence in the event of a lawsuit, or to provide better customer service.

Petty cash 75

Petty cash Invoicing Bookkeeping Reconciling 75

Accounting Tools

MAY 10, 2024

Material misstatements typically arise from one of the following events: Inaccurate data collection or data processing, which is then summarized into the financial statements. A presentation of a financial statement line item or account that does not comply with the applicable accounting framework.

Financial Statements 40

Financial Statements Auditing Collections Accounting 40

Counto

SEPTEMBER 17, 2024

Conduct Regular Audits: Regular audits ensure that physical stock matches recorded inventory, reducing discrepancies and losses. Example: A fashion retailer in Singapore utilises inventory software and conducts regular audits to efficiently manage stock levels, reducing excess inventory and boosting sales.

Auditing 52

Auditing Tax QuickBooks Financial Reporting 52

Accounting Tools

JULY 25, 2023

It also reduces the work required to justify the company's remittances in the event of a sales tax audit. If a company operates in multiple states, having a separate account for the sales taxes collected for each one makes it much easier to make remittances. Related Articles How to Calculate Sales Tax

Tax 74

Tax Accounting Accounting Accounts Receivable 74

Accounting Tools

SEPTEMBER 29, 2023

Related Courses Auditing Nonprofit Entities Nonprofit Accounting What is a Conditional Promise to Give? A conditional promise to give is a promise by a donor to contribute assets , but only if a specified event occurs. Thus, the recipient does not have a right to the promised assets until the stipulated event has occurred.

Auditing 40

Auditing Accounting Accounting 40

Counto

OCTOBER 7, 2024

Meals: Food and beverages during work-related events Office Supplies: Stationery, printers, and other items needed for daily operations Additional Necessary Expenses: Job-specific software subscriptions or tools Unlike salaries, reimbursements, when managed correctly, are not taxable for employees.

Accounting 52

Accounting Accounting Budgeting Financial Reporting 52

Billing Platform

SEPTEMBER 14, 2023

We’ll explore each of these scenarios to demonstrate how the event affects revenue recognition. Subscription cancellations prior to the contractual end date How you determine revenue recognition adjustments depends on the contract between the company and the customer.

Billing 96

Billing Collections Reconciling Accounting 96

Accounting Tools

JUNE 19, 2023

One-Time Events See if there were any operational events that are unlikely to occur again, and strip them out of the results of operations. Disclosures Audited financial statements should include a set of disclosures on various topics. They state voting procedures for key events, such as the sale of the business.

Financial Statements 73

Financial Statements Auditing Accounts Payable Accounts Payable 73

Accounting Tools

APRIL 7, 2023

Related Courses Fixed Asset Accounting How to Audit Fixed Assets An asset is derecognized upon its disposal, or when no future economic benefits can be expected from its use or disposal. Derecognition can arise from a variety of events, such as an asset’s sale, scrapping, or donation.

Auditing 40

Auditing Accounting Accounting 40