When Ed Wilkins, CPA, talks to audit committees about adding data analytics to the audit process, he explains to them that it usually takes three years for investment in a complex audit analytic to pay for itself. Audit analytics give practitioners the ability to examine an entire dataset rather than just a sample, improving the […]
How IRS Form 2553 Can Shake Up Your Company
When you start your business venture, you choose what type of business structure you want your company to be. Maybe you chose to be a sole proprietor and handle business on your own. Or, maybe you decided to structure your business as a corporation. But, what happens if you’re not too keen on the structure […]
Women’s initiatives: How the pilot programs worked
Three years ago, the AICPA Women’s Initiatives Executive Committee (WIEC) launched a pilot program and chose three midsize public accounting firms to participate. The mission? To kick off a step-by-step plan to create internal women’s programs from scratch or to rejuvenate such programs already in the works. These initiatives aim to not only improve the […]
Audit: Franklin schools’ accounting in good shape – Wakeweekly
By Chris L. Harris Special to The Wake Weekly LOUISBURG — After a presentation from accounting firm Dixon Hughes Goodman on Monday, the Franklin County Board of Education unanimously approved accepting the results of a finalized financial audit relating to the 2018-19 fiscal year. Tyler Baity, a senior assurance manager with the firm, presented what […]
RBI New rules to enhance security of Credit and Debit Cards – How it impacts you?
There has been consistent increase in the usage of credit and debit card transactions both for online and in-store purchases. This has also led to surge in frauds related to these card transactions. To counter these cards related fraud and to enhance customer control over transactions RBI has proposed following rules. For New Cards or […]
FASB clarifies interaction between standards
FASB issued a standard Thursday that is intended to clarify the interaction between accounting standards related to equity securities, equity method investments, and certain derivatives. The board expects that standard to reduce diversity in practice and increase comparability of accounting for these interactions. Stakeholders had asked FASB to clarify how guidance issued in 2016 should […]
Transposition Error, the Little Mistake That Causes Big Problems
Mistakes happen, especially when it comes to recording transactions in your books. One type of accounting mistake that’s easy to make is a transposition error. Read on to learn what is transposition error and how it can affect your accounting books. What is a transposition error? A transposition error in accounting is when someone reverses […]
13 Most Important things to know before investing in Bank Fixed Deposits
Fixed Deposit is the most popular investment in India mainly due to guaranteed returns, choice of interest pay-out frequency, liquidity, safety and ease of execution. Most retired depend on the regular interest earned from fixed deposit for their day to day expenses. Here are 13 most important things you should know before investing in Fixed […]
Audit fees keep rising, thanks to new accounting standards – Accounting Today
Average audit fees increased 4.25 percent from 2017 to 2018, going from an average of $2,220,251 in 2017 to $2,314,703 in 2018, mainly driven by new standards from the Financial Accounting Standards Board, according to a new report. The report, from the Financial Education & Research Foundation, an affiliate of Financial Executives International, found that […]
Companies Shell Out More in Audit Fees to Tackle Accounting Rule Changes – Wall Street Journal
The Financial Education & Research Foundation estimates annual audit fees will average $2.54 million for public companies in 2019, based on historical trends from companies’ filings with the Securities and Exchange Commission and the Public Company Accounting Oversight Board. Photo: Andrew Harrer/Bloomberg News By Mark Maurer Jan. 15, 2020 5:30 am ET Annual audit fees […]