Before knowing where to deposit your cash, decide when to withdraw. September 4, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. As a small-business owner, if you feel like your bank is not meeting your needs, you’re not alone. According to a recent study by J.D. Power, only 32 percent of […]
Is Your Audit Practice Evolving or Regressing?
Auditing can be traced all the way back to ancient China, Greece and Egypt. But it wasn’t until the Industrial Revolution that the accounting profession took flight. In a time of such explosive business growth, business people realized that there needed to be a systematic way to detect fraud and enforce financial accountability. Today, the […]
AICPA Proposes Amendments to Incorporate Recent Auditor Reporting Changes
The AICPA has issued the Exposure Draft, Proposed Statement on Auditing Standards: Amendments to AU-C Sections 800, 805, and 810 to Incorporate Auditor Reporting Changes From SAS No. 134. The comment due date is October 28, 2019. SAS 134 The AICPA issued Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, Including Amendments […]
AICPA Proposes New SAS on Auditing Accounting Estimates
The AICPA’s Auditing Standards Board (ASB) has issued the Exposure Draft, Proposed Statement on Auditing Standards: Auditing Accounting Estimates and Related Disclosures. The comment deadline is November 22, 2019. The ASB developed the Exposure Draft as part of its Enhancing Audit Quality Initiative project to enhance the auditing standards relating to auditing accounting estimates. As […]
3 Ways to Increase Audit Efficiency While Adding Value
Technology is transforming the practice of audit at an unprecedented pace. In fact, it’s not hard to envision audits in the future as entirely untouched by human hands. Indeed this is an exciting future to consider. While you contemplate the long-term implications, though, don’t overlook how technologies available today can help you automate many routine […]
FASB Proposes ASU on Long-Duration Contracts
The FASB proposed an ASU on long-duration contracts today. The FASB issues proposed Accounting Standards Update (ASU) that would grant all insurance companies that issue long-duration contracts, such as life insurance and annuities, additional time to apply a standard that addresses this area of financial reporting. Stakeholders are encouraged to review and provide comment on the […]
Why Audit Quality Matters
Why does audit quality matter? Well, first and foremost, the audit landscape has changed due to changing peer review requirements. To explain, the AICPA’s Enhancing Audit Quality Initiative brought to light numerous deficiencies identified during peer review. Therefore, it is important for firms to be aware of the deficiencies the AICPA identified, and ensure their […]
The Most Forgotten Tax Deductions Business Owners Should Take
The most underused write-offs and tax deduction strategies entrepreneurs should consider. July 23, 2019 7 min read Opinions expressed by Entrepreneur contributors are their own. The following excerpt is from Mark J. Kohler’s book The Tax and Legal Playbook. Buy it now from Amazon | Barnes & Noble | IndieBound | Entrepreneur Books When I […]
Don’t Be Fooled by These C Corp. Fairy Tales
There are three myths advisors use to sell entrepreneurs on the value of C Corp., but you won’t find a happily ever after here. July 16, 2019 6 min read Opinions expressed by Entrepreneur contributors are their own. The following excerpt is from Mark J. Kohler’s book The Tax and Legal Playbook. Buy it now […]
What is QuickBooks Live Bookkeeping? May 2019
[embedded content] Today I am talking about the new Intuit service called Live Bookkeeping. What is Live Bookkeeping? The Live Bookkeeping service is a relatively new offering that Intuit Corporation is offering to its QuickBooks Online users, and it’s a service that is still developing. As of May 2019, Intuit Corporation is testing the service […]