Auditing governmental entities is an important industry niche for many accounting professionals, and school districts are the largest category of state and local entities in…
Whether a large established charity, a small not-for-profit private foundation, a school club, or anything in between, there are many ways for not-for-profit organizations to…
Over the last several years, audit committees have fine-tuned their oversight relative to internal controls and financial reporting, but as this process has matured, many…
The financial sustainability and related going-concern challenges for a not-for-profit (NFP) organization have become increasingly important in today's economic and financial climate. Although the demand…
People today live with more uncertainty than in the past. To some extent, this is because new technology and vehicles of communication, not to mention…
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
Audit Analytics is an independent research firm that provides customized databases for audit, regulatory, and disclosure applications. Its website (http://www.auditanalytics.com) allows access to data on…
It’s Amazing What CPAs Can Do
A Career Spent Wearing Many Hats
Hollywood has long stereotyped accountants as boring number crunchers. In my view, that is not the case. For the past 25 years, the accounting profession…
What Auditors Need to Know about SOX Section 404(a) Reports
Hidden Risks and Responsibilities
Since the PCAOB's Auditing Standard (AS) 5, now reorganized as AS 2201, replaced AS 2 in 2007, auditors for publicly held companies (i.e., issuers) no…
Improving Audit Quality through Auditor Communication
Charting Recent Progress and Looking Ahead
The state of audit quality is strong—and getting stronger. Annual tallies of financial restatements have dropped dramatically from post—Sarbanes-Oxley Act of 2002 peaks and have…
Audit Quality and the Expectations Gap
It’s Time for a Model that Fits the Data
Leaders of the profession have conflicting views on the state of audit quality today. According to current SEC Chair Mary Jo White, “investor confidence in…
Tax & Accounting Update
FASB/SEC News
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is…
This tax year is shaping up to be another memorable one, given last-minute changes to the tax law, as well as the IRS’s efforts to…
“The only function of economic forecasting is to make astrology look respectable.” —John Kenneth Galbraith “Economists are about as useful as astrologers in predicting the…