Tag: audit

Certified Public Accountant (CPA)

See Also: American Institute of Certified Public Accountants – AICPA How to Choose An Independent CPA/Auditor Generally Accepted Accounting Principles (GAAP) Financial Accounting Standards Board (FASB) The Future of the Accounting Workforce Certified Public Accountant (CPA) Definition A CPA or certified public accountant is a person in the United States who has passed the uniform

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Capital Budgeting Phases

See Also: Capital Budgeting Methods Capital Budgeting Phases The phases of the capital budgeting process include the following: Description of the need or opportunity Identification of alternatives Evaluation of the options and the relevant cash flows of each Selection of best alternative Conducting a post-completion audit of the projects. Examples To identify capital projects, refer

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Audit Scope Example

Audit Scope Example Ely is an auditor for the IRS. His work, some of the most technical for any forensic accountant, involves looking deeply into a company to find errors which may lead to prosecution. By doing this, Ely is preventing the company from any financial foul-ups that could lead to fraudulent information being shared.

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Audit Scope

Audit Scope Definition Audit scope, defined as the amount of time and documents which are involved in an audit, is an important factor in all auditing. The audit scope, ultimately, establishes how deeply an audit is performed. It can range from simple to complete, including all company documents. Audit scope limitations can result from the different purposes

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What is Audit Committee

What is Audit Committee? An audit committee is a subcommittee of a public company’s Board of Directors. A Board of Directors can have several subcommittees. The audit committee focuses on corporate governance, specifically, the company’s internal controls and financial accounting systems. What is Audit Committee Membership? A company’s audit committee typically includes a number of outside directors,

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IRS Cracks Down on Employee Misclassification

I recently came across an interesting Wall Street Journal article discussing how the IRS has begun cracking down on employee misclassification. This is where employers misclassify workers as independent contractors to avoid payroll taxes and other employment-related expenses.  Many small businesses use contract workers in order to stay lean and, with the new healthcare changes on

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How to Control Annual Audit Fees

Partnership, loan or other agreements may require the annual audit of a company’s financial statements. How to Control Annual Audit Fees The cost of this audit can constitute a significant administrative expense. Therefore, your company’s financial staff needs to properly manage the audit fees. Although the independent accountant has the responsibility of establishing the scope

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What an Entrepreneur Wants From a CFO/Controller!

Most accountants are trained to identify problems. In fact, as a professional, they excel at identifying problems and minimizing risks. Two excellent examples of this skill is the audit and tax compliance areas of public accounting. What an Entrepreneur Wants From a CFO/Controller Entrepreneurs are looking for something more from their CFO/Controllers. They take risks

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