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Audit and Assurance Articles

 

Claiming a Theft Loss Deduction

Claiming a Theft Loss Deduction

Posted by Christopher Lukowski on September 10, 2021

If your business is victimized by theft, embezzlement, or internal fraud, you may be able to claim a tax deduction for the loss. But there are requirements that must be followed as one U.S. Tax Court decision illustrates.

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IRS Auditors Use of Audit Techniques Guide

IRS Auditors Use of Audit Techniques Guide

Posted by Douglas Muth on August 31, 2021

If you own or operate a business, you may not know that the IRS has “Audit Techniques Guides” for certain industries and tax issues. IRS examiners use them to prepare for audits and you can read them too. Here’s how.

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Plug Internal Control Gaps to Help Prevent Fraud

Plug Internal Control Gaps to Help Prevent Fraud

Posted by Mary Young on August 31, 2021

How seriously does your nonprofit take fraud threats? Some organizations do relatively little to protect assets, leaving control gaps that thieves can slip through. We explain why this is a dangerous strategy.

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Analytics Software: A Brave World of Auditing

Analytics Software: A Brave World of Auditing

Posted by Jill Johnson on August 09, 2021

Analytical software tools can take your audit to a higher level. Here’s how.

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Importance of the Audit Team Management Letter

Importance of the Audit Team Management Letter

Posted by Seth Hennard on August 06, 2021

Looking for free professional advice on how to streamline operations and minimize risks? The management letter that accompanies your audited financial statement can be a valuable resource.

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Five Steps to Prepare Your Nonprofit for an Audit

Five Steps to Prepare Your Nonprofit for an Audit

Posted by Jenna Torella on August 05, 2021

Worried about your nonprofit’s impending audit? Don’t be. Follow these five tips for preparing for a stress-reduced audit.

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For a Complete Picture Read Your Financial Statements and Disclosures

For a Complete Picture Read Your Financial Statements and Disclosures

Posted by Douglas Muth on August 03, 2021

Financial statements tell a story about financial performance. Managers and other stakeholders who read them from cover to cover have a clear, holistic understanding of the details.

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Sponsorships and Advertisings Subject to UBIT Tax

Sponsorships and Advertisings Subject to UBIT Tax

Posted by Cathleen Karpik on July 19, 2021

Distinctions between taxable advertising and nontaxable sponsorships can be nuanced. Before seeking new income sources, figure out if they’re potentially subject to unrelated business income tax.

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Accounting Methods: Private Companies Have Options

Accounting Methods: Private Companies Have Options

Posted by Michael Grimaldi on June 21, 2021

Different companies have different financial reporting needs. Is your current accounting method a good fit, or is it time for a change?

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HHS Releases Updated Reporting Requirements and Auditing

HHS Releases Updated Reporting Requirements and Auditing

Posted by Jill Johnson on June 17, 2021

The U.S. Department of Health and Human Services has published updated reporting guidance related to Provider Relief Fund (PRF) awards.

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