Audit & Assurance


Is Your Organization Secure? How Auditors Assess Cyber Risks

May 10, 2021

Data security is a critical part of the audit risk assessment of an organization. If your financial statements are audited, your audit team will tailor their procedures to answer critical questions about cyber risks and the effectiveness of your internal controls. While conducting fieldwork, they’ll assess how your practices measure up and whether your company…

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financial audit

Is Your Audit Over? Here’s What to Do Next

October 14, 2020

Financial audits conducted by outside experts are among the most effective tools for uncovering risks in nonprofits. They help assure donors and other stakeholders about your stability, but be sure you properly respond to the results since failing to act on issues identified in an audit could threaten your organization’s long-term viability. Reviewing the draft…

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virtual board meeting

Navigating Meetings for Your Audit During COVID-19

September 30, 2020

Remote audit procedures can help protect the parties from health risks during the COVID-19 pandemic as well as streamline the audit process. Though, seeing people can be essential when it comes to identifying and assessing fraud risks during a financial statement audit. Virtual face-to-face meetings can be the solution to this issue. What does an…

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tax advisory cpa

Financial Reporting Considerations as a Result of Coronavirus

March 27, 2020

Among the many consequences of Coronavirus (COVID-19), organizations are facing financial reporting implications and challenges. Impacts such as business and production disruptions, supply-chain interruptions, negative impacts on customers, volatility in the equity and debt markets, reduced revenue and cash flows, and other economic consequences may occur. This Special Report provides reminders about some financial reporting…

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nonprofit auditor

5 Steps to Prepare for Your Nonprofit Audit

February 27, 2020

Does your nonprofit need to undergo an independent audit? Conducting independent financial audits may seem like a big endeavor to nonprofits working to control costs and focus on their mission, but with proper planning, it doesn’t have to be stressful. An independent audit allows your nonprofit to identify risks and act quickly to prevent problems,…

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DOL Stresses Plan Auditor Experience

May 24, 2016

As a general rule, employee benefit plans with at least 100 participants must provide an audit report when filing Form 5500. A recent analysis of private audits of Forms 5500 conducted by the U.S. Department of Labor (“DOL”) found that a majority (61%) of the sample either provided flawless audits or those with only “minor deficiencies,” and 39% were “unacceptable.” By DOL standards this high rate of failure is unacceptable. The DOL considers these results as proof of the importance of ensuring that your plan’s audit is conducted by a well-qualified auditing firm.

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