Accounting Standard Deadlines Extended One Year
The COVID-19 emergency has hit many Virginia, Maryland, and D.C. businesses and nonprofits by complete surprise.
How Internal Audit’s Role Can Evolve in Today’s COVID-19 Environment
The COVID-19 pandemic has caused a shift in how many internal audit functions operate within businesses.
Manage Third Party Risk with a SOC 2 Audit
Business owners and executives are familiar with the concept of risk management. From managing inventory levels to reviewing insurance coverage to maintain a proper level of protection, it’s a routine business practice
Coronavirus: Financial Reporting Considerations
Source: RSM US LLP. The effects of the coronavirus are evolving rapidly and are unique for each entity’s circumstances. In addition to addressing the serious operational impacts of the coronavirus, it is important that all entities consider how the coronavirus affects their financial reporting.
Recording Contributions with Donor-Imposed Restrictions
Donor contributions make up a lot of Virginia’s nonprofits’ annual revenue. Even though the organizations are not relying only on these contributions, nonprofit management has to understand how to account for these contributions in one of two ways.
Five Tips to Help You Get Ready for Your Year-end Audit
Is your organization ready for its year-end audit? Here are a few tips from an auditor than can help you prepare for a smooth and efficient audit.
What Employers Need to Know About SOC1
What is a SOC1 report? A Service Organization Controls Report (commonly referred to as a “SOC1” report), is a report on the controls in place [...]
Eliminating the Concept of Extraordinary Items
Determining whether an event or an item was an extraordinary item has been a confusing and often burdensome determination for accountants and entities alike. Over [...]
10 Signs It May Be Time to Shop for a New Auditor
Thinking about hiring a new auditor can be overwhelming. Many times over the years I have heard auditees say, “I don’t want to get used [...]
How to Handle a DCAA Audit
If you have proposed on or been awarded a contract with the Federal government, and especially with the Department of Defense, you probably have been the recipient of a visit from the Defense Contract Audit Agency (DCAA). While these visits to perform a multitude of audits and evaluations are not the end of the world, they should be taken and reacted to seriously.