Are you wondering about PPP and EIDL accounting? Well, you've come to

Understanding accounting and auditing is key to becoming an outstanding CPA. There's no way around it. If you want to be a great accountant or auditor, you have to keep up with the ever-changing accounting and auditing landscape. And believe me, it's always changing.
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Being an excellent accountant or auditor requires knowledge in:
Accounting standards primarily come from the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). Other types of reporting frameworks include cash-basis, modified-cash basis, tax-basis, contractual, and regulatory. An accounting framework is used to create financial statements. The selection of the reporting framework is based on legal and regulatory requirements we well as the needs of users.
Once financial statements are created, they may be subject to attest procedures performed by a third-party CPA or CPA firm. Possibilities include a compilation engagement, a review engagement or an audit.
Many accountants are not auditors, but some are.
Auditing is the inspection of accounting records, usually financial statements, by a third party CPA or CPA firm. The standards for auditing U.S. entities primarily come from the Association of International Certified Professional Accountants (AICPA) and are called Statements on Auditing Standards (SASs). Additionally, the AICPA provides attestation standards in the form of Statements on Standards for Attestation Engagments (SSAEs). Whether the SASs or SSAEs are used, the accountant--as an independent third party--uses these standards to add credibility to the information by rendering a opinion or report about the subject matter.
Auditors must understand accounting and audit standards.
Below are articles about FASB and GASB standards.
Are you wondering about PPP and EIDL accounting? Well, you've come to
Are you aware of the coming changes in accounting for equity securities?In
Are you looking for GASB 87 lease accounting information? Are you a
How does a debt covenant violation affect the presentation of debt on
What financial statement references are required at the bottom of financial statement
Are you ready to implement FASB’s new nonprofit accounting standard? Back in
It's time for another change to VIE accounting! The variable interest entity (VIE) considerations just
Are you preparing financial statements and wondering whether you need to include
Are you up to speed on ASU 2015-11 Simplifying the Measurement of
Can a loan guarantees create liabilities that go on the balance sheet
Debt issuance costs have a new parking place. For some time now,
Do you ever need to solve accounting problems quickly? I often hear
How should you account for cash overdrafts (also called negative cash balances)
Most CPAs grapple with leases from the lessee’s point of view, so
The Leasing Industry will Change In my last lease post, we saw
Do you need help in understanding the new lease accounting standard? This
GASB 63 and 65 provide guidance regarding deferred outflows and inflows in
Below are articles about auditing and attesation standards.
Unnecessary audit work papers create clutter and potential legal problems. I see
Segregation of duties is key to reducing fraud. But smaller entities may
Management can override internal controls, resulting in fraudulent financial reporting. Below I
Want to perform your audits correctly but with less time? Then understand
Wrapping up audits is a chore. But today's post will help you
Are you looking for disbursement fraud audit tests? Here’s your article. You
What are the 2018 Yellow Book CPE requirements? You’ve heard about the
Auditing equity is easy, until it’s not. Auditing equity is usually one
Single Audit major program determination can be challenging. And if this determination
Your organization received federal funds but you're not sure about Single Audit
Audit risk increases uncertainty—and price. At least, it should. In this post,
What are the keys to auditing debt? While auditing debt can be
Auditing payroll is a critical skill. Today I explain how.While payroll is
Accounts payable is usually one of the more important audit areas. Why?
Want to know how to audit investments? You're in the right place. Below
Today, we talk about auditing plant, property, and equipment (or capital assets
Today I describe five dirty, no good, terrible, audit habits. Certain peer review
Today we take a look at auditing receivables and revenues.Revenues are the
Tests of details are the auditor's primary responses to risks of material
Auditing cash tends to be straightforward. We usually just obtain the bank
This article teaches you how to develop your audit plan and strategy.
Are you using substantive analytical procedures in your audits? Many auditors rely
Auditing for fraud is important, but some auditors ignore this duty. So
Peer reviewers are saying, “If it’s not documented, it’s not done.” Why?
Today we look at one of most misunderstood parts of auditing: audit
Client acceptance and continuance may be the most critical step in an
On December 19, 2019, the AICPA released SSAE 19, Agreed-Upon Procedures Engagements.
Independence in attest engagements in critical. Peer reviewers continue to focus on
Do you know how to assess inherent risk? Knowing when inherent risk is low
Do you know what you need to know about emphasis-of-matter and other-matter
Congratulations! You've won a new audit client. Now, let's consider the first
Seven deadly audit sins can destroy you. You just completed an audit
Yellow Book independence is a big deal. And if you prepare financial
FASB issued ASU 2016-18, Statement of Cash Flows, in November 2016. This standard
As of July 1, 2019, hosting services impair independence, so says the
Government Auditing Standards 2018 RevisionThe Government Accountability Office just issued the new
Are you preparing financial statements and wondering whether you need to include
You can identify risks of material misstatement with audit planning analytics. Audit Planning
What’s the difference in supplementary information, additional information, and required supplementary information?
Many times I have interviewed accounting staff and walked away thinking, “I
Too many times auditors fail to capture internal control deficiencies. Today I
In today’s post, I tell you how to understand and communicate material
Can uncollected prior year fees impair your independence? Answer: It depends. If a
The Western District of North Carolina U.S. Attorney’s Office issued a press
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