/Tag: audit

Disclosing Critical Audit Matters In Audit Reports During COVID-19

By |2020-08-19T17:08:24+00:00August 19th, 2020|Categories: Audit & Accounting, COVID 19|Tags: , , , |

Starting in 2019, auditors’ reports for certain public companies must contain a new element: critical audit matters (CAMs). The requirement was in effect for audits of large accelerated filers (with market values of $700 million or more) in fiscal years ending on or after June 30, 2019. It goes into effect for smaller public companies [...]

Thorough business records are important for tax deductions and painless IRS audits

By |2020-06-17T23:45:12+00:00June 17th, 2020|Categories: Audit & Accounting, Business Advice, Tax Planning|Tags: , , , , |

Small businesses: take a proactive approach to recordkeeping If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re [...]

Gumbiner Savett Shareholder Tapped to Lead Audit & Accounting Department

By |2020-06-19T19:46:12+00:00June 17th, 2020|Categories: News|Tags: , , , |

Jon Shoemaker, a 25-year firm veteran takes the reigns Santa Monica, CA — June 16, 2020 — Jon Shoemaker, CPA, a shareholder for Gumbiner Savett Inc., was named leader of the firm's audit & accounting department as of June 1, 2020. A dedicated practitioner, Jon has managed and led numerous international accounting and income tax engagements [...]

Auditing remotely during the pandemic

By |2020-06-15T21:32:03+00:00June 15th, 2020|Categories: Audit & Accounting, Business Advice, COVID 19|Tags: , , , , , |

During the novel coronavirus (COVID-19) pandemic, many people have been working from home, including most accounting professionals. These remote working conditions have altered the traditional audit process. Benefits of technology for remote auditing Fortunately, in recent years, many accounting firms have been transitioning to remote auditing for certain procedures. Specifically, they’ve invested in staff training [...]

A new mindset for the external audit during the COVID-19 pandemic

By |2020-06-04T05:14:10+00:00June 4th, 2020|Categories: Audit & Accounting, COVID 19|Tags: , , , |

Many people are currently working from home to help prevent the spread of the novel coronavirus (COVID-19). Your external auditors are no exception. Fortunately, in recent years, most audit firms have been investing in technology and training to facilitate remote audit procedures. These efforts have helped lower audit costs, enhance flexibility and minimize disruptions to [...]

The benefits of a franchise audit

By |2020-03-04T19:30:25+00:00October 3rd, 2019|Categories: Blog, News|Tags: , , , , , , |

It’s important for franchisors to periodically audit individual franchisees. These routine “check-ups” are especially valuable in a store’s early years of operations or if performance starts to deteriorate. They can be used to detect symptoms of unhealthy performance and treat problems before they spiral out of control. The importance of royalty payments Royalties are [...]

Sorting through the “Levels of Assurance” in Financial Reporting

By |2019-06-25T21:51:44+00:00June 25th, 2019|Categories: Blog|Tags: , , , , , |

Financial Reporting in your Company How confident (or assured) are you that your financial reports are reliable, timely and relevant? In order of increasing level of rigor, accountants generally offer three types of assurance services: compilations, reviews and audits. What’s appropriate for your company depends on the needs of creditors or investors, as [...]

Reporting contingent liabilities

By |2016-11-12T00:56:03+00:00November 14th, 2016|Categories: Audit & Accounting|Tags: , , |

Deciding whether to disclose pending litigation, a government investigation or another contingent liability is a highly sensitive matter, especially for public companies. Investors and other stakeholders want information about impending risks that may affect your company’s future performance. But you want to avoid alarming investors with losses that are unlikely to occur or disclosing your [...]

“Professional skepticism”: A necessary exercise for your auditor

By |2017-05-24T13:42:05+00:00October 3rd, 2016|Categories: Audit & Accounting|Tags: , , |

CPA stands for Certified Public Accountant. Although the company pays their fees, public company auditors work for the audit committee and the public in general, not management. This “public watchdog” role demands that auditors exercise professional skepticism throughout the audit process. This role helps explain why auditors want concrete, third-party evidence to verify management’s assertions. [...]

Sorting through the “Levels of Assurance” in Financial Reporting

By |2017-05-24T13:42:05+00:00September 13th, 2016|Categories: Audit & Accounting|Tags: , , |

How confident (or assured) are you that your financial reports are reliable, timely and relevant? In order of increasing level of rigor, accountants generally offer three types of assurance services: compilations, reviews and audits. What’s appropriate for your company depends on the needs of creditors or investors, as well as the size, complexity and risk [...]

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