Archive: audit

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Greg Plotts to Host “Frauditing” — Preventing and Detecting Fraud in Your Association Webinar

“Frauditing” —auditing for fraud and abuse—can greatly reduce your nonprofit’s exposure to risks and help you identify perpetrators and take action. But conducting an effective fraudit means knowing where and how fraud is most likely to occur in organizations like yours. Join Greg Plotts, a partner in Aronson’s Nonprofit & Associations Services Group, as he presents data […]

Firm Mattresses? Yes. Firm Financials, Not So Much.

Steinhoff International Holdings NV (Steinhoff), which owns well-known mattress retailer Mattress Firm, was recently recognized as one of the worst fraud cases of 2019 in an article from the Association of Certified Fraud Examiners’ Fraud Magazine. The situation first came into view in December 2017 when Steinhoff announced an investigation into accounting irregularities identified during […]

New Standard Increases Flexibility for Agreed-Upon Procedures

The American Institute of Certified Public Accountants’ (AICPA) Auditing Standards Board (ASB) recently issued a new standard that gives practitioners more flexibility to perform agreed-upon procedures (AUP) engagement. This new standard aims to enhance the value and relevance of the report for intended users. By increasing flexibility, clients will receive greater insight and expertise on […]

New Description of Materiality for Audit and Attest Engagements

The American Institute of Certified Public Accountants’ (AICPA) Auditing Standards Board (ASB) recently issued a new description of materiality for audit and attestation engagements. The primary reason for this change is to align the materiality concepts of AICPA with other major accounting governing bodies in the U.S. The AICPA believes that the revised definition will […]

Of Client Service and Ugly Christmas Sweaters

Despite all I had been told about the importance of client service, I didn’t really learn the lesson until donuts were involved. After a few weeks at the Aronson office in training seminars or studying, I was finally assigned my first client visit for interim fieldwork. In the planning meeting, the manager on the job […]

Audit Preparedness and You

Audit season is starting up for organizations with December 31st year ends. Nothing really rings in the New Year like rolling forward those net asset schedules. It is never easy for each side of an audit to understand what it is like from the other perspective unless you’ve been on both sides of the table. […]

2017 Yellow Book Overhaul Ahead

On April 5, 2017, the U.S. Government Accountability Office (GAO) released an exposure draft of the Yellow Book with proposed updates to Generally Accepted Government Auditing Standards (GAGAS). The Yellow Book contains guidance for auditors who perform Single Audits for organizations that have federal grants. It includes professional qualifications, audit firm quality control standards, ethics, […]
April 28, 2017

GSA IG Recommends Pricing Review of over 300 Migrated Professional Services Schedule Contracts

The General Services Administration (GSA)’s Office of Inspector General (OIG) published a report on March 21, 2017, titled “Audit of Price Evaluations and Negotiations for the Professional Services Schedule Contracts.” According to the IG audit, GSA’s process to consolidate eight pre-existing schedules into the Professional Services Schedule (PSS) resulted in the award of new contracts without […]

Great Relationships Start with Communication

Most nonprofits and associations of a certain size undergo an annual audit of their financial statements. While not necessarily a pleasant experience, it is an important discipline to maintain fiscal health and accountability. Having performed audits for 34 years here are some thoughts on what makes for a mutually beneficial relationship between auditors and clients. What […]

IRS Crack Down on High-Income Taxpayers

Taxpayers should be aware of increased audits — Bloomberg News recently reported about the increasing number of audits conducted on high-net worth individuals. While overall audits have decreased, the IRS is focusing their time where they feel they can get the most bang for their buck. Historically known for utilizing more complex tax strategies, it’s […]
March 6, 2017
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