Auditing Articles

Accounting » Auditing | By Terry Cartwright @ Wednesday, 23rd July 2008 @ 7:22 PM

To qualify for being able to file shortened accounts a small company should satisfy at least two of three conditions. The three exemption conditions prior to April 2008 were that annual turnover is less than 5.6 million pounds, balance sheet total is less than 2.8 million pounds and the average number of employees is less than 50. Where the financial year started after April 2008 the parameters increased to, annual turnover less than 6.5 million pounds, balance sheet total less than 3.26 ... more...

Accounting » Auditing | By Peter Geisheker @ Friday, 27th June 2008 @ 11:07 AM

You might be under the false impression that because someone owns a medical practice they are very wealthy. It might be true, but just as easily it might not. If a physician isn\'t making the kind of money he should it might be because he doesn\'t have the skills necessary to take care of the business side of his business. A physician who recognizes this weakness will use the services of a medical billing company to take care of the details of his office. These companie... more...

Accounting » Auditing | By gary Patterson @ Sunday, 15th June 2008 @ 10:35 AM

\"Just when you thought Sarbanes Oxley concerns had been sufficiently addressed so that non-public companies could take the issue off their dashboard, things have changed, \" says Gary W. Patterson, Enterprise Risk Management expert and speaker. He forewarns that Enterprise Risk Management (also referred to as ERM) will soon become a business issue for almost every business on the planet, including family-owned businesses, private companies, and nonprofits. This is a strategy shift for m... more...

Accounting » Auditing | By Michael Sack Elmaleh @ Tuesday, 25th March 2008 @ 11:05 AM

The following item was reported in a recent American Institute of Certified Public Accountants communication: \"The Exempt Organizations Division of the IRS had posted on the IRS web site a controversial document setting forth the Service\'s view on what constitutes good governance practices for tax-exempt entities. Included in the document was the suggestion that audit firms be rotated on a regular basis, with five years as the suggested term. The Institute protested the inclus... more...

Accounting » Auditing | By Derek Both @ Wednesday, 21st November 2007 @ 12:33 AM

When you own your own business it is important to enlist the help of an accountant in order to provide audit services. This is because it provides documentation that you are dealing with the financial aspect of your business in the correct way and can be used as evidence if any issues arise. Some people don\'t even know what audit services so they don\'t bother using them. However, once you understand it is very easy and can be very beneficial to your company. An audit i... more...

Accounting » Auditing | By Mel Abraham @ Tuesday, 7th August 2007 @ 12:36 AM

This article examines the impact on taxpayers and appraisers as well as their advisors of the new Federal provisions of the Pension Protection Act. For appraisers performing valuations for federal tax purposes in accordance with the Pension Protection Act (PPA), signed into law in August 2006, stipulates new penalties and stiff sanctions if the appraisers or appraisals fail to meet the new qualifications. The Implications for Appraisers Appraisers are now required to operate unde... more...

Accounting » Auditing | By Mel Abraham @ Wednesday, 1st August 2007 @ 3:11 PM

This article examines the impact on taxpayers and appraisers as well as their advisors of the new Federal provisions of the Pension Protection Act. For appraisers performing valuations for federal tax purposes in accordance with the Pension Protection Act (PPA), signed into law in August 2006, stipulates new penalties and stiff sanctions if the appraisers or appraisals fail to meet the new qualifications. The Backdrop The Congress and IRS, to safeguard the U.S. tax system and for... more...

Accounting » Auditing | By Mel Abraham @ Wednesday, 1st August 2007 @ 3:09 PM

This article examines the impact on taxpayers and appraisers as well as their advisors of the new Federal provisions of the Pension Protection Act. For appraisers performing valuations for federal tax purposes in accordance with the Pension Protection Act (PPA), signed into law in August 2006, stipulates new penalties and stiff sanctions if the appraisers or appraisals fail to meet the new qualifications. New Appraiser Penalty The new regulations have started to have a unsettling... more...

Accounting » Auditing | By Kevin Dark @ Thursday, 8th February 2007 @ 5:43 PM

Recently hailed as the number one career for the year 2007, Internal Auditors are very well sought after and compensated accordingly. Because of stricter laws and enforcements due to corporate accounting scandals, like that of Enron, companies are offering top dollar compensation to accounting and finance professionals to provide internal audits. As an internal audit can be expensive, it is wise to allocate and ensure the availability of funds prior to hiring an internal auditor. As mos... more...

Accounting » Auditing | By MITCHELL HAMPSON @ Wednesday, 26th July 2006 @ 12:44 PM

Tax time! Aaaahhhhhh! Sound familiar? Tax time is the one time of the year that everyone gets nervous and anxious because we all know that we are going to be putting out a big chunk of change. It sucks, we hate it but it is one of those things that we have to deal with, unless of course we want to go to jail. Taxes don\'t have to be so scary though, and they don\'t even have to cost you too much money. You would be surprised to learn just how much you can save by simply learning about ... more...