Accepting government grants or funding can make carrying out your organization’s goals or mission a reality. If your organization was awarded any government funding, including COVID-related relief money (included at the end of this post), it is important to know when this type of funding triggers the need for a Single Audit to make sure your organization stays compliant with federal programs.

Elizabeth Friswold, CPA, CFE is a manager at Corrigan Krause.

What is Accounting Fraud and What are the Different Types?

Many individuals want to know, what exactly is accounting fraud?  There are three different types of common accounting fraud:

  1. Misappropriation of Assets: For example, stealing inventory or cash. This is the most common type of accounting fraud.
  2. Bribery and Corruption: This means giving or receiving an unearned reward to influence someone’s be
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Beth Friswold, CPA, CFE shares what to expect with the new revenue recognition policies.

If you are a privately held company or not-for-profit organization, coming January 1, 2019, your company will need to determine if you are in compliance with Generally Accepted Accounting Principles (GAAP).

The Financial Accounting Standards Board (FASB) has redefined the requirements to recognize revenue.  The new standards include a 5-step process that takes a deeper look into Read More >>

Molly Stinn, CPA explains what a peer review is and gives an update on Corrigan Krause’s most recent peer review findings.

The purpose of a peer review is to promote quality in the accounting and auditing services provided by CPA firms. Peer reviews ensure that CPA firms are preforming at a high standard and offer firms opportunities to improve the quality of their services and processes.

What are peer reviews?

Members of the American Institute of Certified Public Acc Read More >>

 

Sheri Terens, CPA shows how to handle common mistakes in retirement plans:

 

 

So, you’re a great employer that started an employee retirement plan to offer the added benefit to your employees. Of course you want to do the right thing to run your plan, but are you?

 

First, you need to start off with a retirement plan checklist:

  • Has your plan document been updated within the past few years to reflect recent law changes?
  • Are the plan’s operations based on the
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Sean Brady, CPA shares some key benchmarks that may indicate it’s time for an audit:

 

 

“The times, they are a-changin’,” is not just a title of a well-known Bob Dylan song. It’s commonly indicative of why your organization may need an audit.

Audits are typically brought about by change, primarily a change in the stakeholders. To clarify, we are not talking about the “dreaded” IRS audit. Instead, we are talking about a f Read More >>

Susie Johnson gives a rundown of the benefits to outsourcing this important piece of your business:

 

 

Bookkeeping. Anymore, business owners look at this task as a chore that no one really wants to take the time to accomplish. However, if neglected, responsible financial decisions will be overlooked. There is a simple solution to this dilemma – outsource your bookkeeping operations! There are several advantages to outsourcing:

  1. Save Money: you only pay for the
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It might be easier than you think. Aaron Apathy, CPA has tips:

 

 

Business owners are always looking for ways to improve their business and make more money.  One way to do so is to improve the efficiencies within their accounting department. By accomplishing this, the accounting department can spend more time generating budgets, forecasting, managing cash flow, and doing variance analysis. Having the time to accomplish these tasks can help the business owner c Read More >>

Molly Stinn, CPA has experience with common interest realty associations, or CIRAs:

 

 

If you own a home or rental property in a condominium or in a housing development where the homeowners share certain common property, you are probably a member of a condominium owners or homeowners association – collectively referred to as a common interest realty association or CIRA. Whereas CIRA members own the exclusive use of their individual living quarters, the Read More >>