Weinstein Spira’s blog, The Balancing Act, provides helpful information on technical accounting and CPA firm culture.
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Starting a career in audit can feel like plunging into a complex and detail-oriented world, but with the right approach, you can navigate the journey with ease. Whether you're working in internal or external audit, these tips and tricks will help you build a solid...
For many Americans, saving money for retirement can be challenging. While some employees prefer to take home a few extra dollars rather than participate in their company’s 401(k) plan, many simply do not understand how these plans work or the many benefits that come...
Around this time of year, CFOs and HR professionals often ask me, “Does my 401(k) plan need an audit?” Due to recent changes made by the Department of Labor for the 2023 plan year, many will be very happy to hear that they can avoid an audit for a few more years....
In October 2021, the American Institute of Certified Public Accountants (AICPA) Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement in...
Accounting also personally referred to me once as “the necessary evil”, has a rough reputation. Pocket protectors, ten keys, panty hose, and even maybe an abacus is what people imagine when they think of my profession. Although, not entirely inaccurate, I believe the...
Does your company have a significant number of leases? Are you required to apply accounting under Accounting Standards Codification 842, Leases (ASC 842)? If so, you may want to explore purchasing software to assist with accounting for those leases. Lease accounting...
Let's start with a sobering statistic: The Association of Certified Fraud Examiners (ACFE) estimates that organizations lose 5% of their revenue to fraud annually. What could you do if that 5% wasn’t missing? Whistleblowers Have an Impact on Detecting Fraud The ACFE...
Working on the audit side of public accounting for 10+ years, I have performed audits of countless sets of financial statements. There are various reasons that a client may need this service, ranging from fulfilling a periodic requirement in their debt agreements to...
Did you know? The American Institute of Certified Public Accountants (AICPA) issued several new auditing standards a few years ago, which are effective for the December 31, 2021 audits. Many of the standards affect what auditors do and how we document our work, so you...
This blog article highlights potential oversimplification hazards that controllers and accountants may face with their fundamental, yet superficial, knowledge of ASC 842. Read time: 3 minutes. Avoid the Risk of Not Knowing ASC 842 By this time, most accountants are...
The cash flow statement is an important part of a company’s overall financial statements. It provides a close look at the actual cash inflows and outflows for the period presented (typically one year). Simply put, it summarizes the changes in cash and cash equivalents...
Companies that offer retirement plans know how hard it is to incentivize people to take complete advantage of this benefit. The hesitancy could be due to a lack of financial education regarding the power of compound saving or the lack of sophistication regarding the...
In case you haven’t heard…a new accounting standard is coming that will affect accounting for business leases of all kinds for the calendar year ending December 31, 2022 (for privately owned businesses). In this blog post, I will focus on restaurant leases as this...
Entrepreneurs are true leaders who actively help move new technologies to market, serving a valuable role in our economy and the overall progress of our society. But for any entrepreneur to thrive in the competitive technology space, it is imperative to have a healthy...
Let’s face it, no one looks forward to the auditing process. It is much more fun to go play golf or take care of everyday business challenges, than get ready for your auditor’s visit. Often, people perceive the audit as beginning on Day 1 and, therefore, don’t focus...
It’s Business Now, But It Started Out Personal I learned about asset misappropriation at an early age—first, when learning how to count the shop’s nuts and bolts and agreeing to a count sheet for “Take Your Kid to Work Day;” and then sleuthing how the family car went...
These days, financial statements are under more scrutiny and subject to stricter regulations to meet high quality standards in the U.S. and around the world. Whether you are a private company needing to comply with your bank’s credit agreement, or a publicly held...
Introduction Hello, again, my fellow knowledge-hungry, number-crunchers! Welcome to Episode 3 of the three-part mini-series on Revenue Recognition (a.k.a. Everything You Always Wanted to Know About Rev Rec). Like the late, great Stephen Hawking did with the universe,...
Welcome back, all you eager readers! I know you’ve been awaiting this like the world awaited the final season of Game of Thrones. So here it is, Episode 2 of the three-part mini-series on Revenue Recognition (a.k.a. Everything You Always Wanted to Know About Rev...
Introduction to Revenue Recognition The accounting community has been all abuzz in 2018-2019, as the new Revenue Recognition standards (officially titled, Revenue from Contracts and Customers) must finally be applied to everyone’s financial statements. Briefly...
As many of my audit and consulting clients are in the restaurant and hospitality industry, I am familiar with the various challenges they face to effectively manage inventory. Like most other industries, the goal is to have minimal capital tied up in inventory, while...
After six years of working as an auditor, surviving just as many busy auditing seasons, I have learned how to work in a whole different world that keeps me continually on the go! This experience has led to fine-tuning the contents of my audit bag, so that it holds all...
A company’s financials provide important information regarding current economic wellbeing and, if you know what to look for, can provide information on potential future success or failure. Whether you’re an auditor, a tax accountant, a company looking to acquire...
In my 23 years of auditing Employee Benefit Plans (EBPs), I have found there to be several misconceptions surrounding the EBP audit process. In this article, I would like to help clear the air in hopes of making this process more positive and productive for all...