#audit
Independent audit and assurance engagements — SOC 2, financial statement audits, internal controls testing, evidence collection, and audit readiness for service organizations and growing businesses
Auditors confirm cash, receivables, and lawsuits directly with banks, customers, and lawyers — replies bypass you, and every exception gets investigated.
Impairment hits only when undiscounted cash flows fall short of carrying amount; the loss is book value minus fair value, and GAAP never reverses it.
SUTA dumping shifts payroll to a low-rate shell to dodge unemployment tax — the 2004 federal law answers with maximum rates, fines, and criminal charges.
Triple-entry accounting adds a shared, signed receipt both parties books reference, so balances agree by construction instead of monthly reconciliation.
Functional currency is the currency of an entity's primary economic environment — and it decides whether FX differences land in equity or net income.
The IRS requires proof behind every deduction — an invoice, receipt, or bank statement. Vouching tests entries against documents; tracing tests the reverse.
Every balance sheet balance is a claim — reconciliation proves it against an independent schedule. The five-step monthly routine, per account.
COSO's 2013 framework defines internal control through five components and 17 principles — the criteria behind every SOX 404 audit and most CPA walkthroughs.
Under ASC 205-40, management must test whether the business can pay its bills for a year after issuance — and disclose substantial doubt either way.
Auditors test five claims — existence, completeness, valuation, rights, disclosure — through confirmations, observation, and sampling. What each checks.
A covenant breach at the balance sheet date makes long-term debt callable — and callable means current, even if the lender never demands payment.
ASU 2016-14 cut nonprofit net assets to two classes and added a liquidity note naming spendable funds — read the columns and the note before the total.
