Author Articles
Audit, tax, and advisory resources from our team.
A System and Organization Controls (SOC) audit provides independent assurance that a company’s internal controls regarding security, financial reporting, and operational integrity are effective. Essential for SaaS providers and financial institutions, these audits (SOC 1, SOC 2, and SOC 3) validate compliance, reduce risk, and build essential trust with clients and stakeholders.
The Shuttered Venue Operators Grant (SVOG) provided critical relief to cultural institutions, but with federal funding comes strict oversight. Recipients—especially those who received $750,000 or more—may face mandatory Single Audits to verify compliance. This guide details eligible expenses, documentation requirements, and how to prepare your financial records to avoid grant repayment.
A sales tax audit is a formal examination by state authorities to verify that a business is accurately reporting and remitting taxes. While the process can be intimidating, understanding common triggers—such as inconsistent reporting or high-risk industry classifications—is the best defense. This guide covers the entire audit lifecycle, from the initial document request to navigating findings and potential penalties.
A sales tax audit verifies that a company accurately collects and remits sales tax. By examining invoices, ledgers, and returns, auditors ensure compliance with state laws and identify any reporting discrepancies.
Failing a sales tax audit can have significant financial and legal consequences for your business. Auditors focus on identifying discrepancies in tax calculations, exemptions, and remittances. If issues are uncovered, the penalties can be severe. Here's what you need to know:
Are private equity funds required to be audited? Generally, yes. Driven by SEC regulations like the Custody Rule, annual audits are essential for ensuring financial transparency, protecting investor assets, and validating operational integrity. This guide breaks down the regulatory requirements and the standard audit process.
Internal audits are essential for organizations to assess the effectiveness of their internal controls, risk management, and compliance. By conducting audits, companies can identify areas for improvement and ensure that operations run smoothly and efficiently. There are several types of internal audits, each focusing on a specific area of the organization. Below is an overview of the main types of internal audits.
An internal audit report is a vital document for any organization, providing a thorough assessment of internal controls, risk management, and operational efficiency. It highlights areas for improvement and outlines steps for enhancing processes and mitigating risks. Below is a detailed look at what an internal audit report typically includes.
A financial statement audit is an independent examination of an entity's financial information, conducted to express an opinion on its accuracy. It is crucial for assuring stakeholders (investors, creditors, etc.) that the statements are free of material misstatements, error, or fraud. The process concludes with an auditor’s report on whether the statements are presented fairly, a necessity for business credibility and transparency.
