AUDIT & ASSURANCE

Six Ways an Internal Audit Helps

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The six principal tasks required.

By Ed Mendlowitz
77 Ways to Wow!

Every business has a system of internal controls. Very small businesses likely rely on luck and the honesty of their one or two office staff. Small businesses rely on their independent auditors to check their system once a year and large companies employ one or more internal auditors on their staff.

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This post explains the internal audit process that applies to every size business. Businesses have voluminous transactions; multiple people involved, companywide; and assets that need protection.
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Client Explains How Financial Statement Helps Him

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Two businessmen talking at office

Also: Audits vs. reviews vs. compilations.

By Ed Mendlowitz
77 Ways to Wow!

One of my clients generously gave me his take on the benefits he received from the audited financial statements we issued for him. I was appreciative of this and want to share his views with you.

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He began with an introduction explaining how he started his business and shepherded its growth by concentrating on developing his services and delivering them quickly and on time to his clients. The business grew rapidly, and little time was spent on the recordkeeping except for getting invoices to the clients or making payroll, while keeping the back office as lean as he could. At the same time there were legal, regulatory, HR, occupancy and tax issues from operating in multiple states and countries and he was spending quite a lot of time and fees on these activities, because he had to, while pushing aside and neglecting the accounting work.
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What Empowerment Can Do for Your Team

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smiling woman standing at end of table, speaking with three seated colleagues

Unlock intellect and innovation.

By Alan Anderson, CPA
Transforming Audit for the Future

“If you’re afraid to fail, then you’re probably going to fail.” – Kobe Bryant

I do a lot of work with firms to help them improve their project management, where everything is color-coded as red, green or yellow, depending on how the project is going. Frequently what I initially see is that everything is green for weeks on end, but still no nearer completion.

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My instinct tells me that those projects that were green four weeks ago really weren’t green then. But out of fear of retribution, the staff were all afraid to tell the partner that something wasn’t going as well as expected. It takes about three to four weeks before people start being sincere about the job status.
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It’s Time for a New CPA Career Track

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older woman showing young woman something on office computer screen

How are you assessing your team?

By Alan Anderson, CPA
Transforming Audit for the Future

I’m fortunate to have two great former auditors working with me in Accountability Plus – my son Tyler Anderson and Corey Schmidt, who met working together as auditors. But that firm – like most firms – was focused on total hours worked and realization rates, and had no tracks for auditors who didn’t fit in the normal staff to senior to supervisor to manager to partner progression.

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As Corey told me, “Tyler and I were good with workflow management and managing processes, and that’s what our firm should have had us focus on.” Corey demonstrated that when he was assigned the employee benefit plan practice at that firm, and through his leadership, improved fee realization from 60 percent to 100 percent.

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