Accounting Blog for Business

The Philippines is among the fastest growing economies in the world. Businesses are coming in fast to take advantage of the favorable business climate, the young workforce, and the modernizing technology and infrastructure.

Addressing the challenges faced by audit firms in the Tri-State Area can be a grueling task if you do not have a comprehensive view of the problem at hand. This week, we look at several audit  and accounting practice problems and our recommendations on how you can overcome them.

If your organization is going through its first external audit this year, chances are, you are apprehensive of it. For some people, even thinking about the external audit requirements can cause panic and anxiety. Of course, there’s no need to feel panicked or stressed about an audit – that is, if you as an organization prepare for it.

In 2017, various companies from different industries across the globe had been attacked by the ransomware called WannaCry. With an estimated 200,000 computers infected in more than 150 countries, many firms around the world discovered that cybersecurity is as much of a business risk as it is a security one.

The audit season is just around the corner. In time, your people will all be occupied with their own tasks. As always, the season stretches everyone’s capabilities, which might result in productivity burns and decreased efficiency. The audit management has the responsibility to keep their people at the top of their game especially in crucial situations. Here are helpful advice in increasing your audit productivity .

The General Data Protection Regulation (GDPR) of the European Union has set the newest standard in data management and privacy rights not just in Europe, but everywhere else in the world. Companies have now made their moves to comply with the EU’s directive and avoid the hefty fines. As the buzz with the GDPR dies down, it is important to think of the next steps that finance professionals and their teams should take as authorities continue to enhance financial services cyber security measures.