Posts about Audit and Compliance

US Tax Reform 2018: What You Need to Know About the Trump Tax Plan

Posted by Janis Mae Narvas

Jan 9, 2018 10:00:00 AM

On December 22, 2017, US President Donald J. Trump signed into law the “Tax cuts and Jobs Act.” The Trump tax plan, passed by the US Congress, is set to have sweeping changes to individual and business taxes. The US tax reform of 2018 is forecasted to raise federal deficits in the coming decade.

Make Them Count: 3 Internal Auditor Responsibilities You Should Know

Posted by Janis Mae Narvas

Sep 28, 2017 3:02:07 PM

In any organization, internal auditor responsibilities are defined according to the objective of the audit activities. Your internal auditors perform a specific role in assurance, as well as in quality and risk management.

Internal Audit Outsourcing - Should You Consider This?

Posted by Janis Mae Narvas

Sep 19, 2017 8:00:00 AM

Internal audit outsourcing has been a contentious topic in the past years. Some believe that the internal audit process should be kept in-house, partly because outsourcing the audit planning process could be both costly and complicated.

Understanding Audits: The 4 Types of Audit Reports

Posted by Janis Mae Narvas

Sep 12, 2017 8:00:00 AM

In the United States, publicly listed companies are required to have an audit of their financial statements. After collecting substantial information, an external auditor issues a statement or an opinion with regard to the quality or integrity of the company’s reported financial information. When you receive anything but an unqualified opinion, the audit report indicates that there are issues or irregularities in your financial statement.  Related: The Role of Financial Reporting in Corporate Transparency Publicly held companies conduct regular audits for compliance, as well as for the benefit of their lenders, investors, and suppliers. For privately held companies, it may not be necessary to have your statements audited, although some creditors or investors may require it before they do business with you. Audited financial statements can be used in improving internal controls or in assessing the financial health or performance of an entity. Therefore, as a CFO, it’s important to understand the audit opinions provided in the different types of audit reports.

5 Things You Need to Do Before an Internal Financial Audit

Posted by Cedric Joshua Martinez

Aug 31, 2017 2:49:35 PM

Financial internal audits can be intimidating to business owners and finance executives alike. However, both should understand that internal audits are not something to fret, especially when your company comes in prepared.

Top Qualities of the Ideal Internal Financial Audit

Posted by D&V Accounting Services

Apr 21, 2016 3:16:43 PM

The internal controls of a company speaks volumes of its current business financial position. To proactively assess this, business owners need to put a strong auditing system in place. By effectively auditing business finances, SME owners can breeze through their business objectives, obtain reliable financial reporting, keep fraud at bay and improve cashflow management.

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