SOC Tip #1

A thorough and comprehensive SOC report should contain a mix of sampling, re-performance, inquiry, and observation testing procedures. A SOC report containing only observation and inquiry testing procedures will likely overlook control deficiencies and may not satisfy client auditors.

FASB Issues New Accounting Standard for Non-Profit Entities

The Financial Accounting Standards Board (FASB) has issued an updated accounting standard designed to help make not-for-profit financial statements more transparent for donors, grantors, creditors and other stakeholders.

FASB Amends Cash Flow Standard to Reduce Reporting and Classification Diversity

As part of its ongoing review of emerging issues, the Financial Accounting Standards Board (FASB) has issued a new update that seeks to narrow deviations in how cash receipts and payments are presented and classified in cash flow statements.

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