Although the prospect of an audit might be daunting for small business owners, the results can be helpful. Learn more about audits here.
Ries, RonCPA Journal
What Is a Payroll Audit? A payroll audit is a breakdown of a company’s payroll processes. It looks at aspects of a company’s payroll such as the number of wages, employee pay rates, active employees, and tax withholdings. Businesses should carry out a payroll audit annually at least. T...
So, Russell, let’s talk a little bit about a software audit. What is a software audit?Russell Gelvin: I mean really it’s exactly what it sounds like. You’re just taking a look at your code to make sure you’re not violating anybody else’s rights or violating any applicable laws...
There is no fixed fee for a statutory audit, although audit committees negotiate and assess the costs in question and make recommendations to the company board. The cost of an audit will vary depending on the organisation's size, the complexity of the task at hand, and a variety of other ...
Ironclad is not a law firm, and this post does not constitute or contain legal advice. To evaluate the accuracy, sufficiency, or reliability of the ideas and guidance reflected here, or the applicability of these materials to your business, you should consult with a licensed attorney. Use of...
This clause can incentivize contractors to keep total project costs down while ensuring the owner stays under a predetermined ceiling for their budget. Additionally, trust is key with a cost-plus contract. When a long-term partnership emerges between a project owner and a general contractor, both...
An audit strategy is a plan for carrying out an internal audit, or a plan used to handle an external audit. In the first case, the...
Fixed assets are resources with an expected life of more than a year, such as plants, equipment, and buildings. An accounting adjustment known asdepreciationis made for fixed assets as they age. It allocates the cost of the asset over time. Depreciation may or may not reflect the fixed ass...
Accrual accounting is an accounting method where revenue or expenses are recorded when a transaction occurs vs. when payment is received or made. The method follows the matching principle, which says that revenues and expenses should be recognized in the same period. Accrual accounting uses the dou...