Category: Audit & Attest

January 26, 2018
I Went ESOP. When Should I Expect our DOL Audit?

There is a high likelihood that if you are an ESOP, then you will be visited by the DOL (Department of Labor).  This is different than an IRS audit.  The chances from my experience is 20%.  IRS audits are much lower, more like 2%....

January 15, 2018
Two Sets of Books?!

You don’t have to be Tom Petters or Al Capone to have two sets of books.  In fact, I believe that most if not all businesses can benefit from having two sets of books (financial statements), legally. ...

January 14, 2018
Do You Need a Retirement Plan Audit?

As your company continues to grow, the number of participants in your retirement plan will likely grow as well. This can often trigger the need for an audit of your retirement plan. If your plan is approaching 120 participants, it’s time to start thinking about the audit p...

January 1, 2018
What is an Audit?

Many companies or organizations that borrow from a bank, are looking to raise capital, looking to potentially sell the entity, or meet certain Federal or state specifications, are required to have some kind of independent or outside assurance of their financial statements by...

January 1, 2018
Do Reviewed or Audited Financial Statements Add Value?

Many privately held companies have their financial statements compiled, reviewed or audited due to requirements from a governmental agency, lender, or a bonding company, but what other advantages can these services provide to a company besides meeting a requirement?  ...

September 23, 2017
Restaurant Sales Tax Audits – What to Watch For – Tip #3

Third of 3 Blogs on this topic: The Minnesota Department of Revenue has dramatically increased the number of Sales and Use Tax audits in recent years. The audits are getting more sophisticated and focused on a few key areas that can really trip up business owners. ...

May 20, 2014
GAAP Accounting for Goodwill – Accounting Standards Update (ASU) Impacts Private Companies

The Financial Accounting Standards Board (FASB) issued ASU No. 2014-02 in January 2014 which now allows private companies to amortize goodwill for book purposes (Generally Accepted Accounting Principles – GAAP)....