A Risk-Based Approach to Journal Entry Testing - Journal of …
WEBLearn how to test journal entries for fraud and management override using data analysis and computer-assisted tools. See examples of fraud cases involving journal entries and how to design effective audit procedures.
Mechanics of the new Sec. 199A deduction for qualified business …
WEBMay 1, 2018 · Learn how to calculate the new Sec. 199A deduction for passthrough businesses and determine who qualifies for the break. The deduction is based on 20% of QBI, but may be limited by income level, type of business, or wage and capital factors.
Start or review an accountable plan - Journal of Accountancy
WEBFeb 1, 2020 · Learn how to start or review an accountable plan to reimburse employees for business expenses tax-free. Find out the requirements, benefits, and challenges of this arrangement under the TCJA.
Defining a trade or business for purposes of Sec. 199A
WEBJul 1, 2019 · Learn how to determine whether an activity is a trade or business for purposes of Sec. 199A, which provides a deduction for qualified business income. Find out the factors to consider for separate trades or businesses and the relevant case law and IRS guidance.
4 strategies for efficient, effective audit documentation
WEBNov 1, 2017 · Learn how to comply with AU - C Section 230 and improve audit efficiency by planning, standardizing, and documenting procedures promptly. Find tips, examples, and resources from the AICPA.
The pros and cons of LLCs - Journal of Accountancy
WEBDec 1, 2018 · Learn about the advantages and disadvantages of limited liability companies (LLCs), a popular entity choice for many businesses. Find out how LLCs offer liability protection, tax flexibility, and modern statutory architecture, but …
5 missteps to avoid when evaluating internal controls
WEBJul 1, 2019 · Misstep No. 2: Not understanding which controls are relevant to the audit. Auditors are required by paragraph .13 of AU - C Section 315 to obtain an understanding of internal control relevant to the audit. This includes all controls assessed as relevant by the auditor and is not limited to those controls that the auditor plans to test for ...
Cafeteria plan compliance - Journal of Accountancy
WEBMar 1, 2020 · Learn about Sec. 125 cafeteria plans, which allow employees to pay for benefits with pretax wages, and the requirements and benefits for employers and employees. Find out the origins, code provisions, and types of plans, such as premium-only plans and flexible spending arrangements.
Challenges to consider in auditing revenue recognition
WEBJul 1, 2020 · The new revenue recognition standard requires auditors to assess the risk of material misstatements and consider a five-step process with significant judgment. Learn how to identify contracts, performance obligations, transaction price, and revenue recognition in complex contracts.
A practical guide to economic nexus - Journal of Accountancy
WEBJun 1, 2021 · Learn how states enforce economic nexus rules after Wayfair, which require sellers to collect sales tax in states where they exceed certain thresholds. Find out the different types of thresholds, how to comply, and what challenges and arguments exist in this area of tax law.