Graphs, charts, tables, and other data visualizations can be inserted in your financial statement disclosures to improve transparency and draw attention to key accomplishments. By pairing visual aids with verbal explanations, you can increase the likelihood others understand the information you are sharing. As your organization prepares its year-end or quarterly financials, consider presenting some Read more…
Understanding your objectives, identifying organizational risk, enlisting executive support, and evaluating internal controls are among the keys to developing an effective internal audit function. Internal audit provides the company, on an ongoing basis, with insights into its performance, policies, and procedures that can improve operational, compliance, and financial risks. Common objectives for an internal audit Read more…
Custom jobs require ongoing supervision to achieve the best financial results. Whether you’re a general contractor constructing a strip mall, a manufacturer building made-to-order parts, or an architect drawing up blueprints, once a project is underway, it’s easy to focus on getting the job done rather than on the resources consumed. That’s why job cost Read more…
Enhance Cloud Security Controls ahead of SOC 2 Audit. Ensure success with our white paper, uncovering key measures and controls to bolster your cloud security.
Technology companies often operate at a loss, especially in their early stages, as they work to develop their product or service and grow their revenue. When this is the case, the company’s auditor will likely place a heavy emphasis on evaluating the company’s going concern disclosures. Auditing Standards Related to Going Concern To remain a Read more…
If you have declining profits compared to revenue and assets, your financial statements may provide insight into what’s happening and how to improve your performance. Watch for Red Flags As you sell more and invest in additional assets, profits should, in theory, increase proportionately. However, that’s not always the case. Ratios to watch for a Read more…
In December 2022, the IRS finalized partnership instructions for filing and furnishing Schedules K-2 and K-3 for tax years beginning in 2022, including the addition of a new exception for domestic U.S. partnerships. This article summarizes what you need to know. What is the purpose of schedules K-2 and K-3? Schedules K-2 and K-3 were Read more…
Environmental, Social, and Governance (ESG) regulations that will change the face of corporate sustainability. themes include harmonizing reporting frameworks for better continuity and conformity, proposed federal and state climate-related disclosures, and a growing interest in circular production aimed at minimizing waste. These trends impact how companies approach ESG and will shape future sustainable business practices. Read more…
Countless factors influence a person’s decision to purchase a particular vehicle. Everything from whether to buy a car, truck, or SUV to smaller factors, such as specific options and color. While tax considerations may not top the list for personal vehicles, certain qualities do influence tax deductions for business vehicles. Car Deductions 101 Generally, when Read more…
Companies engaging in business within San Francisco (“the city”) need to understand their potential obligations associated with more than 180 taxes and fees required by the city’s Business and Tax Regulations code, and to keep up with the latest regulatory changes. In this article, we’ll review new and amended requirements under Proposition F, the Gross Read more…
Sensiba LLP, a leading US-based accounting and business consulting firm, is honored to announce its place among the Real Leaders 2023 “Top Impact Companies” from around the world. For the fourth year in a row, Sensiba has been awarded this great honor as Real Leaders recognizes people and organizations who are making a positive social Read more…
Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others? Then you should be aware of the complex tax rules that apply to determine the treatment of the costs of buying, leasing, or developing computer software. Purchased Read more…
Analytical procedures can make audits more efficient and effective. First, they can help during the planning and review stages of the audit. However, analytics can have an even bigger impact when supplementing substantive testing during fieldwork. Defining Analytical Procedures The Association of International Certified Professional Accountants (AICPA) auditing standards define analytical procedures as “evaluations of Read more…
ASC 842 lease accounting is effective for calendar year-end entities for the 2022 fiscal year. The core concept of ASC 842 is the intention of the FASB to move previously off-balance-sheet operating leases to the balance sheet to better reflect the contractual liabilities owed under these arrangements. Many venture-backed early-stage startup companies, or remote-enabled companies, Read more…
The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations. Many ATGs target specific industries or businesses, such as construction, aerospace, art galleries, child Read more…
This article explores the definition of internal controls and explains why they’re important to your organization.
Sensiba wins ClearlyRated’s 2023 Best of Accounting Diamond Award for the 5th straight year, recognized as an industry leader for exceptional service and high client satisfaction.
As organizations consider sale-leaseback transactions, they must understand the financial reporting implications under the new lease accounting standard, ASC 842. What is a Sale-Leaseback Transaction? A sale-leaseback transaction typically occurs when an organization sells an asset, such as real estate, and immediately (or soon thereafter) leases the asset back from the purchaser. The organization that Read more…