Page 24 – Sensiba

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Governance, Risk, & Compliance (GRC)

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CPAs typically report historical financial performance. But sometimes they’re hired to predict how a company will perform in the future. CPAs can help companies make informed decisions about their future performance to reach their financial goals. Prospective Reporting Options There are three types of reports to choose from when predicting future performance: Though these terms Read more…

Insight

Tax Deductions for Advertising and Marketing Expenses: What’s Ordinary and Necessary?

Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This valuable tax deduction can help businesses cut their taxes. However, in order to be deductible, advertising and marketing expenses must be “ordinary and necessary.” As one taxpayer recently learned in U.S. Tax Court, Read more…

Insight

Use Visual Aids to Enhance Financial Reporting

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…

Insight

Developing an Effective Internal Audit Function

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…

White Paper

Improving Cloud Security Controls Before a SOC 2 Audit

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.

Podcast

Ep #53: Women are the Key to Solving Climate Change with Lara Dickinson

Insight

Going Concern Disclosures

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…

Insight

Declining Profits: Using Financial Statements to Identify Red Flags

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…

Insight

IRS Offers Updates For Schedule K-2 and K-3 on Form 1065

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…

Insight

Tax Deductions for Business Vehicle Purchases

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…