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How to Recognize and Prevent Five Common Forms of Occupational Fraud

CPA Practice

Financial Statement Manipulation Manipulation of financial statements is another common form of fraud. To identify financial statement fraud, organizations should conduct variance analyses, benchmarking and regular review of financial statements.

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Internal Controls To Prevent and Detect Fraud at Small To Medium-Sized Not-for-Profits

Withum

Most not-for-profit organizations have budgetary constraints and lack the ability to pay for full-time and robust accounting departments.

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Payroll Auditing 101 for Trustees of Multiemployer Plans

Withum

Payroll Audit Basics for Trustees. Payroll compliance audits perform a central role in this regard. Level Playing Field: payroll audits help trustees differentiate problematic employers from the rest. In these cases, they should direct the payroll auditor to test employers with known or suspected delinquency issues.

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Preparing for Your First Audit – Steps to Follow for Consumer Products Companies

Withum

Although an independent financial statement audit may not gain the day-to-day attention of management the same way as growing revenue or projecting cash flows; for many, there will come a time when an audit becomes a vital part of the company’s lifecycle. What is the required due date for the financial statement deliverable?

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Everything you need to know about accounts payable

ThomsonReuters

The term accounts payable refers to all business expenses except payroll. employee compensation, payroll taxes, benefit withholdings, benefit payments, etc.). To ensure your general ledger is accurate, your business should perform a bank reconciliation once per month for all bank accounts with activity.

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What are APIs and how can they streamline tax provision calculations?

ThomsonReuters

Data integration: Tax provision calculations require data from multiple sources , such as financial systems, general ledgers, payroll systems, and tax forms. Data consistency and audit trail: For a company, tax provisioning is the most looked-at process due to its impact on the financial statements.

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Optimizing Your Firm’s Overhead Rate

Withum

Accounting software often presents limitations, such as a single expense account for all payroll expenses. The far left column of your firm’s overhead rate calculation, General Ledger Account Balance, should always agree to the financial statements or trial balance in total, regardless of the expenses that are disallowed.