Today's CPA Letter Daily
8 things to know about the audit evidence standard
Aug 5, 2020
As we were finalizing Statement on Auditing Standards No. 142, COVID-19 arrived and caused major disruptions to the country’s economy, including changing the ways auditors were working. Automated tools and techniques — like conducting remote observation using cameras or drones — became necessary to perform certain audit procedures, such as...
CPA licensure: one step closer to change
Jul 30, 2020
You may be familiar with CPA Evolution, a joint initiative of the National Association of State Boards of Accountancy (NASBA) and the AICPA that we’ve been discussing for more than a year. In May, I wrote about the AICPA Council voting in support of advancing CPA Evolution. On July 24,...
Reflect on morale and team spirit as you consider reopening your office
Jul 29, 2020
Across the country, CPA firms are deciding when best to reopen their offices, knowing employees are integral to the success. Here are solutions for maintaining employee morale and team spirit while ensuring a good flow of communication between staff and clients. Address key concerns. Given an uncertain economy and rising...
Pandemic teleworking causes state tax withholding issues
Jul 23, 2020
A half-century ago, tax withholding was one of the simpler issues for taxpayers and practitioners. A more mobile society makes state tax withholding more complicated today given the ease of conducting cross-jurisdictional business and the increase in teleworking or remote work arrangements. Meanwhile, the web of inconsistent state and local...
Key risks when auditing a not-for-profit during the pandemic
Jul 22, 2020
While COVID-19 has cast a cloud of uncertainty over not-for-profit organizations, there is one fact we can all hang our hats on: How we audit a not-for-profit now should look completely different than it did a year ago, a month ago, or even a few weeks ago. As auditors, we’ve...
3 A&A tech tips for today’s virtual firm
Jul 17, 2020
With COVID-19 changing everyone’s world, firms must develop new ways to work internally and with clients. If you are used to going over the audit report with clients in the office, what’s your plan? If your audit team usually conducts the audit at the client’s office, what’s your plan? Fortunately,...
5 reasons borrowers shouldn’t rush their PPP forgiveness applications
Jul 14, 2020
This blog post explains why borrowers shouldn’t rush their PPP loan forgiveness applications. Please share with clients who participated in the program. Borrowers who received Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act are asking their CPAs if and how they will qualify...
Help small business clients recover through customer retention
Jul 13, 2020
Many small businesses are struggling because of the unprecedented effects of the coronavirus pandemic on the economy. As a CPA, your guidance is critical to help small business clients navigate these current challenges and enable successes. One of the most valuable factors in a business’s long-term vitality is customer retention....
Navigating financial plans during the pandemic
Jul 10, 2020
As news of the COVID-19 pandemic’s spread intensified early this year, the effect on the U.S. economy and American’s financial situations was unknown. We conducted the AICPA PFP Trends Survey in May to explore how CPA financial planners worked with clients during these uncertain times. The U.S. had experienced tens...
5 skills finance professionals need right now
Jul 7, 2020
Even before the current crisis, digital transformation and new ways of working were significantly influencing the skills and capabilities finance teams need. The coronavirus pandemic has accelerated that need as people and businesses now seek digital experiences and solutions more than ever. Recently at the Interactive Solution and Key Initiative...
Anthony Pugliese and Lawson Carmichael, chairs of the AICPA’s Future of Learning Task Force, explore the state of education for CPAs, argue the case for change and encourage key leaders to provide input on this topic critical to the future of the profession.More on AICPA TV