The audit committee plays a critical role in providing oversight of the organization’s governance, risk management, and internal control practices. The Audit Committee Charter outlines the authority, role and responsibilities of the members. Following these 5 suggestions can help transform your good audit committee to a great audit committee. — Kevin Congo, Harris CPAs The quality and completeness of the …
Harris CPAs is excited to announce the opening of a new office in Coeur d’Alene as of November 1st. The office will function to support the growing client base Harris currently has in Northern Idaho and ensures Harris clients and fellow professionals have easy face-to-face access to the Harris team when they need it. We are also excited to welcome …
The Financial Accounting Standards Board’s (FASB) update to revenue recognition is going to impact nearly everyone across all industries. But what are these new standards and why won’t your accountant stop talking about it? When it comes to the new revenue recognition standards, here’s the gist of it: Accounting Standards Update 606 (ASU 606) deals specifically with recognizing revenue from …
It is critically important to be efficient as a nonprofit and not all solutions require significant spending. Organizationally, you must have key areas operating at a high level to be successful, including whose on your bus both from an employee but also a board level. Know who you are, differentiate yourself from the crowded nonprofit arena and get those who …
Everyday that goes by the cybersecurity risk to your organization continues to increase. Have you looked at simple policies in your organization and how you are maintaining customer data. This step by step explanation will help you assess your policies, or maybe help create one if you have been putting this off for another day. — Cheryl Guiddy, Harris CPAs …
New revenue recognition standards, among others, will have an impact on non-profit. The nonprofits that prepare for the future, will see themselves spending less time and incurring less frustration in implementing the new accounting standards on the horizon. — Cheryl Guiddy, Harris CPAs All entities, including nonprofit organizations, are facing the daunting task of addressing a slew of changes as …
With new IRS efforts at transparency, now is the time for nonprofits to review their work plan and develop a potential IRS audit strategy for the year ahead. For 2018, tax gap issues come to awareness. Unrelated business income and employment tax issues are important to note. The first step in resolving potential problems is a compliance check. — Cheryl …
