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SOC 2 + HITRUST vs. HITRUST Certified CSF reports - the Fundamentals

The System and Organization Control (SOC) 2 Type II report is performed for service companies by CPA firms to attest to the design and operating effectiveness

OMB Relief for Recipients of Federal Financial Assistance Due to COVID-19

The Office of Management of Budget (OMB) has issued additional relief to recipients and applicants of federal financial assistance due to the impact of

Coronavirus Pandemic - Accounting and Financial Reporting Impacts under U.S. GAAP

Companies are adjusting to the challenges posed by the coronavirus pandemic including managing a remote workforce, lost sales, supplier disruptions, and

Are You Ready for Your Big Game?

Wait, what Super Bowl? Didn’t chances for our Super Bowl end sometime in the second quarter of Week Two? Well, while that may have been arguably

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What is More Beneficial for Professional Service Organizations: Accrual Basis or Cash Basis Financial Statements?

One of the most important decisions management of a professional service organization needs to make as it relates to their financial statements is the
Audit, Tax
James Sayre | 1.24.2020

Simplification of Accounting for Income Taxes – ASU 2019-12

The Financial Accounting Standards Board (FASB) issued ASU 2019-12 on December 18, 2019 based on recommended changes by stakeholders as part of the FASB’s
Audit
Christian Wheeler | 1.15.2020

Evaluating a Firm’s System of Quality Control

On December 17, 2019, the Public Company Accounting Oversight Board (PCAOB) voted to issue a concept release on a potential approach to revisit the PCAOB’s

Your Institution Received a Gramm-Leach-Bliley Act Finding in 2019 – Now What?

The Gramm-Leach-Bliley Act (GLBA) is a federal ruling that applies to all entities that collect consumer financial data, including institutions of higher

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Six Tips for Writing Effective Internal Audit Reports

You’ve successfully planned and executed your audit. Now, it’s time to communicate your findings to the client, board, or committee. Here are
Audit
Adam Goode | 10.22.2019

Reference Rate Reform

Regulators will no longer require panel banks to contribute to the London Interbank Offered Rate (LIBOR) post 2021. Contributing panel bank departures

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