2021 Retirement Plan Limitations
On October 26, 2020, the Internal Revenue Service announced the cost-of-living adjustments (COLA) that will take effect January 1, 2021 (IRS Notice 2020-79). ...
Great experiences are sometimes born from unprecedented events. When I accepted the offer to intern in the Audit Department with Schneider Downs last fall, I never expected the internship would be entirely remote. After all, how can you audit effectively and efficiently without interacting personally with the client and accumulating evidence firsthand? Well, the answer is: quite effectively and efficiently, actually. It turns out that auditing can be done well remotely.
My experience has been fantastic. Unlike some prior internships, I feel that I have really gained an understanding of audit. I wasn’t just asked to complete busywork, but rather was asked to complete work that that was contributing to the team in a meaningful way. Utilizing technology, I was able to keep in touch with the engagement teams quite well. Seniors and staff continuously offered assistance through online calls. I was even able to call and speak with a few clients directly. It almost seemed as if the internship wasn’t remote after all.
I’m preparing to the take the AUD section of the CPA exam this week. Being able to learn about auditing firsthand has helped me study immensely. It’s one thing to learn about positive confirmations, substantive testing, tests of controls, and walkthroughs, but it’s another thing entirely to actually have the opportunity to complete those things in real life. Such an experience provides a deeper understanding that textbooks and studying cannot really provide.
I don’t think anyone was prepared for the effects that COVID restrictions would have on everyday life. It has definitely disrupted things and changed the way the business world functions. One thing’s for sure, though: there will always be opportunities to learn and grow.
In late October, the U.S. Small Business Administration (SBA) requested approval from the Office of Management and Budget (OMB) to collect certain information ...
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