Accounting & Assurance

New PRF Single Audit Guidance

PRF Background Our last 2 updates Provider Relief Fund (PRF) Reporting Portal is Now Open and Revised PRF Reporting Requirements including Extended Time to Expend Some Funds provide some important background. In this article, we have an update to Single Audit Requirements based on recent HHS updates to the Provider Relief Funds Frequently Asked Questions (FAQs) […]

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Accounting Alternative for Goodwill Impairment Triggering Events

Under current generally accepted accounting principles (GAAP), goodwill must be tested for impairment when a triggering event occurs.  Companies and organizations are required to monitor and evaluate goodwill impairment triggering events, as they occur throughout the year. This presents challenges for entities with goodwill on their balance sheets, if they were shut down or incurred […]

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OMB Compliance Supplement Addendum & Single Audit Applicability of Provider Relief Funds (PRF) & Coronavirus Relief Funds (CRF)

The Office of Management and Budget (OMB) released an addendum to the 2020 Compliance Supplement on December 22, 2020. This addendum provides important updates to COVID-19 related federal funding and the impact to Single Audits. This addendum is effective for fiscal years beginning after June 30, 2019 (i.e. June 30, 2020 fiscal years and later). […]

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Skimming may sound small, but losses can be significant

  Skimming isn’t the biggest fraud threat for most businesses. The theft of cash receipts represents only 11% of asset appropriation schemes, according to the Association of Certified Fraud Examiners’ 2020 Report to the Nations. But with a median loss of $47,000, your business will likely feel the pain if it becomes a victim of […]

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SBA Issues New PPP Guidance for Partnerships & Self-employed

The SBA recently (4/14/2020) issued a new Interim Final Rule that supplements the guidance for the Paycheck Protection Program (PPP) included in the first interim final rule issued on April 2. This new rule focuses on two areas that may  come into play when making a PPP application: Self-employment income of partners in a partnership […]

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