Though there are many misconceptions about changing CPA firms for your financial services, the bottom line is that if you’re choosing a more valuable firm, the process should be smooth and simple.
Auditors quote prices in many different ways. Knowing the advantages and disadvantages of the most common fee structures can help your organization save time and make a better decision according to your preferences.
Whether you hire a local auditing firm or one that handles all your documents remotely, understanding the benefits and drawbacks to both will help you figure out which type you prefer.
Not every auditor is the same. Each accounting firm has its own values, culture, and reputation that you should consider in addition to their quote. One of the most important things to check is whether your auditor has violated any ethical standards during their time as an accountant.
Your organization needs a trustworthy, reputable auditor to tell your financial story. Find out how good your CPA firm’s reputation is by checking the score on their most recent peer review report.
Do you work with a different auditor every year? Signs of high turnover rates like this may be a red flag that a CPA firm isn’t as stable and reliable as it should be. Your auditor should work to build a relationship with you and your organization year after year.
Does your auditor serve you well? We think the most important quality a CPA firm should portray is commitment to quality service. The best service providers will prioritize your organization’s goals and work with you on a relational level to accomplish them.
Auditors are financial storytellers. Some organizations choose auditors by asking only a single question: “What’s the fee?” In this blog series, we tackle six crucial factors beyond the bottom line that will help you ask practical questions and get the most from your audit.
For-profit HUD projects are given the opportunity two times a year to distribute surplus cash to the owners involved in the property. These biannual distributions always depend on calculating the property’s surplus cash and must be in correspondence to the guidelines established in the HUD regulatory agreement.
A new accounting standards update (ASU) requires all entities that produce financial statements to make a few changes to their classification and disclosures of restricted cash. These changes have multiple effects on not-for-profits and affordable housing properties, including HUD projects.