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Tag: Assurance

Wiss and NetLease by Netgain partner to increase efficiency for ASC 842 lease accounting audits 

Netgain offers easy audit solution   Denver, CO, May 4, 2022 – The new lease accounting standard went into effect on Jan. 1, 2019 for public companies and on Jan. 1, 2022 for private and not-for-profit companies. Wiss spent two years evaluating different solutions and needed a lease accounting software solution in anticipation of the 2022 audit season.  Paul Peterson, Managing Partner, Wiss, reached out to Netgain, to evaluate NetLease for Auditors, their lease accounting product...

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SAS 136: What Plan Sponsors Need to Know About Upcoming Changes to ERISA Plan Audits

By Laura K. Zindel, CPA and Cindy Sandomenico, CPA Employee benefit plan sponsors and their auditing firms need to begin preparing for the adoption of Statement on Auditing Standards No. 136 (SAS 136), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (Employee Retirement Income Security Act of 1974). This auditing standard was enacted by the American Institute of Certified Public Accountants (AICPA), and was originally effective...

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Audit Threshold Increased for NJ Nonprofits

By Eitan Balloul, Tax Manager, Not-for-Profit Many Exempt Organizations incur significant expenses associated with the requirement of providing audited financial statements on an annual basis. That expense could be diverted and used to further the charitable mission of the organization. The burden of that expense may be relieved by increasing the threshold at which organizations must file audited financial statements and excluding certain non-monetary in-kind contributions...

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What You Should Know About ERISA Plan Audit Changes

By Craig Erickson, Partner-in-Charge, Employee Benefit Plan Group In July 2019, the American Institute of Certified Public Accountants (AICPA) issued a new Statement on Auditing Standards (SAS 136) designed to regulate and improve the audit quality for plans governed by the Employee Retirement Income Security Act of 1974 (ERISA). The new standards were originally intended to apply to audits of financial statements for periods ending on or after December 15, 2020, but the...

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