audit Archives - Wiss & Company, LLP

Why Plan Sponsors Should Read Their Service Providers’ SOC Reports

Written on July 13, 2022. Posted in Employee Benefit Plan Audits.

Written by Cindy Sandomenico and Laura Zindel. WHY PLAN SPONSORS SHOULD READ THEIR SERVICE PROVIDERS’ SOC REPORTS When a plan sponsor hires a service provider, that organization and its professionals become part of the team operating the client’s retirement plan. Each member of the team is expected to perform a specific task according to what is prescribed in the plan document. But how do you know whether each service provider has effective systems and controls in place to ensure...

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

Written on May 4, 2022. Posted in Assurance, State & Local Tax Services, Tax.

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...

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

Written on February 16, 2022. Posted in Employee Benefit 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...

Audit Threshold Increased for NJ Nonprofits

Written on January 20, 2022. Posted in Not For Profit.

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...

The New Partnership Audit Rules Effective January 1, 2018

Written on February 20, 2018. Posted in Tax Alerts.

By Mike Bodrato, CPA, JD As part of the Bipartisan Budget Agreement of 2015, Congress made significant changes in the procedures used by the IRS to conduct partnership audits (including LLCs treated as partnerships) and their partners. Proposed regulations were issued on January 19, 2017, but prior to being released were withdrawn by executive order. New proposed regulations were issued on June 14, 2017. The new partnership audit rules repeal the current regime under the Tax Equity...

Holy Matrimony: Contractors and New Jersey Sales Tax

Written on November 27, 2017. Posted in State & Local Tax Services.

By Tim Kennedy Not all work performed on a property is created equal in the eyes of the tax collector. Some improvements fall into the realm of capital improvement, while others are considered repairs, and still others are maintenance services. Because New Jersey sales tax rules differ based on the type of work performed, it is important to understand the classifications to avoid paying too much or too little in taxes. Here’s what you need to know. What work is exempt from sales...

The Importance of Audit Documentation

Written on November 14, 2017. Posted in Tax Alerts.

By Wiss Employee Numbers don’t lie, but they also don’t talk. Instead, clearly documented words in a work paper speak for the numbers, and in the case of audit documentation, this is how an auditor proves to others — including, perhaps, a court of law — that an audit was thoroughly and effectively executed. Despite the critical nature of this task, auditors often question whether the effort it takes to provide sufficient documentation is worth the end result. A competent...

Conducting an Internal Audit: What Your Business Needs to Know

Written on September 22, 2017. Posted in General Business.

By Fatima Wallizadeh Updated 7/30/2019. When an internal audit is conducted, auditors set up in a conference room with boxes of files, stacks of binders and open laptops. They might stay for a day, a week or longer. But do you really know what goes on during an audit, and why doing one is so important to a company’s operations? Here is what happens during an audit, and how auditors work with their clients to help them improve their businesses. Learning the client It’s essential for...

What the DOL Looks for During an Audit

Written on January 24, 2017. Posted in Employee Benefit Plan Audits.

By Craig Erickson You’ve just learned that the Department of Labor’s Employee Benefit Security Administration has selected your company’s retirement plan for an investigation. Are you and your plan prepared for an audit? The DOL typically doesn’t provide much notice before beginning an audit, which can last several days, weeks or longer. However, in advance of starting, you will receive an investigation notice that includes a list of documents its people will want to review when...

Preparing for a Financial Audit

Written on November 29, 2016. Posted in Tax Alerts.

By Randy Cohen “We’re being audited.” Those three little words can strike fear into the heart of any executive. Nobody likes the prospect of an outsider combing through the books and potentially exposing errors. Yet as unpleasant as a financial audit can be, with the right attitude and approach, it can prove a valuable tool for improving your business — and an auditor can be viewed as a trusted adviser instead of as an adversary. The key to an efficient and successful financial audit...

Tag: audit