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11 posts from April 2018

These tools can automate parts of your audit

GettyImages-850496336You’ve heard a lot about data analytics. But do you know how to use them to automate parts of your audit? From journal entry testing to inventory counts, a new AICPA mapping guide shows you how data analytic products on the market today align with general audit procedures.

The free Audit Data Analytics to Audit Procedures mapping document provides a direct link for nearly 100 audit procedures, covering areas like risk assessment, journal entries, accounts receivable, inventory, intangibles, accounts payable, income taxes, and more.

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Offbeat vacation ideas for the adventurous CPA

TravelBusy season is officially over.

You’ve been powering through all season. Returns are in, and extensions are filed. And most importantly, your clients are happy because you’re a powerhouse CPA. Now that you have free time on your calendar, it’s time to take your superhero-self on vacation.

Deciding where to go on vacation can be challenging, which is no surprise, considering many Americans spend up to 10% of their household income on vacations every year.

That means your vacation should be memorable and offer experiences and sights you’ve never encountered — perhaps because you didn’t even know they were there.

Take a gander at these offbeat vacation ideas to get your creative mind going and help you prepare for your best post-busy season yet.

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7 tips to have an influence on future standards

StandardsStandards are amended, and new ones are issued. But did you know that it is possible to express your opinion—and even make a difference—in the standard-setting process? If you’ve never done so before, here are some tips based on my own experience.

Your opinions are welcome! Standard setters actively solicit comments – not only from those who are directly impacted by the exposure draft but also from any other interested parties. They do read and carefully consider all comments submitted.

The explanatory memorandum is a helpful guide. With any exposure draft, you’ll want to understand the key issues and what they mean. Exposure drafts generally come with explanatory memoranda that offer a quick introduction to the proposed standard. It can tell you, among other things, the key issues addressed and changes proposed. Many explanatory memoranda include questions to consider when drafting your response.

 

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How to find your volunteer niche

VolunteerOne of the biggest hurdles in volunteering is knowing where to start. While some may say “just get out there and do it,” it’s not so easy when it comes to volunteering in financial literacy. As a CPA, you have the knowledge you need, but finding the right opportunity that best matches your skills and interests can be a challenge. Luckily, the AICPA has volunteer tools to help.

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Send the right message without saying a word

Body languageSend the right message

Actionable Professional Body Language Tips

Do you remember the last time that someone changed your mind at work? What did the person say that convinced you to change your thoughts? Was it the words they said or how they said it to you?

In professional settings, the nonverbal messages people process consciously and subconsciously change the way they perceive messages. Are you a person that conveys positive and powerful non-verbal cues in your interactions with others? Body language plays a crucial role in how people respond to your words and retain the information you transmit.

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SOC 2 reports get an update

SOC 2 updatesSOC 2® standards have been updated. If you perform these engagements, you need to check out the recently updated SOC 2 guide to make sure you are performing these services according to AICPA standards.

Released last month, the updated guide is a “how to” for service auditors performing SOC 2 examinations to report on a service organization’s system controls relevant to security, availability, processing integrity, confidentially, or privacy. There are three major updates practitioners will want to pay attention to:

  1. Alignment with clarified attestation standards
    The guide conforms with the updated SSAE No. 18 (Clarified Attestation Standards) – meaning it is a vital tool for practitioners to use in developing standards-compliant reports. For example, it includes updated information on requirements related to requesting written assertions and performing risk assessments.

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How to take the stress out of debt

Infographic_Millennial_Debt_AICPA (002)If you’re like most Americans, you probably have debt. But don’t worry, you’re not alone. In fact, according to a recent telephone survey of 1,004 U.S. adults conducted by Harris Poll on behalf of the American Institute of CPAs, nearly three-quarters of Americans are living with debt driven by factors like everyday expenses, a lack of income, mortgage costs and student loans. More concerning is the number of Americans whose debt is making them anxious, keeping them up at night and causing problems in their relationships.

I sat down with Dr. Sean Stein Smith, CPA, member of the AICPA’s National CPA Financial Literacy Commission, to talk about how financial planning can help Americans whose lives are negatively impacted by debt.

Jonathan Lynch: For many Americans, living with debt is a mental as well as financial burden. In fact, because of their debt, three-in-ten Americans admit to stressing about everyday financial decisions. For those who feel overwhelmed by their debt, what steps would you suggest they take to take back control?

Dr. Sean Stein Smith: The first thing to realize is that if you are worrying about debt, you are not alone, and this is nothing to be ashamed of. It doesn’t matter how much money you make – there are steps you can take to get back in control.

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Everyone fails: Here’s how to bounce back

BounceEpic fail. We’ve all been there — set out to do something great, only to come up a little short of our expectations. But that’s when the real test happens. Do we choose to throw in the towel or do we push through and use our experience with failure as motivation?

Author J.K. Rowling, who experienced some disappointments before publishing her first blockbuster Harry Potter novel, said that “it is impossible to live without failing at something, unless you live so cautiously that you might as well not have lived at all, in which case, you fail by default.”

If you’re preparing to take the CPA exam, you may be wondering about the possibility of failure. Did you know a significant number of successful CPAs don’t actually pass the exam the first time around? In fact, an average of 50% of test takers fail at least one section. The average candidate sits six to seven times before passing all four sections. So, if you’ve had a setback in one or more parts of the exam — or are worried that you might — don’t stress. You’re not alone.

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6 guilt-free food ideas for busy season

Farmers marketSnacks continually rank near the top of everyone’s favorite workplace perks. Having food available in the office during busy season is an even bigger plus. Celebrate World Health Day by offering healthy alternatives, because worrying about gaining weight or blowing up unhealthy indicators like blood pressure and LDL cholesterol is stress we just don’t need right now!

Consider these tips for serving healthy snacks in your office this busy season:

  1. Set up a snack box. Build your own snack box using a serving tray with drawer organizers or a large basket. You can pick these up at a neighborhood retailer or order them online. If you’re short on time, vendors such as Naturebox and Snack Box Pros (also available from Office Depot and Sam’s Club) offer pre-assembled healthy snack boxes or allow you to build your own from their menu (see healthy snack tips below for help with selections).

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The one game changing skill you should focus on for success

Competitve intelligenceWhy is it that some people rise to higher levels of success than others? Is it simply a matter of being in the right place at the right time? Or are some people born with certain qualities that make them more capable of success than others? When comparing star performers with average ones, a consistent unique strength does emerge, but it has nothing to do with intelligence, education or natural-born talents. The “it factor” these super stars possess is called emotional intelligence (EQ). Recent studies show 90% of high performers at work are also high in EQ. Additionally, people with high EQ make about $29,000 more per year on average than those considered to be low in EQ. The great news is this game-changing skill can be learned by anyone willing to focus.

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One topic investors agree is critical to decision making

Water leafCape Town’s Day Zero has been postponed—for now. That’s the term being used to describe the impending extreme water crisis in my native South Africa. I’ve seen how it affects the people who live there, as they scramble to hold off what seems inevitable. My friends in Cape Town only shower twice a week and save their shower water to water their gardens. Local pools around the city are empty, hotels can’t wash linens as often as in the past and the agriculture sector has been hit.  The severe water shortage threatens employment, tax revenues and municipal credit ratings. The trickle down (a term that has never been so literal) reaches business owners and investors as they consider the rising costs of a resource they once took for granted.

 

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