The busy season is on the horizon, and many practitioners are preparing their firms to meet the demands. But are you getting yourself mentally ready for the fast-paced days ahead? In honor of National Train Your Brain Day on Oct. 13, let’s look at some mental tune-up steps to take before the season begins.
Sharpen your mind with quizzes and brain teasers. You can test your knowledge at many websites. For example, the site for the TV game show “Jeopardy!” challenges you with 12 clues every day that weren’t used on the show. In addition, many daily trivia apps focus on general knowledge or specific areas, such as sports or movies.
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“Gratitude is not only the greatest of the virtues, but the parent of all of the others.” — Cicero
If someone bumps into you and knocks your full cup of coffee onto your shirt, who’s to blame for the mess? You are. Why? Because you had coffee in your cup.
This story from Thich Nhat Hanh shows that while it may be easy to blame external circumstances for our experiences, it is what we hold in ourselves that we spill out into the world. We all face circumstances that make it easy to hold negative emotions in our cups.
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In today’s ever-evolving job market, there are plenty of new opportunities to work for yourself. Whether it’s freelancing, entrepreneurship or gigs — the list goes on. Actually, seven in 10 the young adult job-seekers the AICPA recently surveyed claim that being their own boss is more valuable than the job security of working for someone else. If you’re thinking of branching out on your own, you’re not alone.
Not sure if you’re ready to take the plunge? Consider these three perks of working for yourself.
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Teaching children about money management is a big job for parents, and there are many ways to go about it. Money talk often starts by paying an allowance. According to new research from the American Institute of CPAs (AICPA), two-thirds of parents (66%) give their child an allowance at an average of $30 a week. An allowance is just part of a larger conversation about effective financial management. Parents must make sure the lessons sink in. The good news is that nearly half of parents (49%) say they take time to teach their child about money at least once a week. However, nearly a third (32%) say they only teach their children about money no more than once a month, including the 7% who admit they never teach their kids about money.
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In my 25 years as a peer reviewer, I’ve reviewed thousands of audits from a variety of firms. You may be surprised by how often I see errors related to a fundamental audit step: documentation.
Audit documentation is important to get right because it provides evidence to support your audit opinion. It’s also crucial for auditors to document their work if they are going to comply with generally accepted auditing standards (GAAS).
I’ve found that several documentation missteps trip up auditors more than others. Keep reading to find out what these errors are and how to avoid them.
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