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Remote Practices for Financial Statement Audits That Are Here to Stay
Posted by Kevin Higgins on Thu, Jun 24, 2021 @ 05:39 PM

COVID-19 changed how most businesses operate day-to-day. Similarly, many financial statement audit teams were tasked with migrating to a fully remote environment in order to complete year-end financial statement audits and other attest functions. But while these changes to core auditing practices can raise questions around quality, these differences from standard customs are generally misunderstood. Below are some common misconceptions about the remote audit process.

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Topics: accounting, financial statement audit, Kevin Higgins, COVID19, Coronavirus, remote work, remote audit

Business Impacts to New England Professional Services Companies: Follow-Up Survey Results
Posted by Bob Smith and Kevin Higgins on Tue, Mar 30, 2021 @ 04:38 PM

The coronavirus pandemic has continued to create unparalleled levels of uncertainty across the U.S. economy and business community. In response, we conducted a follow-up survey of some of the top professional services companies, alongside other private companies, in the Greater Boston area to determine how the impact of COVID-19 has shifted since June, and gauge how local leaders are currently responding to the pandemic.

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Topics: private companies, private company, Bob Smith, survey, Kevin Higgins, COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act, American Rescue Plan (ARP) Act, ARP Act

2021 Accounting Preview
Posted by Kevin Higgins on Thu, Mar 25, 2021 @ 03:03 PM

As we start a new year, it is important to look ahead to those upcoming accounting standards to plan for their application. Whether a company is a public company that must be prepared for first quarter interim reporting or a private company that needs to plan for its year-end financial statements, accounting standards take time to work through and implement, so it’s advisable to have a roadmap of what changes will affect financial reporting.

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Topics: accounting, private company, Kevin Higgins, COVID19, Coronavirus

Will Controls Modified for Remote Work Arrangements Pass External Audit Scrutiny?
Posted by Kevin Higgins on Thu, Dec 10, 2020 @ 11:17 AM

For much of 2020, internal audit departments have tested controls using attributes to facilitate work-from-home (WFH) arrangements. As the year and internal audit work for many organizations comes to a close, reconciling if the controls adjusted for remote work arrangements will pass external audit scrutiny is top of mind for many CFOs and internal audit professionals.

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Topics: Kevin Higgins, COVID19, Coronavirus, remote work, work from home

The Top 6 Practical Expedients for Revenue Recognition
Posted by Kevin Higgins on Wed, Dec 11, 2019 @ 04:06 PM

The change from rules-based, industry-focused guidance to a one-size-fits-all, principle-based standard may result in significant changes to how companies account for their contracts with customers. Depending on facts and circumstances, some entities may find it complicated to implement the new revenue recognition guidance. To help simplify adoption efforts, the Financial Accounting Standards Board (FASB) has allowed for the use of certain practical expedients that private companies can elect for their ASC Topic 606, Revenue from Contacts with Customers (Topic 606) implementation effort.

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Topics: Kevin Higgins

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