Affluent Financial Services is a US Based CPA firm. Our core services include Financial Audits, CFO Services, Bookkeeping & Tax Services.
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SEC recently altered certain rules for public company disclosures and paved the way for accredited investors to get increased access to the private capital market. In this respect, the amendments to Regulation S-K will result in simultaneous alterations to Public…
The AICPA Statements on Quality Control Standards (SQCS) require firms to establish policies and procedures for the acceptance and continuance of client relationships and specific engagements. These apply to a CPA firm’s accounting and auditing practice, as well as any…
Engagement letters often form the litmus test of Professional liability claims, where either the claims are accepted bona-fide or rejected altogether owing to the backend stress, time and effort and defense costs associated. In such scenarios, adopting and practicing strong…
Direct Examination Engagements (SSAE No. 21) focuses on non-financial subject matter reporting, where Practitioners can perform a direct client examination under AICPA Auditing Standards Board (ASB) guidelines. This engagement also allows a practitioner to evaluate underlying subject matter against defined…
FASB recently published borrower guidelines on accounting for debt modifications and restructurings, LIBOR and other challenges which have emerged from the financial market impacted by COVID, along with guidance on benchmark interest rates, forwards and options accounting, and implementation relief…
The Federal Accounting Standards Advisory Board (FASAB) and the Accounting & Auditing Policy Committee (AAPC) had released certain guidelines with regard to Federal entities, which mainly comprise: Accounting standards implementation Lease related amendments Advances from non-federal sources While the AAPC…
The AICPA Auditing Standards Board issued a new standard (SSAE No. 22) which specifies a review engagement’s objective to obtain limited assurance on any material modifications (if any) to be made in accordance with set attestation criteria. This new standard…
OMB Compliance Addendum The Office of Management & Budget (OMB) recently provided some relief to Single Audit Practitioners by extending a couple of deadlines for Audit filing by 3 months, post releasing late guidelines on COVID-19 scenario. These Practitioners also…
Companies can follow these tips to create more effective Sarbanes-Oxley (SOX) self-assessment and monitoring procedures that help management correct issues and weaknesses before auditors arrive. Use Automated Dashboards Views in the form of dashboards, team sites summarizing performance, real-time financial…
FASB issued a proposal in December 2020 that is designed to reduce complexity and cost for certain private companies and not-for-profits related to goodwill assessments performed in response to triggering events. Private companies and NFPs that only report goodwill (or…