Ratio analysis, regression and other analytical procedures can help make your audit more efficient and effective. Analytics can be used to identify misstatements with less effort and paperwork than traditional, manual testing. But it’s critical to tell your auditor about any recent changes to your operations, accounting methods or market conditions. This helps auditors develop more reliable expectations and identify plausible explanations for material discrepancies. Contact us about ways to incorporate more analytics into next year’s audit.
When you think about recent tax law changes and your business, retirement benefits probably aren’t what first come to mind. But if your business sponsors a 401(k) plan, be aware of two changes: 1) Beginning in 2018, former employees with outstanding plan loan balances have until their tax return filing due date (plus extensions) to repay the loan or contribute the outstanding balance to an IRA or other qualified plan and avoid taxes and penalties. 2) Beginning in 2019, limits on employee 401(k) hardship withdrawals will increase. Contact us to learn more.