Oct 30, 2023 | Assurance, Firm Updates
If your organization needs audited, reviewed, or compiled financial statements, Sciarabba Walker can help. Here is a summary of these services, what each entail, and some relevant factors in deciding which fits your organization’s needs. An audit provides the highest...
Dec 5, 2022 | Assurance, Firm Updates
The COVID-19 pandemic brought the prevalence of remote work and electronic teamwork to a new level. When changes of this magnitude occur, organizations must update their internal controls to reflect the new environment. There are five components to an internal control...
Sep 7, 2022 | Assurance, Firm Updates
In 2016, the Financial Accounting Standards Board announced a new accounting standard introducing the current expected credit losses (CECL) methodology. CECL is effective beginning January 1, 2023, early adoption is allowed. CECL will cover all financial instruments...
Jul 25, 2022 | Assurance, Firm Updates
The date for implementing the new leasing standard is here. Sciarabba Walker recommends that an inventory of lease agreements is completed, and the various reporting requirements for year-end are taken into consideration. The effective date of the standard had...
Nov 3, 2021 | Assurance, Firm Updates
Earlier this year the New York State budget contained a new filing requirement for certain non-profit organizations that solicit charitable contributions in the state. Organizations that file under Article 7-A and have gross revenue exceeding $250,000 must now file...
Sep 1, 2021 | Assurance, Firm Updates
Nonprofit organizations have a responsibility to donors to maintain strong internal controls to prevent and detect fraud. Due to the COVID-19 pandemic, many employees are now working remotely, causing controls that were previously implemented to no longer be as...
