Articles & Resources

Straightforward guidance on audit, tax, and advisory topics—curated by our team to help you make confident decisions.

What is the Deadline for an SVOG Audit?

The deadline for an SVOG (Shuttered Venue Operators Grant) audit is typically tied to the recipient’s fiscal year end. The SVOG program, which was established by the Small Business Administration (SBA) during the COVID-19 pandemic, provided vital financial assistance to live entertainment venues, museums, theaters, and other eligible entities. Like many federal grants, the SVOG requires recipients to comply with specific audit and reporting requirements.

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March 26, 2025Uncategorized

How Do I Find an Auditor for My SVOG Grant?

Finding the right auditor for your SVOG (Shuttered Venue Operators Grant) audit is essential to ensuring compliance with federal grant requirements. Since SVOG funding is subject to strict audit and reporting standards, selecting an auditor experienced with federal grants is critical. Here are key steps and tips to help you find a qualified professional.

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March 26, 2025Uncategorized

What Are the 3 Types of Audits Performed by the IRS?

The Internal Revenue Service (IRS) conducts three main types of audits to verify the accuracy of tax returns and ensure compliance with tax laws. Each audit type varies in scope and location, ranging from simple correspondence to more comprehensive field audits. Here's an overview of the three types:

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March 26, 2025Uncategorized

What Does SOC Mean in Audit?

System and Organization Controls (SOC) audits assess a company’s internal controls regarding security, financial reporting, and data protection. Governed by the AICPA, these reports (SOC 1, SOC 2, and SOC 3) allow businesses to demonstrate operational integrity, ensuring trust with clients and investors.

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March 26, 2025Uncategorized

Who Needs a SOC Audit?

A System and Organization Controls (SOC) audit is crucial for businesses that manage sensitive financial, operational, or customer data. These audits, conducted by independent auditors under the American Institute of Certified Public Accountants (AICPA) framework, assess an organization’s internal controls to ensure security, availability, processing integrity, confidentiality, and privacy.

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March 26, 2025Uncategorized

Can You Fail a SOC Audit?

A SOC audit evaluates internal controls rather than issuing a pass/fail grade. It reports on operational effectiveness, where an unfavorable outcome can cause serious reputational damage and lost business.

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March 26, 2025Uncategorized

Does HUD Require Audited Financial Statements?

HUD oversees housing funding with strict accountability measures. To ensure compliance, recipients must submit audited financial statements verifying that funds are used appropriately.

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March 26, 2025Uncategorized

What is a SOC Audit?

A System and Organization Controls (SOC) audit provides independent assurance that a company’s internal controls regarding security, financial reporting, and operational integrity are effective. Essential for SaaS providers and financial institutions, these audits (SOC 1, SOC 2, and SOC 3) validate compliance, reduce risk, and build essential trust with clients and stakeholders.

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March 26, 2025Uncategorized

What is an SVOG Audit?

The Shuttered Venue Operators Grant (SVOG) provided critical relief to cultural institutions, but with federal funding comes strict oversight. Recipients—especially those who received $750,000 or more—may face mandatory Single Audits to verify compliance. This guide details eligible expenses, documentation requirements, and how to prepare your financial records to avoid grant repayment.

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March 26, 2025Uncategorized

What is a Sales Tax Audit?

A sales tax audit is a formal examination by state authorities to verify that a business is accurately reporting and remitting taxes. While the process can be intimidating, understanding common triggers—such as inconsistent reporting or high-risk industry classifications—is the best defense. This guide covers the entire audit lifecycle, from the initial document request to navigating findings and potential penalties.

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February 22, 2025Uncategorized

What Is the Purpose of a Sales Tax Audit?

A sales tax audit verifies that a company accurately collects and remits sales tax. By examining invoices, ledgers, and returns, auditors ensure compliance with state laws and identify any reporting discrepancies.

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February 22, 2025Uncategorized

What Happens if You Fail a Sales Tax Audit?

Failing a sales tax audit can have significant financial and legal consequences for your business. Auditors focus on identifying discrepancies in tax calculations, exemptions, and remittances. If issues are uncovered, the penalties can be severe. Here's what you need to know:

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