QuickBooks Frustration

By ficpasyoungandlicensed on April 7, 2017May 31, 2017

larriva As most of you probably know, QuickBooks is an accounting software developed and marketed by Intuit. QuickBooks is a software geared mainly toward small and medium-sized businesses and in my experience, it is the most common accounting software my clients utilize. (more…)

The 5 Red Flags of Fraudulent Financial Statements

By ficpasyoungandlicensed on November 23, 2016November 23, 2016

Fraudulent Financial Statements fall under the fraud category of “Occupational Fraud and Abuse,” which is defined by the ACFE as “an employee, manager, officer, or owner of an organization committing fraud to the organization’s detriment.” According to a research study performed by the ACFE, fraudulent financial statement fraud accounts for approximately 10% of white collar crime incidents. Although, other “Occupational Fraud and Abuse” crimes, such as, asset misappropriation and corruption tend to occur at higher frequency, the financial impact of those crimes is less severe. (more…)

The Value of a Gorilla

By ficpasyoungandlicensed on September 23, 2016September 26, 2016

Controversy gripped the nation on the afternoon of May 28, 2016. A three-year-old boy wandered away from his family while visiting the Cincinnati Zoo, climbing a three-foot-tall fence protecting the enclosure of Harambe, a 17-year-old western lowland gorilla. After ten minutes of suspense, zoo officials fired a single gunshot to euthanize Harambe, saving the child’s life. (more…)

Impact of the Sharing Economy

By ficpasyoungandlicensed on September 12, 2016September 12, 2016

Carter I’m sure you have heard about Uber and probably used it once. But what does Uber have to do with young CPAs?

Accounting Today recently published an article about the tax implications of the ‘sharing economy’, which include some of our favorite apps which we use on a regular basis. Due to the growth of the sharing economy, the IRS has a created a Sharing Economy Tax Center. The site gives vital information about the tax implications of participating, as a worker, in this burgeoning sector. (more…)

What’s Your Fraud IQ?

By ficpasyoungandlicensed on June 29, 2016June 30, 2016

In the Journal of Accountancy, I found this short, yet very informative quiz (link below) provided by Andi McNeal, the director of research for the ACFE. It is extremely helpful for individuals unaware of the issues that they might experience in their businesses. (more…)

Why Even Young CPAs Should Care About M&A

By ficpasyoungandlicensed on May 19, 2016May 26, 2016

In my more recent professional experiences I’ve had the opportunity to be part of some of the transaction advisory/ merger and acquisition (M&A) work that my firm provides to clients. To my surprise, the experiences have been resume-building, eye-opening, and much more educational and challenging than I ever expected. (more…)

The Difference Between Forensic Accounting and Auditing

By ficpasyoungandlicensed on April 4, 2016May 23, 2016

As a forensic accountant, I have been asked by many clients what the main difference is between a forensic accounting engagement and an audit. A forensic accounting engagement applies accounting, auditing, and investigative skills to examine, analyze, and report on financial information in a manner suitable to the court. (more…)