survey: 61% of auditors commonly use data extraction tools
excel tops the list.
by roman h. kepczyk
quantum of paperless
tech and fintech
the latest fraud problem: synthetic identities
bonus: 5 steps for prevention.
by barry j. friedman, cpa
industrynewsletters
by combining some factual stolen information with completely fake information, thieves convince banks and credit monitoring companies that a fake identity is real. the “bad guy” is not pretending to be the person whose information was stolen or acquired; rather, the data is being used to create a brand-new identity. thus, the phrase “synthetic identity theft” is born.
more: why padding tax deductions is a risky proposition | yes, home equity loans may still be deductible | social security hike the largest in 7 years
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but how do these scams work?
standardize your firm’s quickbooks support
plus a way to make it more cost-effective.
by roman h. kepczyk
quantum of paperless
in the united states, quickbooks is by far the most dominant small business accounting product on the market and will be the application that the majority of the firm’s clients use. therefore, it is obvious that the firm must become proficient with supporting quickbooks.
more: portals, encryption vital to securing client documents | survey: cch tops audit solutions | remote deposit saves 130 hours per year | survey: 76% of auditors rely heavily on remote access | digital swap stems ‘overauditing’ | survey: vertical monitors not the norm yet
unfortunately, one of the biggest wastes of time is when firms support too many older versions of the software, which often leads to incompatibilities that can corrupt the database and make it unusable for clients. fixing these errors creates lost time that is seldom charged to clients and instead impacts the profitability on these jobs.
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portals, encryption vital to securing client documents
passwords? not enough; those can be removed.
by roman h. kepczyk
quantum of paperless
when dealing with digital files, the most effective way to transfer them is electronically over the internet, either with secured email or through a portal.
more: survey: cch tops audit solutions | make your accounts payable digital | survey: 62% of field auditors use multiple monitors | enter t&e daily | survey: firms divided on esignatures | firms need ‘best practices’ manuals | telling clients: go digital, or just go
many firms have emailed clients copies of tax returns and financial statements over the years. unfortunately, this is not always the most secure method as the firm does not have control of the various internet service providers and the relay servers between the firm’s email server and the client’s email account.
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survey: cch tops audit solutions
respondents list their top 3 choices.