Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Carlos Gomez, an audit manager and one of the faces of the PKF Texas Contract Compliance Services team. Carlos, will come back to the Playbook.

Carlos: Thanks, Jen.

Jen: Carlos, in previous editions we’ve talked about vendor management audits. What are those and how do those help a company in this type of situation?

Carlos: Typically, our clients benefit from having some visibility into their vendors with a vendor audit. It will help you identify any key issues and maybe recover some expenses that you happened to lose that weren’t in line with the agreement.

Jen: So, how does a vendor audit actually work?


Continue Reading What to Know About a Vendor Audit

A financial audit conducted by outside experts is among the most effective tools for revealing risks in not-for-profits. They help assure donors and other stakeholders about your stability — so long as you respond to the results appropriately.

booklets and papers stacked on a wooden table; image used for blog post about what happens after a financial audit for a not-for-profit

In fact, failing to act on issues identified in an audit could threaten your organization’s long-term viability.


Continue Reading After Your Not-for-Profit’s Financial Audit…

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Carlos Gomez, an audit manager and one of the faces of the PKF Texas Contract Compliance Services team. Carlos, welcome back to The Playbook.

Carlos: Thanks for having me again.

Jen: On our last video, you mentioned about franchise compliance, and that’s a type of audit that we do that we provide as part of our contract compliance services. What is a franchise compliance audit?

Carlos: Typically, the way a franchise is set up, they license a territory, certain rights; whether it be a restaurant, some type of service industry, from a franchisor who developed a plan, put together a program, how to really build a business. And so, when they license that right to get a franchise in a certain location, the franchisors just want to make sure they’re getting their—not only correct revenue, but that they’re obeying the terms of the agreement; whether that be marketing, advertising and treating the brand with respect.

Jen: Why should somebody be concerned if a franchisee is in compliance with their contract?


Continue Reading Franchise Compliance – A Closer Look

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m here today with Carlos Gomez, an Audit Manager and one of the faces of the PKF Texas Contract Compliance services team. Carlos, welcome to the Playbook.

Carlos: Thank you. Thank you for having me.

Jen: So, what are contract compliance services?

Carlos: Contract compliance services is a mixture of different types of audit that we can do for a third-party in order to make sure you’re getting paid the right amount of money that you’re due, whether it be a license agreement or franchise or a vendor that you want to review.

Jen: So, who would need these types of services?


Continue Reading What are Contract Compliance Services?

After careful planning and collaboration with the Employee Benefit Plan Audit and Consulting niche team, PKF Texas hosted its first virtual Zoom webinar during the COVID-19 pandemic, “Retirement Plans: Navigating Recent Law Changes & Using Them to Your Advantage,” on June 25, 2020.

promotional image of Kristin Ryan, Carl Gillette and Brian Giovannini for a Zoom webinar about employee benefit plans during COVID-19 pandemic

The webinar featured Kristin Ryan, CPA, PKF Texas; Carl Gillette, Aon; and Brian Giovannini, Haynes and Boone, LLP, where they discussed:

  • Key provisions of the CARES Act, SECURE Act and other regulatory updates
  • Retirement plans design considerations and best practices
  • Implementation and potential roadblocks


Continue Reading Recap: Retirement Plans: Navigating Recent Law Changes Zoom Webinar

Many taxpayers don’t make the grade when it comes to recordkeeping. If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns if you’re ever audited by the IRS or state tax agencies.

a file cabinet drawer open filled with organized file folders; image used for blog post about good recordkeeping for tax deductions and audits

Certain types of expenses, such as automobile, travel, meals and office-at-home expenses, require special attention because they’re subject to special recordkeeping requirements or limitations on deductibility.

It’s interesting to note that there’s not one way to keep business records. In its publication “Starting a Business and Keeping Records,” the IRS states: “Except in a few cases, the law does not require any specific kind of records. You can choose any recordkeeping system suited to your business that clearly shows your income and expenses.”

Here are three court cases to illustrate some of the issues.


Continue Reading Make Sure You Have Good Recordkeeping

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski and I’m back once again with Ryan Istre, an Audit Director and one of the faces of our PKF Texas SEC team. Ryan, welcome back to The Playbook.

Ryan: Thanks, Jen.

Jen: Recently, one of our industry publications, Accounting Today, had an article where it said the PCAOB may fold into the SEC by 2022? What’s going on there?

Ryan: Yes, I did read that in Accounting Today. Right now, it’s a White House budget blueprint. The proposal is for, you know, for budgeting purposes, of course, to potentially save the country $580 million by the year 2030.
Continue Reading PCAOB and SEC: Possible Merger by 2022?

Jen: This is the PKF Texas Entrepreneur’s Playbook, I’m Jen Lemanski and I’m here with Ryan Istre, an audit director and one of the faces of our PKF Texas SEC team. Ryan, welcome back to the Playbook.

Ryan: Thanks for having me Jen.

Jen: So, I’ve heard you guys on the audit side talk a little bit about CAMs, what are they and how do they affect public companies?

Ryan: So, a CAM is defined as a Critical Audit Matter. The PCAOB issued an amendment to AS 3101 which is the literature that governs what an auditor is required to include in an audit opinion of public companies. So the amendment actually adjusted what will be now seen in public company audit opinions.
Continue Reading How Critical Audit Matters (CAMs) Affect SEC Companies