A&A Header
In This Issue
What if..management doesn't evaluate variable entities?
Buisness owners & fraud prevention
Nonprofit expenses & correct coding
Quick Links
Social Links
Like us on Facebook  Follow us on Twitter

Visit our blog  View our profile on LinkedIn

Thank you for taking the time to read the October edition of the Accounting & Auditing newsletter from Wall, Einhorn & Chernitzer, P.C. (WEC).
  What if... management doesn't evaluate variable interest entities?
Consolidation issues continue to pose challenges for preparers of financial statements and practitioners performing attest engagements on the financial statements.

In the world of private company financial reporting, the guidance associated with whether reporting entities are considered to be primary beneficiaries of variable interest entities (VIEs) has proven to be particularly problematic in practice.
To read more on variable interest entities click here.


Business owners play important fraud prevention role
Small businesses usually have limited resources when it comes to implementing fraud prevention controls. A substantial number of them have a single owner and fewer than 25 employees. These businesses usually have been passed down from generation to generation and employ a couple of long-term, highly trusted employees - many times hired by an owner from the previous generation.
To find out more about fraud prevention click here.


Nonprofit expenses: Correct coding prevents problems

Failing to categorize or allocate expenses properly is a common accounting mistake some nonprofits make. A nonprofit organization's expenses can be  broadly categorized as expenses for program services and for supporting services. Expenses can also be classified by a natural or functional classification.


Click here to find out more about nonprofit expense classification, program and supporting services and reporting, as well as how to avoid common accounting mistakes.


Learn more about the not-for-profit services WEC has to offer here.


About Wall, Einhorn & Chernitzer, P.C.
Wall, Einhorn & Chernitzer, P.C. (WEC) offers a local touch with regional scope and national resources. Serving clients since 1989, we are today the largest public accounting firm headquartered in Norfolk, Virginia and the third largest in the Hampton Roads region. WEC is an independently owned and operated member firm of CPAmerica International, one of the largest associations of CPA firms in the United States. Through our affiliation, we have instant access to the expertise and resources of more than 2,500 professionals across America. WEC clients benefit from the resources, experience and professional knowledge base of a national firm while still receiving the personalized service and attention that only a locally-owned, independent accounting firm can offer.
In addition to our Assurance  and Tax  services, WEC offers a range of Business Advisory services and solutions strategically customized to fit our clients' unique and individual  needs.  We help our clients resolve challenges and maximize opportunities to reach their professional and personal goals.  The expertise of our CPAs and Advisors spans a range of business sectors.  Our specialized industry niches include: real estate; retail; franchise; construction, government contracting, manufacturing & wholesale distribution; and not-for-profit.

WEC is honored to have been named as one of the 2012 Best Places to Work in Virginia by Virginia Business magazine, one of the Top 25 Best Places to Work in Hampton Roads by Inside Business and named to their "Hall of Fame" in 2010. In 2008, 2009 and 2010 we were listed among the Best Firms to Work For by Accounting Today magazine.

Visit www.wec-cpa.com for more information.