kevindsmithcpa.com
Peer Reviews
http://kevindsmithcpa.com/peer-reviews
An Accounting and Auditing Practice. The highest reward for a person's toil is not what they get for it, but what they become by it. Morality may consist solely in the courage of making a choice. Real excellence and humility are not incompatible one with the other, on the contrary they are twin sisters. We are what we repeatedly do. Excellence, then, is not an act, but a habit. The daily grind of hard work gets a person polished. It is not from ourselves that we learn to be better than we are. To aim at ...
kevindsmithcpa.com
Bookkeeping
http://kevindsmithcpa.com/bookkeeping
Management should determine what reporting framework is to be used for bookkeeping and reporting i.e. GAAP, tax basis (OCBOA), cash basis (OCBOA), International Financial Reporting Standards (IFRS), International Financial Reporting Framework for Samll Businesses (IFRS for SMEs). Bookkeeping and Reporting Frameworks. Honesty is the cornerstone of all success, without which confidence and ability to perform shall cease to exist. The harder you work, the harder it is to surrender. Integrity is the first st...
kevindsmithcpa.com
Reviews
http://kevindsmithcpa.com/reviews
AR 6007 - The performance of a review engagement requires that the accountant perform procedures designed to accumulate review evidence that will provide a reasonable basis for obtaining limited assurance that there are no material modifications that should be made to the financial statements in order for the statements to be in conformity with the applicable financial reporting framework. Independence in a Review Engagement. The harder you work, the harder it is to surrender. Excellence can be attained ...
kevindsmithcpa.com
Nonprofit Audits
http://kevindsmithcpa.com/nonprofit-audits-page
The different ways in which nonprofit organizations receive their resources probably have the most significant impact on nonprofit organizations, including how they may use and account for their resources and, consequently, the nature of audits. Nonprofit Financial Reporting Objectives. Nonprofit Financial Reporting Objectives. Honesty is the first chapter in the book of wisdom. An honest man's the noblest work of God. The integrity of men is to be measured by their conduct, not by their professions.
kevindsmithcpa.com
Audits
http://kevindsmithcpa.com/audit
The auditor of an employee benefit plan must be familiar with ERISA, tax, and DOL laws and regulations and they must be familiar with special requirements of 401(k) plans such as non-discrimination tests, late remittance of contributions, prohibited transactions, limited scope certifications, required supplemental schedules, plan tax status, investment allocations, participant eligibility and SOC reports. Honesty is the first chapter in the book of wisdom. An honest man's the noblest work of God. A raceh...
kevindsmithcpa.com
Audits
http://kevindsmithcpa.com/audits
The auditor of an employee benefit plan must be familiar with ERISA, tax, and DOL laws and regulations and they must be familiar with special requirements of 401(k) plans such as non-discrimination tests, late remittance of contributions, prohibited transactions, limited scope certifications, required supplemental schedules, plan tax status, investment allocations, participant eligibility and SOC reports. Real excellence and humility are not incompatible one with the other, on the contrary they are twin ...
kevindsmithcpa.com
Compilations
http://kevindsmithcpa.com/compilations
AR 6005 - A compilation is a service, the objective of which is to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements in order for the statements to be in conformity with the applicable financial reporting framework. Although a compilation is not an assurance engagement, it is an attest engagement. To aim at excellence, our ...
kevindsmithcpa.com
403(b) Audits
http://kevindsmithcpa.com/403b-audits
Government plans and church plans are generally exempt from ERISA. In addition, 403(b) plans that meet all of the following conditions are exempt from ERISA: 1) No employer contributions 2) Only voluntary employee contributions 3) The employer has limited involvement 4) No compensation is paid to the employer in connection with the plan 5) Rights are enforceable by the participants against the provider and not against the employer. New IRS and DOL Regulations. 403(b) Plans vs 401(k) Plans. Honesty is the...
kevindsmithcpa.com
Background
http://kevindsmithcpa.com/background
Kevin D. Smith is a Magna Cum Laude graduate of Brigham Young University in Provo,Utah. He earned a Bachelor of Science Degree in Accounting as well as a Master of Accountancy Degree majoring in Information Systems with a 3.9/4.0 GPA. He received multiple distinctions and scholarships. A racehorse that consistently runs just a second faster than another horse is worth millions of dollars more. Be willing to give that extra effort that separates the winner from the one in second place. H Jackson Brown Jr.
