Audit & Accounting

February 22, 2014

CPA firms that provide audit, review and compilation services must pass a peer review every three years to measure the quality of their work to ensure that they meet the rigorous AICPA (American Institute of Certified Public Accountants) standards. We are pleased to announce that once again we have passed our peer review with the […]

September 11, 2013

Congratulations John! John Baiamonte has passed all four parts of The Uniform CPA Examination. The exam is one of three requirements to become a CPA, the others being education(150 college hours with a specified number of accounting/auditing courses) and two years’ experience (including 400 hours in audit/accounting and 200 in taxation/advisory). The exam takes four days to complete. It […]

June 7, 2013

Scott Edwards, the managing partner of EFS, has served as a Maine Business School (MBS) adjunct professor this past academic year. The MBS Connects spring newsletter features an article about him on page 15, which covers topics ranging from his views on teaching to his own education and his career in auditing. Congratulations Scott! Follow the link below to […]

February 28, 2013

Every year, numerous small businesses fail – not because they had a bad business nor for lack of business, but because they didn’t take the time to control their finances. If you want to survive in today’s economic climate, you must have financial information that tells you if you are making money, which expenses are […]

February 28, 2013

Be ready for your auditors. Have every item completed that was listed in the year end letter. Auditors are so busy that they schedule jobs weeks in advance. When they arrive at the job, they expect the client to be ready. When information is not ready, it delays the audit and sometimes requires extra trips to […]

February 28, 2013

Sometimes clients are confused as to how we bill and will question why certain services are billed. In the next few paragraphs, we will try to explain what is involved in the billing process. CPAs have only one product to sell – our expertise in audit, accounting and taxation. It takes years of study and […]

February 28, 2013

EFS is pleased to announce that Lily Dalton joined our firm in December to assist managing the tax department. Lily graduated from California Polytechnic with a BS in mathematics, from San Jose State with an MS in mathematics and she received a Post Baccalaureate Certificate in Accounting from the University of Maine with a 4.0 […]

January 11, 2013

Over the past few years, auditing standards have become more and more complex, resulting in higher costs to the clients and more small firms leaving the audit business altogether because they can no longer spend the time and money to keep current. More and more firms will find themselves penalized in the Peer Review process […]

January 11, 2013

The AICPA recently issued a new auditing standard, SAS 112, Communicating Internal Control Related Matters Identified in an Audit. This new standard replaces a similar one. It contains, however, new guidance and terminology. It will require auditors to: Evaluate identified control deficiencies and determine whether these deficiencies, individually or in combination are significant deficiencies or material […]