Blogs

5 Advantages of Early Audits for Mortgage Brokers: Submitting Financial Statements to NMLS

Articles, Blogs, Career Schools, General /

Introduction:  As the deadline for submitting audited financial statements to the Nationwide Multistate Licensing System (NMLS) approaches on March 31st (https://mortgage.nationwidelicensingsystem.org/slr/common/fs/sitepages/default.aspx) mortgage brokers face a pivotal choice: when to conduct their audits. By starting the audit process early—specifically testing financial statements as of September 30—brokers can reap significant benefits. This proactive approach not only ensures […]

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Frequently Asked Questions About Audit Services for New Schools

Articles, Blogs, Career Schools, General /

Introduction As you prepare to launch your new school in Texas, you likely have questions about the audit process and requirements. Below are some of the most frequently asked questions. Also see https://www.twc.texas.gov/programs/career-schools-colleges/ongoing-requirements  1. What is the purpose of an audit? An audit verifies your financial statements and ensures compliance with regulations from the Texas

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Seven Benefits of Professional Audit Services for New Schools in Texas

Articles, Blogs, General /

      Introduction As you embark on the exciting endeavor of starting a new school in Texas, it’s essential to understand the various benefits of engaging professional audit services.   Benefit 1: Compliance Assurance Professional audits ensure that your operations align with legal requirements, particularly those set forth by the Texas Workforce Commission.  

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What the Texas Workforce Commission Expects from School Audits

Articles, Blogs, General /

Introduction If you’re planning to establish a new school in Texas, understanding the Texas Workforce Commission’s audit requirements is crucial. This knowledge not only aids compliance but also enhances your organization’s credibility. Read more here https://www.twc.texas.gov/programs/career-schools-colleges/ongoing-requirements.  Audit Requirements Overview   The Texas Workforce Commission requires a detailed audit of the school or college financial statements. Be

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3 Steps for clean accounting books for Franchisors

Articles, Blogs, Franchise /

Introduction: In the dynamic world of franchising, efficient accounting practices are crucial for the success of both franchisors and franchisees. Franchisors serve as the backbone of any franchise system, providing support and guidance to their franchisees while also ensuring financial transparency and stability. To achieve these goals, franchisors must establish robust accounting systems that allow

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6 Steps to keep your books for Mortgage Brokers

Articles, Blogs, General, Mortgage Broker /

Mortgage brokers play a crucial role in the real estate industry, connecting borrowers with lenders and facilitating the process of securing loans for home purchases. While brokers focus on helping potential homeowners fulfill their dreams, it is equally important to streamline their accounting practices to ensure efficient financial operations. Effective accounting not only enables brokers

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2 Steps to Successfully Implement ASC 842 Lease accounting of an office space Rental for small business owners

Franchise, General /

New Standard You have probably heard about the ASC 842 new lease accounting standard issued by FASB, and you’re probably not sure what it is and how to implement it. If you are a small business owner who only leases an office space, read on, this is for you. The new standard governs how entities

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Financial statement requirements for mortgage brokers

Mortgage Broker /

As a mortgage broker, staying compliant with the Industry regulatory requirements is of utmost priority. Failure to maintain documents and good standing might result in suspension, license withdrawal, and other regulatory sanctions, which isn’t good for business. One of the ways to stay compliant is by submitting an annual financial statement with the NMLS 90

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Financial Audit Requirements For FHA Lenders

Mortgage Broker /

The Federal Housing Authority FHA credit policy requires mortgage lenders to submit an audited statement and meet the HUD compliance requirements. Maintaining the required documentation and fulfilling the audit requirements allows you to continue offering lending services. Audit requirements for FHA lender’s approval Submit audited financial statements for the previous fiscal year’s end. The submitted

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What are Not-for-profit Audits SAS 134 Standards?

Not-For-Profit /

The Auditing Standards (SAS) 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements, aims to establish a more transparent audit process.   The SAS 134 was issued by the American Institute of Certified Public Accountants (AICPA) as a replacement for Section AU-C 700, forming an Opinion and Reporting on

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What are Audit Requirements for Not-For-Profits?

Not-For-Profit /

The growth of a not-for-profit organization requires a commitment to fulfilling certain obligations. One of those obligations is conducting a regular not-for-profit audit. There are different audit requirements based on annual revenue, state, and methods of incorporation. Constitution Requirements Sometimes, the Not-for-profit bylaws might require you to conduct annual or regular financial statement audits for

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Not-for-Profit Financial Statements & Annual Returns:

Not-For-Profit /

What you need to know A not-for-profit relies on maintaining good financial standing and transparency to continue receiving donations. A financial statement and annual return is a scorecard to show your organization’s credibility and financial integrity. Therefore, it’s essential to understand what document to file to avoid sanctions. What is a Not-for-profit Financial Statement? A

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Not-for-profit Financial statement audit: Frequently Asked Questions

Not-For-Profit /

Is your Not-for-profit preparing for a financial audit? Here’s a list of frequently asked questions. What is an independent audit of a not-for-profit? An independent audit for a Not-for-profit occurs when an external auditor – mostly a CPA firm – conducts a financial audit of your accounting practices and records. What are the four financial

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Not-for-profit Audit vs. Review: Key Differences

Not-For-Profit /

A Not-for-profit audit is a critical appraisal of the financial health of your organization and requires a final verdict from the auditor. On the other hand, a not-for-profit conducts a review to ascertain the credibility of your financial statement. Grantors, stakeholders, and government agencies use both documents to determine your organization’s credibility. Cost of Not-for-profit

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Metwally CPA PLLC we provide our clients with a complete spectrum of audit, review, and compilations services.


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