🎧 Listen to more in-depth episodes on Spotify! Interactive COBIT 2019 Framework Explorer COBIT 2019 Framework Principles Objectives Components Governance System Principles COBIT 2019 is built on six core principles that define the requirements of a governance system for enterprise information and technology (I&T). Click on each principle to learn more. The 6 Core Principles 🏆 Provide Stakeholder Value 🌍 Holistic Approach ...
🎧 Listen to more in-depth episodes on Spotify! Partnership Tax Basics: Flow-Through, K-1s & Partner Basis Explained Partnership Tax Basics: Flow-Through, K-1s & Partner Basis Explained Overview: Partnerships are flow-through entities — the partnership itself doesn’t pay federal income tax. Instead, income, deductions, and credits pass through to the partners, who report them on their personal returns. This guide covers the essentials: how Form 1065 works, guaranteed payments, partner basis, startup costs, and the QBI deduction. ✅ Partnership Tax Return: Form 1065 & Schedule K-1 Partnership files Form 1065 as an informational return. Each partner gets a Schedule K-1 showing their distributive share of ordinary business income (loss) and separately stated items (interest, dividends, capital gains, charitable contributions, Section 179, etc.). Partners must report these items whether or not they received actual distributions. ✅ Guarantee...
🎧 Listen to more in-depth episodes on Spotify! Expenditure Cycle Audits: Payables, Purchases & Cash Disbursements Done Right Expenditure Cycle Audits: Payables, Purchases & Cash Disbursements Done Right Overview: The expenditure cycle is essential for detecting understatements and unrecorded liabilities. This guide breaks down the flow from purchase requisition to cash disbursement, highlighting key controls and audit tests. ✅ Core Internal Controls Segregation of Duties: Authorization: Purchasing/requisitioning department. Recordkeeping: Accounts payable/accounting. Custody: Receiving department (goods) and treasurer (cash). Use prenumbered purchase orders and receiving reports. Match purchase orders, receiving reports, and vendor invoices before approving payment. Voucher system: All documents matched and approved before payment. ✅ Typical Cycle Steps Purchase Requisition: User department sen...
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