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We are committed to bringing you the latest news and impacts related to the Coronavirus and business operations—COVID-19 Resources. In addition, we can help navigate the challenges ahead.

Sign up for our newsletter to keep informed

Payroll Fraud: What to Look for and How to Prevent it

Posted by Dave Van Damme on February 9, 2021

Dave Van Damme Dave Van Damme

Fraud is an unfortunate part of business. It can happen anywhere and to anyone, and sometimes can be at the hands of seemingly trustworthy people. Learn how we can help you survey the current environment for fraud and reinforce best practices for fraud prevention. 

Read more

How Remote Work Has Impacted Auditing

Posted by Julie Killian on November 17, 2020

Auditing relies on two things more than anything else: having access and being in person. 2020 had other plans. Forced out of offices and forbidden to travel, auditors and firms across the globe have needed to adapt quickly to the world of remote work and all the issues that come with it.


Read more

Financial Reporting Implications Due to COVID-19

Posted by Julie Killian on October 30, 2020

COVID-19 has clearly disrupted life as we know it. Despite these disruptions, businesses continue to operate (some at an altered state) and therefore are required to provide financial reporting to stakeholders.


Read more

Accounting for PPP Loan Forgiveness

Posted by Julie Killian on September 24, 2020

We have been receiving many questions lately about the PPP loan and forgiveness requirements. Here are some of the most common questions we are hearing from companies along with some initial guidance on what to do.


Read more

COVID-19 Relief: Executive Orders

Posted by Sue Tuson on August 12, 2020

The news over the past few weeks has been filled with stories about the failed attempts of Congressional leaders and the White House to agree upon new COVID-19 relief legislation.


Read more

COVID-19 Cash Flow Planning

Posted by Jim Biehl on July 20, 2020

The COVID-19 pandemic caught many businesses by surprise. Beyond just health concerns, the combination of forced business closures, stay-at home-orders, and general fear about transmission created an unforeseen economic situation.


Read more

Turns on Inventory – Systems and Processes to Monitor Inventory Levels

Posted by Dave Van Damme and Jim Biehl on June 22, 2020

You’re in the wholesale or distribution space and have a huge asset, called inventory, which needs to be converted to cash, but you aren’t great at tracking or counting it and you are not really sure which items are sitting.  So what do you do? 


Read more

FASB Delays Implementation for Revenue Recognition and Leases

Posted by Julie Killian on May 21, 2020

The Financial Accounting Standards Board (FASB) voted on Wednesday, May 20 to delay the effective date of the Revenue Recognition Standard by one year for all nonpublic companies who have not issued financial statements yet.


Read more

PPP Loan Forgiveness Application & Guidance Released

Posted by Sarah Russell and Tim Hilligoss on May 18, 2020

On May 15, 2020, the Treasury and Small Business Administration (SBA) issued long-awaited information on PPP loan forgiveness, including the application for forgiveness and relevant instructions.


Read more

Good News for PPP Loan Borrowers

Posted by Sarah Russell on May 14, 2020

As we have previously stated, there is a fair amount of uncertainty regarding all of the rules surrounding the Paycheck Protection Program (PPP). One item which caused concern among many small businesses was the previous SBA guidance regarding the good-faith certification required as part of the PPP application.


Read more

Documentation is Key as We Wait

Posted by Tim Hilligoss on May 13, 2020

How many of you remember the old ketchup commercial -- waiting for the ketchup pour to hit your hot dog or hamburger? Anticipation, an-ti-ci-pay-ay-tion…is making you wait.


Read more

CPAs Help Small Businesses Survive

Posted by Julie Killian on May 11, 2020

Shareholder Julie Killian was interviewed by the Journal of Accountancy to learn how CPAs are vital to helping small businesses survive during the COVID-19 pandemic.


Read more

Clayton & McKervey Serves on Grant Panel

Posted by Clayton & McKervey on April 21, 2020

Shareholder Julie Killian was invited to serve on an Oakland County panel of judges to help the county award funding to manufacturers able to shift production to Personal Protection Equipment.


Read more

The Silver Lining

Posted by Julie Killian on April 21, 2020

The week of April 15 usually marks the end of “busy season” or “tax season” in the public accounting world. CPAs all over the United States celebrate the end of long hours and enjoy the feeling of satisfaction that comes from helping their clients meet financial reporting and tax deadlines.


Read more

Business Survival: Protecting Cash

Posted by Julie Killian on April 3, 2020

As the world faces, and attempts to absorb, the realities presented by the Covid-19 health crisis, businesses and in particular small businesses, need to be focused on survival.


Read more

Effective System of Quality Control Documents

Posted by Julie Killian on March 15, 2020

Every firm with an audit and assurance practice required to comply with the Statement on Quality Control Standard No. 8 (SQCS No. 8) must have a written Quality Control Document.


Read more

Impact of Revenue Recognition Changes for GAAP/IFRS on Tax Returns

Posted by Sue Tuson on February 17, 2020

The new revenue recognition standards under Generally Accepted Accounting Principles (GAAP) became effective for private companies for annual reporting periods beginning after December 15, 2018.


Read more

Tips for a Smooth Audit

Posted by Julie Killian on December 19, 2019

Whether preparing for a first-year audit or looking to simplify the existing audit process, there are proactive steps a company can take to have a smooth and relatively painless corporate financial statement audit.


Read more

Leadership From Around the Globe

Posted by Rob Dutkiewicz on December 2, 2019

A few weeks ago I traveled to Rome, along with my fellow shareholder Sue Tuson, to attend the PrimeGlobal World Conference. PrimeGlobal is one of the five largest associations of independent accounting firms in the world.


Read more

Revenue Recognition Changes for Professional Service Companies

Posted by Julie Killian on October 11, 2019

While many professional service companies have completed their analyses and made updates to track data in accordance with the new standard, some are still in the process and playing catch-up. For those that still need to implement the standard, consider these key areas that are likely to impact professional service companies.


Read more

Do You have to Adopt the FASB Revenue and Lease Standards?

Posted by Julie Killian on June 11, 2019

Do you provide monthly or quarterly financial statements to your bank or other stakeholders? Are those financial statements required to be prepared using US GAAP standards?


Read more

Clayton & McKervey Promotes Three to Senior Manager

Posted by Clayton & McKervey on July 26, 2018

Clayton & McKervey announces that David Van Damme, Catherine (Katie) Faysal, and Ben Smith, all certified public accountants in the Assurance Department, have been promoted from Manager to Senior Manager.


Read more

Employee Benefit Plan Implications of the Tax Cuts and Jobs Act

Posted by Julie Killian on February 28, 2018

While the business and individual provisions of the Tax Cuts and Jobs Act (TCJA) are currently the focus of attention for many, those responsible for …


Read more

Basics of an IRS Audit

Posted by Sue Tuson on February 2, 2018

When a taxpayer is notified by the IRS for a tax return audit, the first reaction may be panic or fear. Understanding the audit process …


Read more

Revenue Recognition: Determining Transaction Price

Posted by Julie Killian on November 20, 2017

Over the past several months Clayton & McKervey has provided information about the new revenue recognition standard released by the Financial Accounting Standards Board (FASB); …


Read more

Revenue Recognition – Step 1

Posted by Julie Killian on July 11, 2017

Over the past several months we have provided information about the new revenue recognition standard released by the Financial Accounting Standards Board (FASB); (Revenue …


Read more

Who Needs an Employee Benefit Plan Audit?

Posted by Julie Killian on June 21, 2017

Many companies sponsor employee benefit plans for their employees. Management may not be aware that certain plans require an audit to be completed by …


Read more

Five-Step Revenue Recognition Implementation

Posted by Julie Killian on March 27, 2017

The accounting industry identified the need to form a single, unified, global revenue recognition strategy 15 years ago; announcing the final standard in May 2014.


Read more

Local Auditors & Parent Company Auditors

Posted by Julie Killian on February 8, 2017

Group reporting is a specifically challenging process in today’s global business environment but should be on a shortlist of high priority tasks. In the …


Read more

Tips for a Good Year-End Inventory Observation

Posted by Julie Killian on October 5, 2016

As business processes become more complex, the balance between the efficiency and effectiveness of operational procedures becomes more critical to examine. With the calendar year-end …


Read more

Tips for a Smooth Audit

Posted by Julie Killian on September 14, 2016

Whether preparing for a first-year audit or looking to simplify the existing audit process, there are proactive steps a company can take to have a smooth …


Read more

Now That You’ve Chosen an Auditor

Posted by Julie Killian on August 16, 2016

After performing the task of selecting an auditor, there are several steps crucial to a smooth transition for both the business …


Read more

What You Should Know About Choosing an Auditor

Posted by Julie Killian on April 19, 2016

Can All CPAs Audit My Financial Statements? The first things to consider when selecting an auditor are their qualifications and expertise. Not all CPAs and …


Read more

Accounting & Auditing Update

Posted by Julie Killian on February 19, 2016

With each passing year, accounting standards change and increase in complexity. While accounting standards have continued to evolve throughout 2015, the main theme of the …


Read more

Are You Ready for the New Revenue Recognition Standard?

Posted by Julie Killian on January 26, 2016

Revenue recognition guidance is changing. Under current US Generally Accepted Accounting Principles (“GAAP”), there are multiple accounting models for revenue and extensive industry-specific guidance which …


Read more

Performing Employee Benefit Plan Audits

Posted by Julie Killian on January 12, 2016

Recently the Department of Labor (“DOL”) has been sending letters to employee benefit plan administrators that read as follows: Dear Plan Administrator: I am …


Read more

Structuring Cloud Computing Arrangements to Ensure They Have a Positive Impact on Key Financial Indicators

Posted by Julie Killian on November 17, 2015

In April 2015, the Financial Accounting Standards Board (“FASB”) issued new guidance* on accounting for fees paid for cloud computing arrangements. How you structure your …


Read more

5 Differences Between US GAAP and IFRS

Posted by Julie Killian on September 24, 2015

Even for non-public US companies, having a basic understanding of International Financial Reporting Standards (“IFRS”) is beneficial. The continued global adoption of …


Read more

Private Company Reporting Options – “FRF for SMEs” vs. “Private Company Council GAAP”

Posted by Tim Finerty on August 4, 2015

The private company financial reporting landscape has changed. With new acronyms like “FRF for SMEs” and “PCC,” it can be hard for companies to decide …


Read more

Eight Questions Answered About SSARS 21: Statement on Standards for Accounting and Review Services: Clarification and Recodification

Posted by Kevin Johns on July 8, 2015

New SSARS 21 pronouncement brings new options to financial reporting Effective for years ending after December 15, 2015, accountants in pubic practice will have new …


Read more

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  • Subscribe to our newsletter
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  • Contact us to learn more

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  • Insights
  • Additional Content

Payroll Fraud: What to Look for and How to Prevent it

Posted by Dave Van Damme on February 9, 2021

Dave Van Damme Dave Van Damme

Fraud is an unfortunate part of business. It can happen anywhere and to anyone, and sometimes can be at the hands of seemingly trustworthy people. Learn how we can help you survey the current environment for fraud and reinforce best practices for fraud prevention. 

Read more

How Remote Work Has Impacted Auditing

Posted by Julie Killian on November 17, 2020

Auditing relies on two things more than anything else: having access and being in person. 2020 had other plans. Forced out of offices and forbidden to travel, auditors and firms across the globe have needed to adapt quickly to the world of remote work and all the issues that come with it.


Read more

Financial Reporting Implications Due to COVID-19

Posted by Julie Killian on October 30, 2020

COVID-19 has clearly disrupted life as we know it. Despite these disruptions, businesses continue to operate (some at an altered state) and therefore are required to provide financial reporting to stakeholders.


Read more

Accounting for PPP Loan Forgiveness

Posted by Julie Killian on September 24, 2020

We have been receiving many questions lately about the PPP loan and forgiveness requirements. Here are some of the most common questions we are hearing from companies along with some initial guidance on what to do.


Read more

COVID-19 Relief: Executive Orders

Posted by Sue Tuson on August 12, 2020

The news over the past few weeks has been filled with stories about the failed attempts of Congressional leaders and the White House to agree upon new COVID-19 relief legislation.


Read more

COVID-19 Cash Flow Planning

Posted by Jim Biehl on July 20, 2020

The COVID-19 pandemic caught many businesses by surprise. Beyond just health concerns, the combination of forced business closures, stay-at home-orders, and general fear about transmission created an unforeseen economic situation.


Read more

Turns on Inventory – Systems and Processes to Monitor Inventory Levels

Posted by Dave Van Damme and Jim Biehl on June 22, 2020

You’re in the wholesale or distribution space and have a huge asset, called inventory, which needs to be converted to cash, but you aren’t great at tracking or counting it and you are not really sure which items are sitting.  So what do you do? 


Read more

FASB Delays Implementation for Revenue Recognition and Leases

Posted by Julie Killian on May 21, 2020

The Financial Accounting Standards Board (FASB) voted on Wednesday, May 20 to delay the effective date of the Revenue Recognition Standard by one year for all nonpublic companies who have not issued financial statements yet.


Read more

PPP Loan Forgiveness Application & Guidance Released

Posted by Sarah Russell and Tim Hilligoss on May 18, 2020

On May 15, 2020, the Treasury and Small Business Administration (SBA) issued long-awaited information on PPP loan forgiveness, including the application for forgiveness and relevant instructions.


Read more

Good News for PPP Loan Borrowers

Posted by Sarah Russell on May 14, 2020

As we have previously stated, there is a fair amount of uncertainty regarding all of the rules surrounding the Paycheck Protection Program (PPP). One item which caused concern among many small businesses was the previous SBA guidance regarding the good-faith certification required as part of the PPP application.


Read more

Documentation is Key as We Wait

Posted by Tim Hilligoss on May 13, 2020

How many of you remember the old ketchup commercial -- waiting for the ketchup pour to hit your hot dog or hamburger? Anticipation, an-ti-ci-pay-ay-tion…is making you wait.


Read more

CPAs Help Small Businesses Survive

Posted by Julie Killian on May 11, 2020

Shareholder Julie Killian was interviewed by the Journal of Accountancy to learn how CPAs are vital to helping small businesses survive during the COVID-19 pandemic.


Read more

Clayton & McKervey Serves on Grant Panel

Posted by Clayton & McKervey on April 21, 2020

Shareholder Julie Killian was invited to serve on an Oakland County panel of judges to help the county award funding to manufacturers able to shift production to Personal Protection Equipment.


Read more

The Silver Lining

Posted by Julie Killian on April 21, 2020

The week of April 15 usually marks the end of “busy season” or “tax season” in the public accounting world. CPAs all over the United States celebrate the end of long hours and enjoy the feeling of satisfaction that comes from helping their clients meet financial reporting and tax deadlines.


Read more

Business Survival: Protecting Cash

Posted by Julie Killian on April 3, 2020

As the world faces, and attempts to absorb, the realities presented by the Covid-19 health crisis, businesses and in particular small businesses, need to be focused on survival.


Read more

Effective System of Quality Control Documents

Posted by Julie Killian on March 15, 2020

Every firm with an audit and assurance practice required to comply with the Statement on Quality Control Standard No. 8 (SQCS No. 8) must have a written Quality Control Document.


Read more

Impact of Revenue Recognition Changes for GAAP/IFRS on Tax Returns

Posted by Sue Tuson on February 17, 2020

The new revenue recognition standards under Generally Accepted Accounting Principles (GAAP) became effective for private companies for annual reporting periods beginning after December 15, 2018.


Read more

Tips for a Smooth Audit

Posted by Julie Killian on December 19, 2019

Whether preparing for a first-year audit or looking to simplify the existing audit process, there are proactive steps a company can take to have a smooth and relatively painless corporate financial statement audit.


Read more

Leadership From Around the Globe

Posted by Rob Dutkiewicz on December 2, 2019

A few weeks ago I traveled to Rome, along with my fellow shareholder Sue Tuson, to attend the PrimeGlobal World Conference. PrimeGlobal is one of the five largest associations of independent accounting firms in the world.


Read more

Revenue Recognition Changes for Professional Service Companies

Posted by Julie Killian on October 11, 2019

While many professional service companies have completed their analyses and made updates to track data in accordance with the new standard, some are still in the process and playing catch-up. For those that still need to implement the standard, consider these key areas that are likely to impact professional service companies.


Read more

Do You have to Adopt the FASB Revenue and Lease Standards?

Posted by Julie Killian on June 11, 2019

Do you provide monthly or quarterly financial statements to your bank or other stakeholders? Are those financial statements required to be prepared using US GAAP standards?


Read more

Clayton & McKervey Promotes Three to Senior Manager

Posted by Clayton & McKervey on July 26, 2018

Clayton & McKervey announces that David Van Damme, Catherine (Katie) Faysal, and Ben Smith, all certified public accountants in the Assurance Department, have been promoted from Manager to Senior Manager.


Read more

Employee Benefit Plan Implications of the Tax Cuts and Jobs Act

Posted by Julie Killian on February 28, 2018

While the business and individual provisions of the Tax Cuts and Jobs Act (TCJA) are currently the focus of attention for many, those responsible for …


Read more

Basics of an IRS Audit

Posted by Sue Tuson on February 2, 2018

When a taxpayer is notified by the IRS for a tax return audit, the first reaction may be panic or fear. Understanding the audit process …


Read more

Revenue Recognition: Determining Transaction Price

Posted by Julie Killian on November 20, 2017

Over the past several months Clayton & McKervey has provided information about the new revenue recognition standard released by the Financial Accounting Standards Board (FASB); …


Read more

Revenue Recognition – Step 1

Posted by Julie Killian on July 11, 2017

Over the past several months we have provided information about the new revenue recognition standard released by the Financial Accounting Standards Board (FASB); (Revenue …


Read more

Who Needs an Employee Benefit Plan Audit?

Posted by Julie Killian on June 21, 2017

Many companies sponsor employee benefit plans for their employees. Management may not be aware that certain plans require an audit to be completed by …


Read more

Five-Step Revenue Recognition Implementation

Posted by Julie Killian on March 27, 2017

The accounting industry identified the need to form a single, unified, global revenue recognition strategy 15 years ago; announcing the final standard in May 2014.


Read more

Local Auditors & Parent Company Auditors

Posted by Julie Killian on February 8, 2017

Group reporting is a specifically challenging process in today’s global business environment but should be on a shortlist of high priority tasks. In the …


Read more

Tips for a Good Year-End Inventory Observation

Posted by Julie Killian on October 5, 2016

As business processes become more complex, the balance between the efficiency and effectiveness of operational procedures becomes more critical to examine. With the calendar year-end …


Read more

Tips for a Smooth Audit

Posted by Julie Killian on September 14, 2016

Whether preparing for a first-year audit or looking to simplify the existing audit process, there are proactive steps a company can take to have a smooth …


Read more

Now That You’ve Chosen an Auditor

Posted by Julie Killian on August 16, 2016

After performing the task of selecting an auditor, there are several steps crucial to a smooth transition for both the business …


Read more

What You Should Know About Choosing an Auditor

Posted by Julie Killian on April 19, 2016

Can All CPAs Audit My Financial Statements? The first things to consider when selecting an auditor are their qualifications and expertise. Not all CPAs and …


Read more

Accounting & Auditing Update

Posted by Julie Killian on February 19, 2016

With each passing year, accounting standards change and increase in complexity. While accounting standards have continued to evolve throughout 2015, the main theme of the …


Read more

Are You Ready for the New Revenue Recognition Standard?

Posted by Julie Killian on January 26, 2016

Revenue recognition guidance is changing. Under current US Generally Accepted Accounting Principles (“GAAP”), there are multiple accounting models for revenue and extensive industry-specific guidance which …


Read more

Performing Employee Benefit Plan Audits

Posted by Julie Killian on January 12, 2016

Recently the Department of Labor (“DOL”) has been sending letters to employee benefit plan administrators that read as follows: Dear Plan Administrator: I am …


Read more

Structuring Cloud Computing Arrangements to Ensure They Have a Positive Impact on Key Financial Indicators

Posted by Julie Killian on November 17, 2015

In April 2015, the Financial Accounting Standards Board (“FASB”) issued new guidance* on accounting for fees paid for cloud computing arrangements. How you structure your …


Read more

5 Differences Between US GAAP and IFRS

Posted by Julie Killian on September 24, 2015

Even for non-public US companies, having a basic understanding of International Financial Reporting Standards (“IFRS”) is beneficial. The continued global adoption of …


Read more

Private Company Reporting Options – “FRF for SMEs” vs. “Private Company Council GAAP”

Posted by Tim Finerty on August 4, 2015

The private company financial reporting landscape has changed. With new acronyms like “FRF for SMEs” and “PCC,” it can be hard for companies to decide …


Read more

Eight Questions Answered About SSARS 21: Statement on Standards for Accounting and Review Services: Clarification and Recodification

Posted by Kevin Johns on July 8, 2015

New SSARS 21 pronouncement brings new options to financial reporting Effective for years ending after December 15, 2015, accountants in pubic practice will have new …


Read more

Stay Connected

Here are some additional ways to stay connected.

  • Subscribe to our newsletter
  • View upcoming events
  • Contact us to learn more

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