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Accountant Michael Pocrnich Enumerates the Keys to a Successful Audit Preparation

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Minnesota, US, 2nd May 2024, ZEX PR WIRE, Michael Pocrnich, an accounting professional with a distinguished career of over twenty years, recently offered his insights into the critical elements of audit preparation. Pocrnich, based in Minneapolis and currently a Finance Manager at Element Financial Advisory, has played a significant role in guiding organizations through the audit process, focusing on the accuracy and clarity of their financial reporting. He highlighted eight specific areas that organizations should consider in order to successfully prepare for an audit, including documentation, reconciliation, access to information, internal reviews, inventory checks, compliance, financial statements, and communication.

“The cornerstone of any audit is documentation,” asserted Pocrnich. Proper documentation for all financial transactions, including invoices, receipts, and contracts, is essential. Maintaining and producing proper documentation not only validates the transactions of an organization but also provides a comprehensive trail for auditors to examine the financial activities over the period under review. “Documentation alone does not guarantee a smooth audit, but a lack of documentation will lead to a difficult audit at best.”

According to Pocrnich, reconciliation is a critical step in audit preparation. “Ensuring that your ledgers and bank statements correspond is not just important; it is absolutely crucial.” He explained that engaging in regular, thorough reconciliation practices is fundamental to affirming the accuracy of recorded financial amounts. This diligent process aids in the early detection and resolution of discrepancies, which facilitates a smoother and more efficient audit. This level of attention to detail is important in maintaining the integrity of financial reporting before an auditor’s examination begins.

Michael Pocrnich went on to highlight the importance of providing auditors with unobstructed access to financial records. This includes making available past audit reports, the general ledger, tax returns, and financial statements– all of which are fundamental to a smooth audit process. He is also a proponent of conducting an internal review or audit before the external auditors step in. He described this as a proactive measure to identify and correct issues early on, thus saving time and maintaining the organization’s reputation during the actual audit.

For companies with physical inventory, Pocrnich stressed the importance of inventory checks. “A physical count is absolutely critical to verify the actual existence of assets. It’s not just about confirming what’s there; it’s about ensuring the integrity and accuracy of the company’s financial reporting,” he advised. This step ensures that the valuation of inventory in financial statements is accurate and substantiated by actual stock levels, thus preventing discrepancies and potential financial errors.

Compliance is another area that he emphasized. Adhering to relevant accounting standards such as GAAP and IFRS, as well as compliance with tax laws and SEC regulations, is non-negotiable. This ensures that the organization remains legally sound and maintains its credibility. Hand in hand with compliance is the preparation of complete and accurate financial statements. Pocrnich advised that these documents represent the organization’s financial integrity, and they should be prepared meticulously to provide a clear base for the audit.

Communication with auditors is another important key to a successful audit. Pocrnich encouraged maintaining an open line of communication, being ready to explain accounting methods, anomalies, or transactions. He explained that this facilitates mutual understanding and contributes to the effectiveness of the audit. Throughout his roles, including as a Controller and as a Finance Manager, Pocrnich has advocated for thorough audit preparation. His extensive use of accounting principles like GAAP, FASB, and GASB has been instrumental in his approach to financial accuracy and leadership.

In his current role, he oversees accounts payable, payroll, and financial compliance with a systematic approach. He emphasizes that successful audit preparation is a fundamental professional responsibility that underscores an organization’s commitment to transparency and strategic foresight. Michael Pocrnich’s message is straightforward: diligent preparation, strict compliance, and clear communication are imperative for a successful audit. These principles enable businesses to demonstrate financial clarity and uphold a standard of trust and quality in their corporate practices.

About Michael Pocrnich

Michael Pocrnich is an accounting professional with over 20 years of experience, primarily in non-profit accounting, auditing, and financial analysis. Based in the Minneapolis area, he holds a BA in Accounting from St. John’s University. In his early career as a Senior Auditor at CliftonLarsonAllen, Michael managed non-profit audits, developed internal controls, trained junior staff, and presented financial reports to leadership. He is known for his financial forecasting, reporting, and analytical skills, as well as his proficiency in various ERP and CRM software, including the Microsoft suite. Currently, as a Finance Manager at Element Financial Advisory, Michael Pocrnich provides CFO and Controller services for a range of clients, from government and non-profit organizations to entities with revenues exceeding $20 million. He specializes in financial forecasting and manages all aspects of state and federal grant administration. His prior role as Controller at Beltz, Kes, Darling & Associates (now BerganKDV) involved similar duties and the leadership of annual audits and client financial facilitation. Michael’s professional skill set includes staff management, client relations, and a high emotional IQ, making him a strong communicator and customer service expert. He efficiently oversees accounts payable, payroll, and financial compliance, leading his team effectively. Michael Pocrnich’s extensive use of accounting principles like GAAP, FASB, and GASB throughout his career demonstrates his commitment to financial accuracy and strategic leadership. His experience and approach position him as a key resource for organizations looking to strengthen their financial practices and oversight. 

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Shop Better, Save Big: BetterFinds.com.au Unveils Black Friday Deals

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2 hours ago

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November 22, 2024

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Melbourne, Australia

www.BetterFinds.com.au

BetterFinds.com.au, your go-to destination for premium quality and uniquely designed products, is thrilled to announce its highly anticipated Black Friday deals. This year, we’re bringing you unbeatable offers on must-have products from our curated collection of emerging and established brands.

From STRAHL’s durable, shatterproof glassware to Generation Earth eco-friendly bags and stylish laptop sleeves, there’s something for everyone—whether you’re shopping for gifts or treating yourself.

Black Friday Highlights at BetterFinds.com.au:

STRAHL Glassware: Save up to 35% on premium, shatterproof glassware—perfect for summer entertaining.

ClickClack Offer: Receive a free tote bag with ClickClack orders over $100.

Incredible Prices Across Categories: Discover homewares, bags, laptop sleeves and more starting at just $10.

Shop now and find thoughtful gifts or timeless essentials that combine purpose, function, and beauty.

About BetterFinds.com.au?

BetterFinds.com.au is an Australian online store focusing on emerging quality brands and unique design. Each piece we carry brings together purpose, function, and beauty. We look for products that solve problems, use reclaimed or recycled materials, and showcase 

exceptional craftsmanship. Some of our items are designed by our in-house team, ensuring they meet the same high standards of quality.

BetterFinds.com.au is a place for gift shopping when you want find something different to bigger brand offering. Our collection of brands include Stackers, EVOL, Generation Earth, STRAHL, ClickClack, Urburn.

Shop the sale now: https://betterfinds.com.au/collections/black-friday

For media inquiries, please contact BetterFinds.com.au from our online store.

About BetterFinds.com.au

BetterFinds.com.au is an Australian online store committed to showcasing emerging quality brands and unique designs. Each product in our collection is thoughtfully chosen for its purpose, craftsmanship, and beauty. Whether you’re looking for a one-of-a-kind gift or a product that solves everyday problems, BetterFinds.com.au offers a refreshing alternative to the big retail sites.

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Faith, Fight, and Fire: Forge a Life of Relentless Strength

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2 hours ago

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November 22, 2024

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William G. Alston’s New Book Reveals the Secrets to Achieving Peak Performance and Balance in Life

Are you ready to unlock the pathway to ultimate health, fitness, and unwavering faith? Dr. William G. Alston’s groundbreaking new book, Four Keys to the Natural Anabolic State: The Pathway to Health, Fitness, Faith, and a Huge Competitive Edge, is more than just a guide—it’s a manifesto for those who crave control over their bodies, minds, and spirits.

In today’s fast-paced world, chronic stress and anxiety are taking a toll on millions, but Dr. Alston is here to show you how to reclaim your power. This book doesn’t rely on fleeting trends or empty promises. Instead, it offers a scientifically proven method to unlock your body’s natural anabolic state—a biochemical process that empowers you to perform at your peak in every area of life.

Whether you’re an athlete looking for a competitive edge, a student striving for academic excellence, or a professional seeking balance, Four Keys to the Natural Anabolic State equips you with the tools to manage stress, overcome fear, and maximize performance. By integrating faith, fitness, and a focus on your mental fortitude, Dr. Alston guides you through practical steps that turn stress into empowerment, fear into action, and fatigue into strength.

This isn’t just another self-help book—it’s a transformation. Dr. Alston uses decades of research to lay out the four critical keys that will help you harness your body’s God-given potential. He provides a powerful, yet simple roadmap for anyone looking to sharpen their focus, build resilience, and thrive in life.

Packed with cutting-edge insights on the stress-response system, real-life examples, and strategies for immediate application, this book shows you how to flip the switch from chronic worry to anabolic empowerment. It’s time to rise above stress, claim your strength, and tap into a life full of vitality, faith, and unstoppable energy.

Key Highlights:

  • Learn to control your stress-response system for peak performance
  • Discover the connection between anxiety, performance, and faith
  • Get practical tools for building physical strength, mental clarity, and spiritual peace
  • Ideal for athletes, professionals, students, and anyone seeking self-mastery

Meet Dr. William G. Alston 

Dr. William G. Alston is an acclaimed author, PhD, and fitness expert who has spent years studying the human mind-body connection. His passion for helping others achieve their fullest potential shines through in every chapter of this book.

Four Keys to the Natural Anabolic State is available now from Universal-Publishers.

For more information or to schedule an interview with Dr. William G. Alston, please contact:

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Press Release

Knowledge Is Power: Minority Class Registers With State

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2 hours ago

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November 22, 2024

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Chantal Smith organizer of On The Way Ventures L.L.C. An African  American mother and licensed Masseuse captured the images used  discovering the electrolyte formula (-100v x propagation). Collecting  10$ every month is not easy without capital, OTW Ventures L.L.C. will  not disappear and that is the classes only decision. Callers dial (347) 356  – 7730 expecting greatness and new beginnings the staff remains tough  despite the onslaught of callers.  

 She noticed that traditional electrolyte solutions were not providing the  desired results and decided to take matters into her own hands. With the  help of her team at OTW Ventures L.L.C., Chantal was able to develop a  

formula that not only replenishes electrolytes but also improves overall  hydration levels. Despite the challenges of collecting only $10 per  month from their subscribers, the company has remained steadfast in  their commitment to their projects. With the release of this revolutionary  electrolyte formula, OTW Ventures L.L.C. is confident that they will  continue to thrive and provide their subscribers with top-notch products.  The demand for this new electrolyte formula has been overwhelming,  with callers dialing (347) 356 – 7730 in hopes of getting their hands on  it.  

Despite the onslaught of inquiries, the staff at OTW Ventures L.L.C.  remains dedicated and determined to provide their customers with the  best possible service. With this new discovery, the company is expecting  a surge in subscribers and is excited to see the positive impact it will  have on people’s lives. The images captured by Chantal and her team  will be released to the public next month, along with the electrolyte  formula. OTW Ventures L.L.C. is confident that this discovery will  revolutionize the electrolyte market and improve the lives of many.  

In today’s increasingly digital world, “on the way”has become  more important than ever. As we continue to incorporate 

technology into every aspect of our lives, from personal devices  to complex corporate networks, the need to protect these  systems from cyber threats is paramount “otw” is not just a  buzzword; It is at the heart of our digital lives, ensuring privacy,  integrity and availability of data and systems.  

What is “on the way”? 

“on the way” is the process of protecting computers, servers,  mobile devices, electronic systems, networks, and data from  malicious attacks. This includes a wide range of practices,  technologies and procedures designed to protect networks,  devices, systems and data from attack, damage or unauthorized  access.  

“on the way” can be broken down into several main areas: 

• Network Security – Protects the integrity, privacy, and  availability of data on or between networks.  

• Information Security – Focuses on protecting the  confidentiality, integrity and security of existing data stored and  transmitted.  

• Application Security – Includes protecting applications by  identifying, repairing, and preventing security vulnerabilities.  • Endpoint Security – Refers to the security of personal devices  such as laptops, desktops, and mobile devices connected to a  network.  

• Identity Management – Includes processes, policies, and  technologies that ensure only authorized individuals have access  to information systems. 

• Cloud Security – Refers to protecting data, applications, and  services in the cloud from cyber threats.  

Trends in cyber terrorism 

Cyber threats have evolved dramatically over the years. Initially,  “otw” threats were relatively simple, with hackers targeting  single systems or small networks. But as technology has  advanced, so have threats. Modern cyberattacks are often  sophisticated, targeting entire infrastructure, supply chains, and  even critical national assets.  

1. Malware 

One of the most common cyber threats, malware is malicious  software designed to harm or exploit any programmable device,  service, or network. This includes viruses, worms, Trojans,  ransomware and spyware.  

2. Phishing 

This is a common social engineering attack used to steal user  data, including login credentials and credit card numbers. It  occurs when an attacker impersonates a trusted user in an  electronic communication.  

3. Ransomware 

A type of malware that locks users out of their systems or files  and requires a ransom to regain access. High-profile  ransomware attacks have crippled businesses and governments  alike.  

4. Advanced Persistent Threats (APTs)

These are long-term and targeted cyberattacks in which the  attacker gains access to a network and remains undetectable for  long periods of time, often targeted stop data theft  5. Distributed denial of service (DDoS) attacks  This type of attack overwhelms a system, server, or network  with traffic, making it unavailable.  

The importance of “on the way” 

The consequences of a successful cyberattacks can be  devastating for individuals and organizations. For businesses,  breaches can result in significant financial losses, legal  ramifications and reputational damage. For individuals,  cyberattacks can result in identity theft, data loss, and financial  loss.  

• Unauthorized access or disclosure of sensitive data can have  serious consequences, especially if the data is of a personal or  financial nature  

• The costs associated with a cyberattacks can be significant.  Companies can face high costs, legal costs, and expenses for  broken systems.  

• A cyberattacks can severely damage an organization’s  reputation, leading to loss of customer trust and decline in  productivity.  

• Cyber-attacks can disrupt business operations, resulting in  downtime, lost productivity and lost business opportunities.  

“on the way” best practices

Adopting strong “otw” practices is essential to protect against  cyber threats. Here are some best practices for individuals and  organizations to follow.  

• Ensure that all software, including operating systems,  applications, and security programs, are regularly updated to  protect against known vulnerabilities  

• Implement strong password management, including the use of  strong passwords and multi-factor authentication (MFA).  • Conduct regular “otw” training for employees to help them  identify and avoid potential threats such as phishing scams.  • Protect sensitive data with encryption while traveling and on  vacation, ensuring that data cannot be read by unauthorized  parties even if it is blocked  

• Make sure you back up important data regularly and make sure  these backups are stored securely and are easily accessible in the  event of a cyberattacks.  

• Develop and implement robust incident response plans to  promptly address any security breaches and minimize impact.  

The Future of Cybersecurity 

As technology continues to evolve, so too will the threats that  we face. The rise of artificial intelligence (AI), the Internet of  Things (IoT), and cloud computing introduces new challenges  for “on the way”. However, these technologies also offer new  opportunities for enhancing security.  

a. AI in “on the way” 

AI can be used to identify patterns and anomalies in large data  sets, enabling the early detection of potential threats. Machine 

learning algorithms can also help in developing more  sophisticated security systems.  

b. IoT Security 

With the proliferation of IoT devices, securing these  interconnected systems will become increasingly important. It  will require the development of new protocols and standards to  ensure that IoT devices are not vulnerable to cyber-attacks.  

c. Cloud Security 

As more organizations migrate to the cloud, ensuring the  security of cloud-based systems will be paramount. This will  involve adopting new cloud security frameworks and best  practices.  

Conclusion 

“on the way” is a top priority in the digital age. As we embrace  technology, the need for stronger cyber security measures will  increase. By understanding risks, notifying us of emerging  threats, and adopting best practices, individuals and  organizations can protect themselves from ever-changing cyber  threats The future of “otw” depends on us the ability to adapt  and innovate to ensure we can protect the digital frontier for  generations to come. 

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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

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