Accounting Estimates in Uncertain Times

In today’s unprecedented market conditions, it can be challenging to predict metrics that underlie your company’s accounting estimates. Examples of key “unknowns” include how much longer certain pandemic issues will continue, how federal stimulus spending will affect the economy [...]

By |2021-06-11T12:43:27-04:00June 11th, 2021|Categories: Audit, Blog|Tags: , , , |Comments Off on Accounting Estimates in Uncertain Times

FASB 2021 Agenda

What’s on the FASB’s 2021 agenda? In December 2020, Richard Jones stepped up as chairman of the Financial Accounting Standards Board (FASB). After meeting with stakeholders in early 2021, Jones identified a list of high-priority projects that he plans [...]

By |2021-04-16T11:58:11-04:00April 16th, 2021|Categories: Audit, Blog, GAAP|Tags: , , , , , , |Comments Off on FASB 2021 Agenda

Reporting Profit Interest Awards

Reporting profits interest awards During the pandemic, cash has been tight for many small businesses, which may make it hard to attract and retain skilled workers. In lieu of providing cash bonuses or annual raises, some companies may decide [...]

By |2021-04-09T12:01:56-04:00April 9th, 2021|Categories: Audit, Blog|Tags: , , , , , , , , |Comments Off on Reporting Profit Interest Awards

ICFR Assessment and Attestation: Are You in Compliance with the Rules?

Each year, public companies must assess the effectiveness of their internal controls over financial reporting (ICFR) under Section 404(a) of the Sarbanes-Oxley Act (SOX). In some cases, private companies should follow suit. In addition, a public company’s independent auditors are [...]

By |2020-12-22T16:43:43-05:00December 18th, 2020|Categories: Audit, Blog|Tags: , , , , |Comments Off on ICFR Assessment and Attestation: Are You in Compliance with the Rules?

Year-End SWOT Analysis Can Uncover Risks

As your company plans for the coming year, management should assess your strengths, weaknesses, opportunities and threats. A year-end SWOT analysis identifies what you’re doing right (and wrong) and what outside forces could impact performance in a positive (or [...]

By |2020-12-07T12:24:12-05:00December 7th, 2020|Categories: Audit, Blog|Tags: , , , , , |Comments Off on Year-End SWOT Analysis Can Uncover Risks

Preparing for the Possibility of a Remote Audit

The coming audit season might be much different than seasons of yore. As many companies continue to operate remotely during the COVID-19 pandemic, procedures are being adjusted accordingly for a remote audit. Here’s what might change as auditors work [...]

By |2020-11-06T13:06:37-05:00November 6th, 2020|Categories: Audit, Blog|Tags: , , , , , , , , |Comments Off on Preparing for the Possibility of a Remote Audit

Avoiding Conflicts of Interest With Auditors

A conflict of interest could impair your auditor’s objectivity and integrity and potentially compromise you company’s financial statements. That’s why it’s important to identify and manage potential conflicts of interest with auditors. What is a conflict of interest? According [...]

By |2021-09-13T14:28:34-04:00October 20th, 2020|Categories: Audit, Blog|Tags: , , , |Comments Off on Avoiding Conflicts of Interest With Auditors

Why Meetings With Your Auditor Matter

Remote audit procedures can help streamline the audit process and protect the parties from health risks during the COVID-19 crisis. However, seeing people can be essential when it comes to identifying and assessing fraud risks during a financial statement [...]

By |2020-10-01T18:27:09-04:00September 28th, 2020|Categories: Audit, Blog|Tags: , , , , , |Comments Off on Why Meetings With Your Auditor Matter

Transitioning to remote audits

Are you comfortable communicating electronically with your auditors? If so, a logical next step might be to transition from on-site audit procedures to a more “remote” approach. Remote audits can help reduce the time and cost of preparing audited [...]

By |2018-07-20T13:36:52-04:00July 20th, 2018|Categories: Audit, Blog|Tags: , , |Comments Off on Transitioning to remote audits
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