Footnote Disclosures: The Story Behind the Numbers

The footnotes to your company’s financial statements give investors and lenders insight into account balances, accounting practices and potential risk factors — knowledge that’s vital to making well-informed business and investment decisions. Here are four important issues that you [...]

By |2021-01-29T12:43:11-05:00January 29th, 2021|Categories: Audit, Blog|Tags: , , , , , , , |Comments Off on Footnote Disclosures: The Story Behind the Numbers

Forecasting for 2021

Planning for what lies ahead is an important part of running a healthy business. Forecasting your company’s financial statements can help you manage inventory and other working capital accounts, offer competitive prices, identify impending cash flow shortages and keep [...]

By |2021-01-04T11:58:50-05:00January 4th, 2021|Categories: Audit, Blog|Tags: , , , |Comments Off on Forecasting for 2021

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

Cutoff Rules: What Counts in 2020 vs. 2021

As year end approaches, it’s a good idea for calendar-year entities to review the guidelines for recognizing revenue and expenses. There are specific accounting cutoff rules under U.S. Generally Accepted Accounting Principles (GAAP). Strict observance of these rules is [...]

By |2020-11-20T12:46:17-05:00November 20th, 2020|Categories: Audit, Blog|Tags: , , , , , , |Comments Off on Cutoff Rules: What Counts in 2020 vs. 2021

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

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

On-Time Financial Reporting Is Key In Times Of Crisis

Many companies are struggling as a result of shutdowns and restructurings during the COVID-19 crisis. To add insult to injury, some have also fallen victim to arson, looting or natural disasters in 2020. On-time financial reporting can assure stakeholders [...]

By |2020-10-02T16:06:26-04:00September 11th, 2020|Categories: Audit, Blog|Tags: , , , |Comments Off on On-Time Financial Reporting Is Key In Times Of Crisis

Reporting Discontinued Operations Today

Marketplace changes during the COVID-19 crisis have caused many companies to make major strategic shifts in their operations — and some changes are expected to be permanent. In certain cases, these pivot strategies may need to be reported under [...]

By |2020-10-02T16:25:22-04:00September 4th, 2020|Categories: Audit, Blog|Tags: , , , , |Comments Off on Reporting Discontinued Operations Today

Levels Of Assurance: Choosing The Right Option For Your Business Today

The COVID-19 crisis is causing private companies to re-evaluate the type of financial statements they should generate for 2020. Some are considering downgrading to lower levels of assurance to reduce financial reporting costs — but a downgrade may compromise [...]

By |2020-10-02T16:52:57-04:00August 28th, 2020|Categories: Audit, Blog, GAAP, Uncategorized|Tags: , , , , |Comments Off on Levels Of Assurance: Choosing The Right Option For Your Business Today

Reporting Embedded Leases

In 2016, the Financial Accounting Standards Board (FASB) published guidance that requires major changes to how leases are reported on financial statements. One area of the guidance that’s especially complicated relates to “embedded” leases. Updated guidance Organizations are required [...]

By |2020-07-10T14:10:11-04:00July 10th, 2020|Categories: Audit, Blog, COVID-19|Tags: , , , |Comments Off on Reporting Embedded Leases
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