Inventory is a key balance sheet item for many organizations. Depending on the nature of your operations, inventory may include raw materials, work-in-progress (WIP) inventory, and finished goods. While you
External auditors dedicate significant time during fieldwork evaluating how organizations report work in progress (WIP) inventory. This focus is critical because accurately reporting WIP helps ensure transparency and reliability in
At Financial Executives International’s Corporate Financial Reporting Insights Conference last November, Securities and Exchange Commission (SEC) members expressed concerns related to the use of financial metrics that don’t follow the
Auditor independence is very important in the accounting profession. Auditors’ make a commitment to follow the standards set forth by the American Institute of Certified Public Accountants (AICPA), the Securities
Have you finished your organization’s financial statements for the end of the year yet? Organizations that follow the calendar year release these statements by March of the next year. If
The first line on an income statement shows money earned, which is also known as revenue or sales, and getting this part right is crucial for making sure the financial
Amidst uncertainty in the marketplace, many companies are keeping extra money in their bank accounts, even if they don’t have immediate plans to use it. However, having too much saved
Having a significant amount of inventory on your balance sheet can be costly. The costs associated with inventory include warehouse expenses, employee salaries, insurance, taxes, transportation, depreciation, and shrinkage. In
Effective financial reporting is essential for organizations seeking funds for ongoing operations and strategic investments. Prior to extending financial support, lenders and investors typically review an organization’s financial statements. Providing
Participating in a merger or acquisition (M&A) has the potential to foster business expansion, yet it comes with inherent risks. Prior to engaging in such transactions, buyers should comprehensively assess
