How Auditors Assess Risk When Preparing Financial Statements
Every year, your audit firm will conduct a fresh risk assessment before the start of fieldwork. Why? Because your auditor wants to mitigate the risk of expressing an incorrect opinion
Every year, your audit firm will conduct a fresh risk assessment before the start of fieldwork. Why? Because your auditor wants to mitigate the risk of expressing an incorrect opinion
Companies will be able to capitalize, or spread out the costs of, setting up pricey business systems that operate on cloud technology under an update to U.S. Generally Accepted Accounting
Audit opinions differ depending on the information available, financial viability, errors discovered during audit procedures, and other limiting factors. The type of opinion your auditor issues tells stakeholders whether you
Companies often grant licenses to others allowing them to use intellectual property — such as a patent or proprietary computer code — in exchange for royalties. Licensors can hire an
In recent years, environmental, social, and governance (ESG) issues have become a hot topic. Many companies voluntarily include so-called ‘sustainability disclosures’ about these issues in their financial statements, but should
Small businesses often use the cash-basis method of accounting. As businesses grow, they usually convert to accrual-basis reporting for federal tax purposes and to conform with U.S. Generally Accepted Accounting
The Tax Cuts and Jobs Act (TCJA) contains a provision that ties revenue recognition for book purposes to income reporting for tax purposes, for tax years starting in 2018. This
Inventory is expensive. So, it needs to be as lean as possible. Here are some smart ways to cut back inventory without compromising revenue and customer service. Objective inventory counts
As public companies grow, they may move from one filing status or issuer category to another. Recent and proposed changes to the Securities and Exchange Commission (SEC) rules for some
Starting in 2018, certain public companies must disclose the ratio of their chief executive officer’s annual compensation to that of its ‘median employee.’ The rule allows for significant flexibility in