Spotlight on Auditor Independence & Hosting Arrangements
With Independence Day coming up, it is a good time to check up on auditor independence issues. This is especially important in 2018. Why? New rules go into effect this
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Category: Assurance
Using Analytical Procedures in an Audit Provides Many Benefits
Analytical procedures can make audits more efficient and effective. First, they can help during the planning and review stages of the audit. However, analytics can have an even bigger impact
Auditing Related-Party Transactions
Business owners generally prefer to work with entities they know and trust, but related-party transactions can provide opportunities for individuals to act in a manner that is inconsistent with the
Which Intangibles Should Private Firms Report Following a Merger?
2018 is expected to be a hot year for mergers and acquisitions. But accounting for these transactions under U.S. Generally Accepted Accounting Principles (GAAP) can be complicated, especially if the
It is Time for a Mid-Year Checkup!
Time flies when you are busy running a business, but it is important to occasionally pause and assess interim performance. Otherwise, you are likely to be surprised by the year-end
Do Not Let Collaborative Arrangements Cause Financial Reporting Headaches
Businesses often enter into so-called ‘collaborative arrangements’ when they partner with another entity on a major project. Unfortunately, the current guidance for these types of arrangements under U.S. Generally Accepted
What Is All the Buzz About eXtensible Business Reporting Language (XBRL)?
The Securities and Exchange Commission (SEC) requires public companies to provide their financial statements in the eXtensible Business Reporting Language (XBRL) format as an exhibit to their regulatory filings, but
IRS Issues Guidance to Ease Transition to FASB’s New Revenue Recognition Rule
In 2014, a new accounting standard on how to recognize revenue from contracts was issued by the Financial Accounting Standards Board (FASB). Now the IRS is allowing a new automatic
Effectively Communicating with the Audit Committee
Chief financial officers and other executives occasionally present information about the company’s operations, strategies, and risks to the audit committee. Your presentation will generally be most effective if you fully
Profits: How Low Can You Go?
If your profits are falling compared to revenue and assets, your financial statements may provide insight into what is happening and how to improve your performance. Watch for red flags