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Tag: Assurance

Is Your Current Bad Debt Allowance Reasonable?

In today’s volatile market conditions, it’s important to review your accounts receivable ledger and consider writing off stale, uncollectible accounts. The methods you’ve used in the past to evaluate bad

How External Confirmations Are Used During An Audit

Auditors commonly use confirmations to verify such items as cash, accounts receivable, accounts payable, employee benefit plans, and pending litigation. Under U.S. Generally Accepted Auditing Standards, an external confirmation is

Evaluating ‘Going Concern’ Concerns

Under U.S. Generally Accepted Accounting Principles (GAAP), financial statements are normally prepared based on the assumption that the company will continue normal business operations into the future. When liquidation is

How To Account For Collaborative Agreements

Today, many companies share research or technology to develop new products. For example, manufacturers might enter into a joint venture to conduct scientific research to design a new medical device.