Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and private non-profit entities
Auditors of public companies started reporting critical audit matters (CAMs) in their audit opinions in 2019. This represents a major change to the pass-fail auditors’ reports that had been in
Auditors typically deliver financial statements to calendar-year businesses in the spring. A useful tool that accompanies the annual report is the management letter. It may provide suggestions based on industry
A complete set of financial statements for your business contains three reports. Each serves a different purpose but ultimately helps stakeholders (managers, employees, investors, and lenders) evaluate a company’s performance.
Analytical software tools will never fully replace auditors, but they can help auditors do their work more efficiently and effectively. Here is an overview of how data analytics such as
Businesses rely on internal controls to help ensure the accuracy and integrity of their financial statements, as well as prevent fraud, waste, and abuse. Given their importance, internal controls are
Many types of businesses — such as homebuilders and manufacturers — turn raw materials into finished products for customers. Production is a continuous process. So, any work that has been
Agility — or the ability to react quickly — is essential to surviving and thriving in today’s competitive landscape. Though agile techniques were originally used in the realm of software
Businesses need financial information that is accurate, relevant, and timely. The Securities and Exchange Commission requires publicly traded companies to follow U.S. Generally Accepted Accounting Principles (GAAP), often considered the
Timing counts in financial reporting. Under the accrual method of accounting, the end of the accounting period serves as a strict ‘cutoff’ for recognizing revenue and expenses. However, during the
