Tag: Assurance

Four antifraud controls are associated with at least a 50% reduction in both fraud loss and duration, according to “Occupational Fraud 2024: A Report to the Nations” published by the

Accurate bookkeeping is critical to successfully operating a small business. The problems created by inadequate bookkeeping practices can have significant, long-lasting consequences. Here are four common bookkeeping pitfalls — and

Audit committees act as gatekeepers over the accounting and financial reporting processes, including the effectiveness of the organization’s control environment. However, as the regulatory landscape becomes increasingly complex and organizations

Midyear checkups on financial reporting is an essential aspect to maintaining organizational success. When reviewing midyear financial reports, however, you should recognize their limitations. Without CPA preparation or agree-upon procedures

While many organizations prioritize increasing product and service sales to boost profit growth, focusing on sales volume alone doesn’t necessarily increase profits. In fact, pushing more sales through an inflated

Having accurate, timely financial information is important in decision making for executives, board members, investors, and other stakeholders. But not everyone who reads your financial statements will understand the numbers

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