The novel coronavirus (COVID-19) pandemic has adversely affected the global economy. Companies of all sizes in all industries are faced with closures of specific locations or complete shutdowns; employee layoffs,
The economic fallout from the coronavirus (COVID-19) pandemic has forced business owners to reevaluate their operations and make difficult decisions. One place to look for the information you need to
You already may have reviewed a preliminary draft of your company’s year-end financial statements. But without a frame of reference, they do not mean much. That is why it is
There are three types of financial statements under U.S. Generally Accepted Accounting Principles. Each one reveals different, but equally important, information about your company’s financial performance. And, together, they can
Businesses use two types of audits to gauge financial results: internal and external. Here is a closer look at how they measure up. Focus Internal auditors go beyond traditional financial
Financial statements present a company’s financial position as of a specific date, typically the end of the year or quarter. But sometimes events happen shortly after the end of the
Securities and Exchange Commission (SEC) Chairman Jay Clayton recently said that public companies should not be required to disclose information concerning environmental, social, and governance (ESG) matters in their financial
Ask many entrepreneurs and small business owners to show you their financial statements and they will likely open a laptop and show you their bookkeeping software. Although tracking financial transactions
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
Financial statements help investors and lenders monitor a company’s performance. However, financial statements may not provide a full picture of financial health. What is undisclosed could be just as significant
