Elderly Businessmen having a meeting | Critical Audit Matters: The Most Important Change to Audit Reporting
Audit
August 22, 2019

Critical Audit Matters: The Most Important Change to Audit Reporting

In June 2017 the Public Company Accounting Oversight Board (PCAOB) issued perhaps the single most meaningful change to the auditor’s report since the 1940s. The new PCAOB auditing standard, dubbed AS 3101, includes the communication…
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Man working at his desk doing calculations and audit preparation | 5 tips for successful audit preparation
Audit
August 6, 2019

Audit Preparation: 5 Tips for a Successful IRS Audit

It is routine practice for the Internal Revenue Service (IRS) to perform audits. While an IRS audit typically carries a negative connotation, designation for an audit is not a steadfast indicator of any wrongdoing. In…
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Businessman making notes at his office desk | restatement of financial statements
Audit
July 26, 2019

Restatements: The Costly Result of an Error

Corporate officers, auditors and audit committees all work towards ensuring US publicly traded companies provide accurate corporate financial reports to investors. However, even with all of the different components working diligently to present clear and…
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Man in a bike shop holding a business meeting | SEC Compliance: Growing Scrutiny of Private Companies
Audit
July 25, 2019

SEC Compliance: The SEC and Growing Scrutiny of Private Companies

Public companies are subject to detailed disclosure laws regarding financial condition, operating results, management compensation and other business areas. However, private companies are not entirely exempt from SEC scrutiny. In March 2018, the SEC brought…
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Audit
June 14, 2019

AUP engagements: A middle ground between audits and consulting services

Your CPA offers a wide menu of services. An audit is a familiar type of attestation service that provides a formal opinion about whether the company’s financial statements conform to U.S. Generally Accepted Accounting Principles…
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Audit
June 10, 2019

Measuring “fair value” for financial reporting purposes

The standard for valuing certain assets and liabilities under U.S. Generally Accepted Accounting Principles (GAAP) is “fair value.” This differs from other valuation standards that may apply when valuing a security or business interest in…
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Audit
May 29, 2019

Close-up on financial statements

There are three types of financial statements under U.S. Generally Accepted Accounting Principles (GAAP). Each one reveals different, but equally important, information about your company’s financial performance. And, together, they can be analyzed to help…
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Audit
May 13, 2019

Put a QOE report to work for you

An independent quality of earnings (QOE) report can be a valuable tool in mergers and acquisitions. It’s important for both buyers and sellers to look beyond the quantitative information provided by the selling company’s financial…
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Now or later? When to report subsequent events
Audit
April 17, 2019

Now or later? When to report subsequent events

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 period that have financial implications…
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Audit
April 11, 2019

Auditing accounting estimates and the use of specialists

The Public Company Accounting Oversight Board (PCAOB) recently voted to finalize two related standards aimed at improving audits of accounting estimates and the work of specialists. Though the new, more consistent guidance would apply specifically…
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