Category

Audit

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…
Read More
5 tips for successful audit preparation
Audit
August 6, 2019

How to Prepare for an IRS Business Tax 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…
Read More
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…
Read More
SEC Compliance: Growing Scrutiny of Private Companies
Audit
July 25, 2019

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…
Read More
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…
Read More
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…
Read More
AuditAudit & Accounting
April 5, 2019

Simplifying the accounting rules for convertible debt and equity

Distinguishing between liabilities and equity on a company’s balance sheet may seem straightforward. But difficulties arise when it comes to the terms of complex securities and financial contracts like redeemable equity instruments, equity-linked or indexed…
Read More
Audit
April 3, 2019

Transparency is key with related party transactions

In recent years, external auditors have focused more attention on related party transactions. Although related party transactions aren’t necessarily bad, they do raise some concerns about the risk of misstatement or omission in financial reporting.…
Read More
AuditAudit & Accounting
March 28, 2019

ESG issues: To report or not to report?

Securities and Exchange Commission (SEC) Chairman Jay Clayton recently said that public companies shouldn’t be required to disclose information concerning environmental, social and governance (ESG) matters in their financial statements using a standardized format. Right…
Read More
Audit
May 25, 2018

IRS issues guidance to ease transition to FASB’s new revenue recognition rule

In 2014, a new accounting standard on how to recognize revenue from contracts was issued by the Financial Accounting Standards Board (FASB). Now the IRS is allowing a new automatic change in accounting method for…
Read More