While the word “audit” may sound scary in certain contexts, a reverse audit may help a company obtain a refund for overpaid state sales and use taxes. But when might a business consider such an engagement? Watch as Amy Hightower describes four instances in which it may be best to evaluate the potential [...]
The Own Risk Solvency Assessment (ORSA) is designed to help insurance companies evaluate their risks and proactively address their capital needs. One tool that businesses can use to meet their ORSA requirements is an internal audit. Watch as Joseph May explains the relationship between ORSA and internal audits – as well as how [...]
With digital cameras, taking a photograph is typically a simple process with two steps: point and shoot. Another two-step process – according to a recently issued mandate from the Financial Accounting Standards Board (FASB) – is the goodwill impairment test. The FASB’s new goodwill impairment standard eliminates Step 2 of the test, thereby reducing the [...]
Understanding the IRS’ uniform capitalization (UNICAP) rules is critical for manufacturers that produce real or tangible personal property (or acquire these types of property for resale). Otherwise, they could be surprised by an IRS audit. Watch as Juan Torres provides an overview of the regulations and explains what companies should do if they [...]
Are you a business owner who struggles to compile information to produce an accurate financial statement? Watch as Debbie Alexander discusses five steps you can take to simplify your financial statement activities.
Most of us have played a video game at some point in our life – likely even Super Mario or Donkey Kong. Some people scour online to find helpful tricks that will help them advance to the next level. Similarly, many of us are often looking for ways to help advance our business, and financial [...]
Surprises are for anniversaries, not for financial statement audits. Watch Lorri Kidder present five tips for financial statement audit preparation.
When it comes to making sure your financial statements are accurate, it's important to know whether you need an audit, a fraud assessment, or both. Watch David Alvarez describe the differences between these two engagements.
How do you compare audit, review and compilation? And what are the differences in these three services? These questions are often asked by small and mid-sized companies. Watch Candy Cunard and Jon Heath discuss the different levels of evaluation.
If you’ve been in business for a while, then you’re likely familiar with most of the keywords on your financial statement. Nonetheless, it doesn’t hurt to review these terms and think about how they currently apply to your company. Below are four key financial statement terms to know. Balance sheet. It provides a snapshot of a [...]
In December 2013, the Financial Accounting Standards Board (FASB) and the Private Company Council (PCC) released the final Private Company Decision-Making Framework: A Guide for Evaluating Financial Accounting and Reporting for Private Companies (the “Guide”). The ultimate goal of the Guide is to create private company accounting alternatives that decrease the complexity and costs of preparing financial [...]
Many business owners become anxious when they see the differences between their financial statements and tax returns. To some owners, it seems as though they’re keeping two completely different sets of books — a situation that no auditor would look upon happily. However, while the differences between these two reports can mimic the act of [...]
The curtain is opening on great news for SMEs, which pervade the United States with an estimated 20 million such businesses spanning various industries. (In fact, most of you reading this article are part of an SME.) These are primarily owner-managed entities—companies in which the controlling ownership interests are held by substantially the same people [...]