The public accounting profession offers a number of services, making it difficult for many to understand which direction is best for a particular need. Two services that are often confused are audits and agreed-upon procedures (AUPs). An AUP engagement offers the client greater flexibility than what a traditional audit can provide. It is likely to [...]
Entertainment magazine fans probably see the same popular celebrities in issue after issue. Similarly, those who stay up-to-date on current accounting issues probably stumble upon a new article about the fair value standard almost every week. The reason for this increased focus is relevance. The question constantly posed by accounting practitioners, academics, and users of financial [...]
Start-up and small business owners facing a first-time financial audit might feel like contestants on an episode of the cooking competition show Top Chef, sweating bullets as they await the judges’ decision regarding their culinary efforts. Understanding what goes into an auditor’s report can go a long way toward alleviating that stress. An independent auditor’s [...]
Readers of your financial statements can assume your company’s ability to function as a going concern (i.e., has the resources to operate successfully), unless your company is impacted by specific financial and operational matters. Watch as Ana Gallardo explains four types of these “red flags” – and how CRI can help companies evaluate [...]
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 [...]
David Mills explains the enhanced availability of our industry and services specialists through the CRI vSTAR™ process that utilizes virtual audit technology to leverage the best CRI team members for our clients’ needs.
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 [...]