Cyber risks: A critical part of your auditor’s risk assessment
Data breaches are becoming more frequent, aggressive and sophisticated. Here are some shocking statistics from the “Cost of a Data Breach Report 2022,” along with ways your auditor can help evaluate and mitigate your organization’s risk.
Read More New law puts “book income” in the crosshairs
Could the Inflation Reduction Act have unintended financial reporting consequences? Many accounting professionals are concerned that the new law could compromise the perceived objectivity of U.S. accounting rulemakers.
Read More Is your current bad debt allowance reasonable?
A recent survey of audit partners found that 40% were uncertain about the outlook for their primary industries. In light of this uncertainty, many companies are re-evaluating their allowances for uncollectible receivables.
Read More Consider stress testing to lower risks
Businesses today are dealing with unprecedented levels of operational, financial, compliance, reputational and strategic risks. Stress testing may be the key to keeping those risks in check.
Read More Paying tribute to auditor independence
External auditors are supposed to be public watchdogs who are “independent” of their audit clients, both in appearance and in fact. This may seem like common sense, but independence issues remain at the forefront of stakeholder concerns today.
Read More How external confirmations are used during an audit
External confirmations are one of the simplest, but most effective, audit tools. Do you understand how they work?
Read More Why auditors prefer in-person interviews to assess fraud risks
Psychologists estimate that more than 90% of communication happens through tone of voice and body language. So, when evaluating fraud risks during an audit, a face-to-face interview is critical to help detect nonverbal cues.
Read More Private business owners: Don’t wait until year end to evaluate financial performance
The year is almost half over. Is your business on track to meet its goals for 2022? Interim financial reporting can help gauge your progress.
Read More Dig deeper! Find hidden treasure in financial statement footnotes
Exploring financial statement footnotes can be a rewarding endeavor.
Read More Contingent liabilities: To report or not to report?
Is your company being transparent about contingent liabilities? In today’s uncertain conditions, reporting contingencies can be challenging. Here’s a refresher on the accounting rules for disclosing and estimating expected losses.
Read More Forecasts vs. projections: What’s the big difference?
Use your accountant for more than reporting historical results. Here’s how an accounting professional can help you prepare for the future.
Read More Management letters: Follow up on your auditor’s recommendations
Take your audited financials to the next level by implementing the improvements contained in the management letter.
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