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. Read More
Do you know the signs of financial distress in a business?
Financial distress rarely happens overnight. There are usually red flags indicating that trouble is brewing, but it might take some effort to spot them. Read More
Leveraging internal audits
Are you making the most of your internal audit team? Don’t let the skills of internal auditors go underutilized at your organization. Read More
Goodwill in a bad economy
Internally generated goodwill isn’t on the balance sheet. But acquired goodwill is another story. Do you know the rules for reporting acquired goodwill and subsequently testing it for impairment? This is a hot button for many organizations today. Read More
FAQs about fair value in accounting
Got questions about fair value under U.S. GAAP? Here are some answers to help take the guesswork out of reporting these estimates. Read More
Deciding between cash and accrual accounting methods
Do you know the differences between cash and accrual accounting methods? Some small business owners are unaware of the options that are now available to them. Read More
Timing counts: Reporting subsequent events
In today’s marketplace, conditions are ever-changing. By the time you issue year-end financial statements, you may be dealing with a major development that’s affecting your company’s performance. Which developments must be recognized or disclosed in your financials? Read More