audit

Auditors are skeptical of accounting estimates. Here’s what they’re looking for and why, in recent years, they’ve upped the ante on audit procedures related to estimates and the use of specialists.

Auditors of public companies started reporting critical audit matters (CAMs) in their audit opinions in 2019. This represents a major change to the pass-fail auditors’ reports that had been in place for decades. CAMs relate to accounts or disclosures that are material to a company’s financial statements and involve especially difficult judgment from auditors. A recent post-implementation review of the CAM rules reveals that the average number of CAMs has declined over time. However, stakeholders find them beneficial. In fact, 80% of investors who read CAMs use them to identify key financial reporting risks, but many want more specific language for CAMs.

New lease accounting rules go into effect this year for private companies and nonprofits. Related-party leases continue to be a sticking point, but help may be coming soon.

Statistical tools, like Benford’s Law, can help your auditors work smarter. But it’s important to recognize the limits of these tools.

If you want to know more about a specific account or nonfinancial matter, an agreed-upon procedures engagement may fit the bill.

Accounting for software costs is one of the gray areas in financial reporting. Fortunately, the FASB’s working on a project to simplify matters.

Have your accounting procedures and systems kept up with the times? Here are five tips to consider.

Many small and midsized businesses use QuickBooks for bookkeeping purposes. Are you taking advantage of all that your accounting software has to offer?

The Great Resignation has caused significant turnover at many organizations. And finding replacements for high-skill positions can be challenging in today’s labor market. Here are four questions to ask if your accounting team leader unexpectedly leaves.

Not-for-profit entities may not focus on earnings per share, but that doesn’t mean they can afford to neglect their accounting function. Here are some tips to help nonprofits run a well-oiled accounting department

A physical inventory count gives a snapshot of how much inventory your company has on hand at year end. Are you ready to start counting?

The SEC is committed to preventing conflicts of interest. Regardless of whether your organization is public or private, here’s what you should know to protect the perceived reliability of your audited financial statements.