Recent News & Blog / Audit
AUP Engagements: A Middle Ground Between Audits and Consulting Services
Your CPA offers a wide menu of services. An audit is a familiar type of attestation service that provides a formal opinion about whether the company’s financial statements conform to U.S. Generally Accepted Accounting Principles (GAAP).
Measuring "Fair Value" for Financial Reporting Purposes
The standard for valuing certain assets and liabilities under U.S.
Lean Manufacturers: Reap the Benefits of Lean Accounting
Standard cost accounting doesn’t necessarily work for lean operations. Instead, lean accounting offers a simplified reporting alternative that generates more timely, relevant financial data. But it’s not right for every situation.
Auditing Accounting Estimates and the Use of Specialists
The Public Company Accounting Oversight Board (PCAOB) recently voted to finalize two related standards aimed at improving audits of accounting estimates and the work of specialists.
Private Companies: Have You Implemented the New Revenue Recognition Standard?
Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) must comply with the landmark new revenue recognition standard in 2019. Many private company CFOs and controllers report that they still have significant work to do to meet the demands of the sweeping rules.
Evaluating Your Audit Committee
Under the Sarbanes-Oxley Act, the audit committee — not management or the full board of directors — is directly responsible for appointing, compensating and overseeing external auditors.
Time to Celebrate! FASB Expands VIE Exception for Private Companies
The Financial Accounting Standards Board (FASB) recently gave private companies long-awaited relief from one of the most complicated aspects of financial reporting — consolidation of variable interest entities (VIEs). Here are the details.
How to Prepare for Year-End Physical Inventory Counts
As year end approaches, it’s time for calendar-year entities to perform physical inventory counts. This activity is more than a compliance chore. Proactive companies see it as an opportunity to improve operational efficiency.
Accounting for Overhead Costs
Accurate overhead allocations are essential to understanding financial performance and making informed pricing decisions. Here’s guidance on how to estimate overhead rates to allocate these indirect costs to your products and how to adjust for variances that may occur.
Why Revenue Matters in an Audit
For many companies, revenue is one of the largest financial statement accounts. It’s also highly susceptible to financial misstatement.