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.
Using agreed-upon procedures to target specific items of concern
If you want to know more about a specific account or nonfinancial matter, an agreed-upon procedures engagement may fit the bill.
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.
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.
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.
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.
Last call for lease accounting
Private companies: Have you implemented the new lease accounting rules? If not, you can’t afford to procrastinate any longer. Here’s what you’ll need to do before year end and how it may impact your financials.
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.
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.
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.
