audit

accounting estimates

Accounting Estimates Present Challenges in Times of Uncertainty

In today’s unprecedented market conditions, it can be challenging to predict metrics that underlie your company’s accounting estimates. Examples of key “unknowns” include how much longer certain pandemic issues will…

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fair value accounting

What’s “Fair Value” in an Accounting Context?

In recent years, the accounting rules for certain balance sheet items have transitioned from historical cost to “fair value.” Examples of assets that may currently be reported at fair value…

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audit committee

4 Ways to Improve the Effectiveness of Your Audit Committee

An Audit committee faces many challenges in 2021. As the economy rebounds from the COVID-19 pandemic, there are new dimensions to the oversight roles and responsibilities of the audit committee.…

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analytical procedures

Analytical Procedures Can Help Make Your Audit More Efficient

The use of audit analytical procedures can help during the planning and review stages of the audit. But analytics can have an even bigger impact when these procedures are used…

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key person

Assessing and Mitigating Key Person Risks

Auditing standards require a year-end risk assessment. One potential source of risk may be a small business’s reliance on the owner and other critical members of its management team. If…

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inventory counts

How COVID-19 Could Impact Year-End Inventory Counts

Many businesses are closed or are limiting third-party access as COVID-19 surges across the United States. These restrictions could still be in place at year end — a time when…

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SWOT analysis

Year-End SWOT Analysis can Uncover Risks

As your company plans for the coming year, management should assess your strengths, weaknesses, opportunities and threats. A SWOT analysis identifies what you’re doing right (and wrong) and what outside…

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remote audit

Preparing for the Possibility of a Remote Audit

The coming audit season might be much different than seasons of yore. As many companies continue to operate remotely during the COVID-19 pandemic, audit procedures are being adjusted accordingly. Here’s…

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conflicts of interest

Avoiding Conflicts of Interest with Auditors

A conflict of interest could impair your auditor’s objectivity and integrity and potentially compromise you company’s financial statements. That’s why it’s important to identify and manage potential conflicts of interest.…

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audit prep

Audit Prep: 6 Ways to Save Time and Money

Amidst an economic crisis, the idea of undergoing an external audit may not be appealing. But it’s a valuable tool for demonstrating your financial condition to stakeholders — perhaps more…

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