The pretax (accounting) profit that’s reported on your company’s income statement is an important metric. Lenders, investors and other stakeholders rely on pretax profits to evaluate a company’s financial performance.…
It’s critical for business owners and managers to understand how to present contingent liabilities accurately in the financial statements. Under U.S. Generally Accepted Accounting Principles (GAAP), some contingent losses may…
The evolution of financial reporting In recent years, the accounting rules have undergone significant changes, including updated standards for reporting revenue, leases and credit losses. While business owners and managers…
As calendar-year entities wrap up financial reporting for the year, their external auditors work behind the scenes to prepare for audit season. Here’s what you can do to help facilitate…
Running a closely held business is challenging. Owners usually prioritize core business operations — such as managing employees, serving customers and bringing in new sales — over tedious bookkeeping tasks.…
Is your company ready for agile auditing? Agility — or the ability to react quickly — is essential to surviving and thriving in today’s competitive landscape. Though agile techniques were…
Four ways to improve the effectiveness of your audit committee Audit committee(s) face many challenges in 2021. As the economy rebounds from the COVID-19 pandemic, there are new dimensions to…
Analytical procedures can help make your audit more efficient The use of audit analytics can help during the planning and review stages of the audit. But analytics can have an…
Preparing for the possibility of a remote audit This audit season might be much different than seasons of yore. As many companies continue to operate remotely during the COVID-19 pandemic,…
Reporting contingent liabilities Contingent liabilities reflect amounts that your business might owe if a specific “triggering” event happens in the future. Sometimes companies are unclear when they’re required to report…