Is a drop in profits a time to panic?
If your profits are down, don’t panic. Your financial statements can help you detect clues to solve the mystery of your disappearing profits. Check for red flags As you sell…
Communicating with the Audit Committee
The Audit Committee Auditors and CFOs often present information about a company’s or not-for-profit’s operations, strategies, and risks to the Audit Committee or another oversight committee such as the finance…
The Facts on Sampling to Test Internal Controls
Testing Internal Controls To test the effectiveness of an organization’s internal controls, your auditor will analyze a representative sample of transactions to make assertions about the entire population. This method…
Materiality and Your Audit/Review
How materiality is established in an audit or a review When accountants conduct an audit or review, they can’t test every transaction. Instead, they set a “materiality” threshold. This benchmark…