Auditors have varying responsibilities when it comes to client-prepared reports. The auditor’s role in auditing the financial statements is clear but there are other reports that may require the auditor’s attention as well. Company-Prepared Financial Statements and the Internal Control over Financial Reporting: The auditor has an extensive role when it comes to the audit […]
Reliable, comparable financial statements are a key component of high-quality financial reporting. For financial statements to be considered reliable and comparable they must be free of material misstatements. Accounting changes in previous financial statements reduce the reliability and comparability of the financial statements and they cannot be depended upon by users if they are not […]
The federal and state governments are focusing on providing either tax relief, lost wages relief or updates when employers are affected by the Corona Virus. This may include delaying reporting or allowing for penalty relief. It may also include mandatory sick pay, clarification on current sick pay mandates or changes to unemployment insurance qualifications. The […]
As companies are scrambling to develop and implement alternative working arrangements for many employees, it is easy to see how maintaining high levels of security over company data could get lost in the shuffle. Hackers recognize the increased levels of vulnerabilities caused by the upheaval with COVID-19 and are ready and willing to take advantage […]
This is a difficult time for some – and merely a different time for others. What makes the difference? Mostly attitude. You can decide to be uncomfortable or you can use this as an opportunity to catch up on things you don’t ordinarily find time to do. Of course, It is so much easier for […]
The Wall Street Journal reported that CFOs of public companies are retiring at the fastest pace in over a decade. Exit rates of nearly 18% annually are now thought to be higher than for CEOs, a historically high turnover job. The trend, captured by a survey commissioned by the Journal, is said to be the result of […]
This blog post delves further into the types of accounting changes addressed in Accounting Standards Codification (ASC 250), Accounting Changes and Error Corrections, specifically addressing the steps in the process of correcting an error in the financial statements. Part one of this post was published on March 9, 2020. There is a three-step process to follow to […]
The economic fallout from the COVID-19 crisis has emphasized the current and future need for timely and high-quality financial reporting by all companies. On April 8, 2020, the SEC Chairman and the SEC Division of Corporation Finance Director released a joint statement which included the following summarizing statement: “Company disclosures should reflect [the] state of […]
Does it feel like a loss of control? A loss of knowing whether your staff is working or goofing off? Ask yourself: Does it matter what time the work gets done, or that it gets done well? Ask yourself: How can I assign work that makes both me – and my staff comfortable that we […]
In their latest issue, IR-2020-89, the Internal Revenue Service is reminding businesses of the three new credits that are available to many businesses hit by COVID-19. To recap, these are: Employee Retention Credit: The employee retention credit is designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of […]
