The AICPA’s Auditing Standards Board (ASB) recently released an exposure draft of a Statement on Auditing Standards (SAS) and a Statement on Standards for Attestation Engagements (SSAE) that would align the AICPA definition of materiality with the definitions used by the United States judicial system, the PCAOB auditing standards, the FASB, and the U.S. Securities […]
Puzzled by a tricky question from a client? Looking for hard-to-find information? Stumped by a request from a partner or referral source? Don’t ask those closest to you – your peers, your partners, your buddies. Instead reach out to dormant ties for help. Why? Professionals contacted people they hadn’t been in touch with for 3+ years. […]
When I wrote my first book, Finance for Non-Financial Managers, it opened with then-current stories of CEOs whose companies had been caught gaming their financial reporting, while the CEOs claimed they didn’t know because they weren’t accountants, or some such excuse. I posited that CEOs could no longer afford to be non-financial, that they could […]
Regularly evaluating the conflicts of interest potentially affecting your company may not seem important to your business operations. However, because employees, leaders and board members are constantly rotating through and making changes in their personal lives, it is key for a company to regularly review the conflicts of interest of individuals tied to the organization […]
Segregation of duties is the cornerstone of a company’s internal control structure. Maintaining proper segregation of duties in core business process areas minimizes the opportunity for an employee to commit fraud against his or her employer. Duty segregation protects both the employer and the employee. In any business accounting cycle (such as cash management, inventory, accounts receivable, […]
I’ve written about the amazing Michaela Shiffrin before. She’s the exciting alpine skier who has achieved spectacular results. She’s won the World Cup overall title three times. She has 56 World Cup individual victories and three Olympic medals. Two of those are gold. She’s the best in the world. How does she make it look easy? It’s just like […]
The Financial Accounting Standards Board (FASB) has recently requested input from public companies on the topic of accounting for intangible assets and goodwill. Input is needed on the best accounting method for goodwill that is informational and useful to the investors while not being overly burdensome for the accountants. What is goodwill? Goodwill is an […]
Maintaining professional skepticism during all parts of the audit process is crucial and is required of those performing audits according to professional standards. Professional skepticism must be applied to all areas throughout the year, including planning the audit, performing the fieldwork and maintaining the on-going client relationship during the remainder of the year. What is […]
The Internal Revenue Service has launched the new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier for everyone to have the right amount of tax withheld during the year. The Tax Withholding Estimator replaces the Withholding Calculator, which offered workers a convenient online method for checking their withholding. The new Tax […]
Rarely is there an accounting change that affects all companies and all industries, however Accounting Standards Codification 606 is one such change. Almost all entities within almost all industries will be affected by ASC 606 because of the changes in the disclosure requirements. Scope of ASC 606 ASC 606 specifically addresses the recognition of revenue from […]
