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    Home > Blog > Accounting and Audit

    Delisted Accounting Published by Planet MicroCap Review Magazine
    Posts

    “Delisted Accounting” Published by Planet MicroCap Review Magazine

    If a company has failed to meet the conditions that triggered a deficiency notice resulting in the company’s shares being...

    avoid name mismatch audits
    Posts

    How to avoid name mismatch audits

    If you were married, divorced, or changed your name for any reason during the past year, you must change your...

    Inventory Management for Start-Up Business Expenses and Accounting Methods
    Posts

    4 ways prioritizing inventory management can help your business

    Mastering inventory levels is a key to many successful and growing businesses. Here are four reasons why prioritizing your inventory...

    Separation of Duties for Start-Up Business Expenses and Accounting Methods
    Posts

    Safeguarding your business’s cash with separation of duties

    The best way for small businesses to battle fraud is to create a separation of duties framework. With the separation...

    sole proprietors
    Posts

    An IRS audit target: the sole proprietor

    The IRS releases its Data Book annually, which details all of its activities. And during the past few years, audits...

    Take your audit to the next level with management letters
    Posts

    Management letters: Follow up on your auditor’s recommendations

    In today’s uncertain market, maintaining the status quo might be dangerous. Businesses must “level up” by being proactive and adaptable...

    financial distress debt in business
    Posts

    Do you know the signs of financial distress in a business?

    The financial figures do not tell the entire story. Knowing how to see warning signs of coming issues allows investors,...

    Financial Forecasts and Projections
    Posts

    Forecasts vs. projections: What’s the big difference?

    Financial statements consider past results. But there are occasions when you need forward-looking reports, like forecasts and projections, to: Support...

    Posts

    Leveraging internal audits

    Internal audit departments are typical in businesses. They check to see if the company is accurately reporting financial data according...

    Goodwill in a bad economy
    Posts

    Goodwill in a bad economy

    Many companies and nonprofit organizations have been forced to reduce the value of acquired goodwill on their balance sheets due...

    Fair Value in Accounting
    Posts

    FAQs about fair value in accounting

    Recent guidance from accounting rule makers requires the “fair value” reporting of specific items on the balance sheet. Here are...

    Inventory Management for Start-Up Business Expenses and Accounting Methods
    Posts

    Deciding between cash and accrual accounting methods

    Small businesses typically begin with the cash-basis accounting technique. However, many eventually switch to accrual-basis reporting to comply with U.S....

    reporting subsequent events
    Posts

    Timing counts: Reporting subsequent events

    Significant events or transactions may occur after the reporting period has ended but before the completion of financial statements. Examples...

    audit opinions for related-party transactions
    Posts

    Eyes on related parties

    Business transactions with related parties, such as friends, family, parent firms, subsidiaries, and affiliated entities, may occasionally occur at above-...

    Going Private Versus Public Company
    Posts

    Going private

    The news media has recently focused on initial public offerings (IPOs) involving special purpose acquisition companies (SPACs). However, amid the...

    Critical Audit Matters, Risk, Esg Issues, and More Reported
    Posts

    New audit committee survey reveals trends on risks, ESG reporting, and more

    The Center for Audit Quality, an associate of the American Institute of Certified Public Accountants, released a survey titled "Audit...

    audit opinions for related-party transactions
    Posts

    Four levels of audit opinions

    The auditor’s report appears on the first page of the audited financial statements. One should not overlook that essential aspect...

    Benchmarking and Forecasting with Data Analytics in Financial Statements
    Posts

    Take your financial statements to the next level

    Spring is the time of year that calendar-year-end businesses issue financial statements and prepare tax returns. This year, take your...

    Reading the Fine Print in Audit Disclosures
    Posts

    Audit disclosures: Why the fine print is important

    Footnotes appear at the end of a company’s audited financial statements. These audit disclosures provide insight into account balances, accounting...

    activity-based costing
    Posts

    The ABCs of activity-based costing

    As reported on your company’s income statement, revenue and expenses have limited usefulness to people inside the organization. Managers often...

    What contemporaneous records do I need to keep? CPA preparations or compilations
    Posts

    Preparations vs. compilations

    Your business needs financial statements. That way, management can monitor performance, attract investment capital, and borrow money from a bank...

    The best defense for what to do when audited on audits of an IRS Tax Return Audit
    Posts

    Keeping meticulous records is the key to tax deductions and painless IRS audits

    If you operate a business or are starting a new one, you know you need to keep records of your...

    Business forecasting and harvesting your capital losses
    Posts

    How to forecast smarter

    Forecasting key business metrics can help reduce excess inventory and other overhead, offer competitive prices, and keep your business on...

    Financial Statements: A Guide to Optimal Business Decisions
    Posts

    Let your financial statements guide you to optimal business decisions

    Now that 2022 is up and running, business owners can expect to face a few challenges and tough choices as...

    Managing Inventory
    Posts

    Reporting and managing inventory

    Ineffective inventory management and reporting can result in bloated working capital and impaired business profits. In industries that rely on...

    fraud risks
    Posts

    How to assess fraud risks today

    Auditing standards require external auditors to consider potential fraud risks. These auditors watch out for conditions that provide the opportunity...

    Posts

    Data visualization: A picture is worth 1,000 words

    Graphs, performance dashboards and other visual aids can help managers, investors and lenders digest complex financial information. Likewise, auditors also...

    Posts

    10 financial statement areas to watch for COVID-related effects

    The COVID-19 pandemic is still adversely affecting many businesses and not-for-profit organizations, but the effects vary, depending on the nature...

    Posts

    Going concern disclosures today

    With the COVID-19 pandemic well into its second year and the start of planning for the upcoming audit season, you...

    Posts

    Related-party transactions draw attention from auditors

    Related-party transactions and financial connections are a normal part of operating a business. But these arrangements have gotten a bad...

    Posts

    Opening a new location calls for careful planning

    The U.S. economy has been nothing short of a roller-coaster ride for the past year and a half. Some industries...

    Posts

    Restating financial results

    In the first half of 2021, there was a surge in financial restatements. The reason relates to guidance issued by...

    Posts

    Want to find out what IRS auditors know about your business industry?

    In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues...

    Posts

    Financial reporting issues to consider in “going private” transactions

    In the midst of mounting inflation, supply shortages, geopolitical turmoil, threats of cyberattacks and continuing COVID-19 concerns, public stock prices...

    Posts

    CAMs: Thumbs up or thumbs down?

    Auditors of public companies started reporting critical audit matters (CAMs) in their audit opinions in 2019. This represents a major...

    Posts

    Have you followed up on the management letter from your audit team?

    Auditors typically deliver financial statements to calendar-year businesses in the spring. A useful tool that accompanies the annual report is...

    Posts

    Financial statements: Take the time to read the entire story

    A complete set of financial statements for your business contains three reports. Each serves a different purpose, but ultimately helps...

    Posts

    Analytics software: A brave new world in auditing

    Analytical software tools will never fully replace auditors, but they can help auditors do their work more efficiently and effectively....

    Posts

    5 ways to take action on accounts receivable

    No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies...

    Posts

    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...

    Posts

    Auditing WIP

    Many types of businesses — such as homebuilders and manufacturers — turn raw materials into finished products for customers. Production...

    Posts

    Follow the cutoff rules for revenue and expenses

    Timing counts in financial reporting. Under the accrual method of accounting, the end of the accounting period serves as a...

    Posts

    Accounting methods: Private companies have options

    Businesses need financial information that’s accurate, relevant and timely. The Securities and Exchange Commission requires publicly traded companies to follow...

    Posts

    Don’t assume your profitable company has strong cash flow

    Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you...

    Posts

    Hit or miss: Is your working capital on-target?

    Working capital equals the difference between current assets and current liabilities. Organizations need a certain amount of working capital to...

    Posts

    Using your financial statements to evaluate capital budgeting decisions

    Strategic investments — such as expanding a plant, purchasing a major piece of equipment or introducing a new product line...

    Posts

    Receivables may be a source of cash in tough times

    Many companies are continuing to struggle financially during the COVID-19 pandemic. If cash is tight, what can your business do...

    Posts

    Accounting for business combinations

    If your company is planning to merge with or buy another business, your attention is probably on conducting due diligence...

    Posts

    What’s on the FASB’s 2021 agenda?

    In December 2020, Richard Jones stepped up as chairman of the Financial Accounting Standards Board (FASB). After meeting with stakeholders...

    Posts

    External audits offer many benefits to nonprofits

    Your nonprofit organization may be required to hire an independent outside CPA to audit its books, depending on its annual...

    Posts

    Using analytical procedures in an audit provides many benefits

    Analytical procedures can make audits more efficient and effective. First, they can help during the planning and review stages of...

    Posts

    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...

    Posts

    Demystifying the audit process

    Independent auditors provide many benefits to business owners and management: They can help uncover errors in your financials, identify material...

    Posts

    GAAP vs. tax-basis reporting: Choosing the right model for your business

    Virtually every business must file a tax return. So, some private companies issue tax-basis financial statements, rather than statements that...

    Posts

    Why financial restatements happen … and how to prevent them

    When companies reissue prior financial statements, it raises a red flag to investors and lenders. But not all restatements are...

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