Auditing Work in Progress

Many types of businesses — such as homebuilders and manufacturers — turn raw materials into finished products for customers. Production is a continuous process. So, any work that’s been started but isn’t yet completed before the end of the accounting period is reported as work in progress (WIP) under U.S.

2021-07-20T11:40:12-06:00July 20th, 2021|

Auditing Cashless Transactions

Like most businesses, you’ve probably experienced a significant increase in the number of customers who prefer to make cashless payments. And you may be wondering: How does the acceptance of these types of transactions affect the auditing of your financial statements? Cashless transactions require the exchange of digital information to

2021-04-12T14:55:29-06:00March 12th, 2019|

How Auditors Assess Risk When Preparing Financial Statements

Every year, your audit firm will conduct a fresh risk assessment before the start of fieldwork. Why? Because your auditor wants to mitigate the risk of expressing an incorrect opinion regarding the accuracy and integrity of the company’s financial statements. Inadvertently signing off on financial statements that contain material misstatements

2021-04-12T14:55:52-06:00November 27th, 2018|

Income Statement Items Warrant Your Auditor’s Attention

Today’s auditors spend significant time determining whether amounts claimed on the income statement capture the company’s financial performance during the reporting period. Here are some income statement categories that auditors focus on. Revenue Revenue recognition can be complex. Under current accounting rules, companies follow a patchwork of industry-specific guidance. So,

2021-04-12T14:57:07-06:00January 30th, 2018|

Demystifying the Audit Process

Independent auditors provide many benefits to business owners and management: They can help uncover errors in your financials, identify material weaknesses in your internal controls, and increase the level of confidence lenders and other stakeholders have in your financial reporting. But many companies are unclear about what to expect during

2021-04-12T14:57:08-06:00January 16th, 2018|
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