Tag Archives | audit services

Should a distressed company consider debt restructuring?

Many businesses have experienced severe cash flow problems during the COVID-19 pandemic. As a result, some may have delayed or missed loan payments. Instead of filing for bankruptcy in court, delinquent debtors may reach out to lenders about restructuring their loans. Restructuring vs. Chapter 11 Out-of-court debt restructuring is a process by which a public […]

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Reporting Contingent Liabilities

Contingent liabilities reflect amounts that your business might owe if a specific “triggering” event happens in the future. Sometimes companies are unclear when they’re required to report a contingent liability on their financial statements under U.S. Generally Accepted Accounting Principles (GAAP). Here are the basics. What are contingent liabilities? Operating a business comes with a […]

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Benchmarking Financial Performance

You already may have reviewed a preliminary draft of your company’s year-end financial statements. But without a frame of reference, they don’t mean much. That’s why it’s important to compare your company’s performance over time and against competitors. Conduct a well-rounded evaluation A comprehensive benchmarking study requires calculating ratios that gauge the following five elements: […]

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Does Your Employee Benefit Plan Need an Audit?

Some benefit plans are required to include an opinion from an independent qualified public accountant (IQPA) when filing Form 5500 each year. The IQPA examines the plan’s financial statements and schedules to ensure they’re presented fairly and in conformity with Generally Accepted Accounting Principles (GAAP). The financial statements and IQPA opinion are often referred to […]

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DWC CPAs Earn Exclusive Employee Benefit Plan Audit Expert Credentials

Dalby, Wendland & Co., P.C., is pleased to announce local CPAs Brian J. Hollingsworth and Kelsa D. Tinsley have attained certifications in Employee Benefit Plans Audit (EBP) from the Association of International Certified Professional Accountants. Brian obtained the Intermediate Employee Benefit Plans Audit Certificate and Kelsa obtained the Advanced Employee Benefit Plans Audit Certificate. The […]

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Financial Reporting: Measuring Fair Value

Business assets are generally reported at the lower of cost or market value. Under this accounting principle, certain assets are reported at fair value, such as asset retirement obligations and derivatives. Fair value also comes into play in M&A transactions. That is, if one company acquires another, the buyer must allocate the purchase price of […]

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Audit Management Letters Give Good Advice

Audited financial statements come with a special bonus: an “audit management letter” that recommends ways to improve your business. It gives good and  free advice from financial pros who’ve seen hundreds of businesses at their best (and worst) and who know which strategies work (and which don’t). If you haven’t already implemented changes based on […]

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What is an agreed upon procedures (AUP) engagement?

CPAs can offer many types of helpful audit and assurance services for businesses. An audit, for instance, is a common type of attestation service that provides a formal opinion about whether a company’s financial statements conform to U.S. Generally Accepted Accounting Principles (GAAP). Consulting services, in contrast, may include advice or technical assistance that’s only […]

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