Audit and Assurance Articles

More than 32 million U.S. businesses are required to file beneficial ownership information (BOI) reports this year, but the clock is ticking.

Need another reason to maintain accurate and detailed financial statements? You’ll appreciate having them when it comes time to determine the value of your business.

Privately held companies typically issue financial statements once each year to help stakeholders evaluate the financial health of their company. But why wait when more frequent financial reporting can provide more timely insight?

A proposed change by the Financial Accounting Standards Board would create a standardized method for public and private companies to report government grants.

Accountants can provide assurance that your financial statements appear to be in good standing, but deciding the level of assurance is up to you.

Even if your business is established and on solid ground, don’t overlook the potential value of a detailed business plan.

A FASB advisory group will focus on four big regulatory issues faced by private businesses this year and determine whether changes are needed.

Keeping a firm grip on your company’s internal controls can make your audit process run more smoothly and help you avoid major risks year-round.

Disclosures in the form of footnotes can pack a lot of vital information in a company’s financial statements, which is why it’s important to keep them detailed and accurate.

Business leaders are at odds with the FASB over the impact of ASU No. 2023-ED100, which would drastically change the way tax and rate reconciliation figures are disclosed.

The cost of goods sold can account for 70% of a company’s expenses, according to recent discussions by the FASB’s Investor Advisory Committee. However, some companies skimp on details around the costs they incur to produce goods. The FASB’s disaggregation of income statement project could change that.

Businesses and nonprofit groups are gradually adjusting to requirements of the new lease accounting standard, such as bringing most leases onto the balance sheet. Since ASC 842 can seem confusing, here’s a quick guide to ease the adjustment period.

Being fully prepared and organized can help your financial statement audit go smoothly and ultimately save your business or organization time, money, and headaches.

During the COVID-19 pandemic, many audit procedures have been performed remotely, forcing auditors to rely more heavily on analytical procedures. It’s important to understand how auditors use analytical procedures to make audits more efficient and effective.

A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.

A good internal control system can help a company in critical ways, including accurate financial reporting and detection of financial misstatements.