Posts Tagged ‘Financial Statements’

Accounting & Audit Alert- Forecasts vs. projections: What’s the big difference?

Financial statements look at historical performance. But there are times when you want forward-looking reports to help your business make strategic investment decisions, evaluate the viability of a turnaround plan or apply for a loan.

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Posted In: Alerts & Advisories

Accounting & Audit Alert- Do you know the signs of financial distress in a business?

Financial statements tell only part of the story. Investors, lenders and other stakeholders who know how to identify red flags of impending problems can protect their own financial interests. Additional due diligence may be needed

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Posted In: Alerts & Advisories

Accounting & Audit Alert- Timing counts: Reporting subsequent events

Major events or transactions — such as a natural disaster, a cyberattack, a regulatory change or the loss of a large business contract — may happen after the reporting period ends but before financial statements

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Posted In: Alerts & Advisories

Accounting & Audit Alert- Eyes on related parties

Business transactions with related parties — such as friends, relatives, parent companies, subsidiaries and affiliated entities — may sometimes happen at above- or below-market rates. This can be misleading to people who rely on your

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Posted In: Alerts & Advisories

Accounting & Audit Alert- Audit disclosures: Why the fine print is important

Footnotes appear at the end of a company’s audited financial statements. These disclosures provide insight into account balances, accounting practices and potential risk factors — knowledge that’s vital to making well-informed lending and investing decisions.

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Posted In: Alerts & Advisories

Accounting & Audit Alert- Preparations vs. compilations

Your business needs financial statements so management can monitor performance, attract investment capital and borrow money from a bank or other lender. But not all financial statements are created equal. Audited statements are considered the

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Posted In: Alerts & Advisories

Accounting & Audit Alert- How to assess fraud risks today

Auditing standards require external auditors to consider potential fraud risks by watching out for conditions that provide the opportunity to commit fraud. Unfortunately, conditions during the COVID-19 pandemic may have increased your company’s fraud risks.

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Posted In: Alerts & Advisories

Accounting & Audit Alert- 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 use visual aids during a financial statement audit to quickly identify trends and anomalies that

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Posted In: Alerts & Advisories

Accounting & Audit Alert- 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 may have questions about how to evaluate your company’s going concern status. While some industries

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Posted In: Alerts & Advisories