--- title: Machen McChesney Blog | Aaron K. Waller, CPA --- [Family of Services](http://machenmcchesney.com/about-us/family-of-companies/)  |  [CPA & Business Advisory](http://machenmcchesney.com)  |  [Payroll, HR & Benefits](http://focuspaysolutions.com/)  |  [Wealth Management](http://machenmcchesney.com/services/financial-planning-and-wealth-mangement-services/) Auburn-Opelika (334) 887-7022 | Montgomery (334) 244-8900 [![mm-re-cobrand-fd-blues](https://info.machen.cpa/hs-fs/hubfs/mm-re-cobrand-fd-blues.png?width=279&height=100&name=mm-re-cobrand-fd-blues.png)](http://machenmcchesney.com) Search this site on Google Search Google Search this site on Google Search Google - [Client Portal](https://machenmcchesney.sharefile.com/Authentication/Login) - [1040 Electronic Organizer](https://www.my1040data.com/account/login/HT7902990) - [LinkedIn](https://www.linkedin.com/company/675439?trk=tyah&trkInfo=idx%3A1-1-1%2CtarId%3A1424436970395%2Ctas%3Amachen+mcchesney) - [Facebook](https://www.facebook.com/machenmcchesney) - [Google](https://plus.google.com/101356546927388458481) - [Twitter](https://twitter.com/machenmcchesney) - About Us - [Welcome](http://machenmcchesney.com/about-us/welcome/) - [Affiliations and Associations](http://machenmcchesney.com/about-us/affiliations-and-associations/) - [Community Events](http://machenmcchesney.com/about-us/community-events/) - [Family of Companies](http://machenmcchesney.com/about-us/family-of-companies/) - [History](http://machenmcchesney.com/about-us/firm-profile-history/) - [Mission and Values](http://machenmcchesney.com/about-us/mission-and-values/) - [Team Directory](http://machenmcchesney.com/about-us/team-directory/) - Services - [Accounting & Outsourcing](http://machenmcchesney.com/services/accounting-outsourcing/) - [Audit and Assurance Services](http://machenmcchesney.com/services/audit-assurance/) - [Business Advisory Services](http://machenmcchesney.com/services/business-advisory/) - [Business Valuation Services](http://machenmcchesney.com/services/business-valuation-services/) - [Family Office Services](http://machenmcchesney.com/services/family-care/) - [Financial Planning & Wealth Mangement Services](http://machenmcchesney.com/services/financial-planning-and-wealth-mangement-services/) - [Individual Services](http://machenmcchesney.com/services/individuals/) - [Taxation](http://machenmcchesney.com/services/taxation/) - Who We Serve - [Construction & Real Estate](http://machenmcchesney.com/industries/construction-real-estate/) - [Credit Unions](http://machenmcchesney.com/industries/credit-unions/) - [Government & Not-For-Profits](http://machenmcchesney.com/industries/governmental-not-for-profit/) - [Healthcare & Professional Services](http://machenmcchesney.com/industries/healthcare-and-professional-services/) - [Hospitality, Restaurant & Retail](http://machenmcchesney.com/industries/hospitality-restaurant-retail/) - [Manufacturing, Distribution & Automotive](http://machenmcchesney.com/industries/manufacturing-distribution-automotive/) - [Success Stories](http://machenmcchesney.com/success-stories) - Resources - [Blog](https://info.machenmcchesney.com/blog) - [E-Newsletter Archive](http://machenmcchesney.com/resources/e-newsletter-archive/) - [Financial Calculators](http://machenmcchesney.com/resources/financial-calculators/) - [Financial Terms Glossary](http://machenmcchesney.com/resources/financial-terms-glossary/) - [Helpful Articles](http://machenmcchesney.com/resources/newsletter/) - [Tax Calendar](http://machenmcchesney.com/resources/tax-calendar/) - [Tax Links](http://machenmcchesney.com/resources/tax-links/) - [Track Your Refund](http://machenmcchesney.com/resources/track-your-refund/) - [Sign Up for Our E-Newsletter](http://machenmcchesney.com/resources/e-newsletter/) - [Subscribe to Our Blog](http://machenmcchesney.com/resources/subscribe-to-the-machen-mcchesney-blog/) - News & Events - [Press Releases](http://machenmcchesney.com/news-events/press-releases/) - [Upcoming Events](http://machenmcchesney.com/news-events/upcoming-events/) - Careers - [Our Culture](http://machenmcchesney.com/careers/culture/) - [Benefits](http://machenmcchesney.com/careers/benefits/) - [Our Stories](http://machenmcchesney.com/careers/our-stories/) - [Current Openings](http://machenmcchesney.com/careers/current-openings-send-resume/) - [Accounting Internship Opportunities](http://machenmcchesney.com/careers/students/) - Contact Us - [Auburn-Opelika Office](http://machenmcchesney.com/contact-us/contact-us-auburn-office/) - [Montgomery Office](http://machenmcchesney.com/contact-us/contact-us-montgomery-office/) # Returning Value Blog ## Aaron K. Waller, CPA ### Recent Posts ## [Remote Auditing Is Here to Stay: How It's Changing the Audit Process](https://info.machen.cpa/blog/remote-auditing-is-here-to-stay-how-its-changing-the-audit-process) ![](https://info.machen.cpa/hubfs/Aaron%20Waller%202025%20update.jpg) Posted by [Aaron K. Waller, CPA](https://info.machen.cpa/blog/author/aaron-k-waller-cpa) on Feb 05, 2026 [![](https://info.machen.cpa/hubfs/audit%20-2053133682-social.jpg)](https://info.machen.cpa/blog/remote-auditing-is-here-to-stay-how-its-changing-the-audit-process) Once considered a temporary workaround, remote auditing is now a permanent part of how audits are planned and performed. Technological advances and evolving workforce expectations have pushed audit firms to rethink traditional, fully on-site approaches. The question isn’t whether remote auditing will continue (it will), but how firms and clients can use it effectively while maintaining audit quality. [Full Story](https://info.machen.cpa/blog/remote-auditing-is-here-to-stay-how-its-changing-the-audit-process) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [Using the Audit Management Letter as a Strategic Tool](https://info.machen.cpa/blog/using-the-audit-management-letter-as-a-strategic-tool) ![](https://info.machen.cpa/hubfs/Aaron%20Waller%202025%20update.jpg) Posted by [Aaron K. Waller, CPA](https://info.machen.cpa/blog/author/aaron-k-waller-cpa) on Dec 11, 2025 [![](https://info.machen.cpa/hubfs/Audit%202193222540-Social.jpg)](https://info.machen.cpa/blog/using-the-audit-management-letter-as-a-strategic-tool) Year-end is fast approaching. Calendar-year entities that issue audited financial statements may be gearing up for the start of audit fieldwork — closing their books, preparing schedules, and coordinating with external auditors. But there’s one valuable audit deliverable that often gets overlooked: the management letter (sometimes called the “internal control letter” or “letter of recommendations”). [Full Story](https://info.machen.cpa/blog/using-the-audit-management-letter-as-a-strategic-tool) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [Ready, Set, Count Your Inventory](https://info.machen.cpa/blog/ready-set-count-your-inventory) ![](https://info.machen.cpa/hubfs/Aaron%20Waller%202025%20update.jpg) Posted by [Aaron K. Waller, CPA](https://info.machen.cpa/blog/author/aaron-k-waller-cpa) on Nov 24, 2025 [![](https://info.machen.cpa/hubfs/Inventory%20-1222283008-social.jpg)](https://info.machen.cpa/blog/ready-set-count-your-inventory) When businesses issue audited financial statements, year-end physical inventory counts may be required for retailers, manufacturers, contractors, and others that carry significant inventory. Auditors don’t perform the counts themselves, but they observe them to evaluate the accuracy of management’s procedures, verify that recorded quantities exist, and assess whether inventory is properly valued. [Full Story](https://info.machen.cpa/blog/ready-set-count-your-inventory) Posted in [Accounting & Outsourcing](https://info.machen.cpa/blog/topic/accounting-outsourcing) ## [What's the Right Inventory Accounting Method for Your Business?](https://info.machen.cpa/blog/whats-the-right-inventory-accounting-method-for-your-business) ![](https://info.machen.cpa/hubfs/Aaron%20Waller%202025%20update.jpg) Posted by [Aaron K. Waller, CPA](https://info.machen.cpa/blog/author/aaron-k-waller-cpa) on Nov 07, 2025 [![](https://info.machen.cpa/hubfs/Inventory%20-657492328-2.jpg)](https://info.machen.cpa/blog/whats-the-right-inventory-accounting-method-for-your-business) Inventory is one of the most significant assets on a balance sheet for many businesses. If your business owns inventory, you have some flexibility in how it’s tracked and expensed under U.S. Generally Accepted Accounting Principles (GAAP). The method you use to report inventory can have a dramatic impact on your bottom line, tax obligations, and financial ratios. Let’s review the rules and explore your options. [Full Story](https://info.machen.cpa/blog/whats-the-right-inventory-accounting-method-for-your-business) Posted in [Accounting & Outsourcing](https://info.machen.cpa/blog/topic/accounting-outsourcing) ## [FASB About the Going Concern Assessment](https://info.machen.cpa/blog/fasb-about-the-going-concern-assessment) ![](https://info.machen.cpa/hubfs/Aaron%20Waller%202025%20update.jpg) Posted by [Aaron K. Waller, CPA](https://info.machen.cpa/blog/author/aaron-k-waller-cpa) on Oct 15, 2025 [![](https://info.machen.cpa/hubfs/GAAP%20-2180050713-social.jpg)](https://info.machen.cpa/blog/fasb-about-the-going-concern-assessment) The going concern assumption underlies financial reporting under U.S. Generally Accepted Accounting Principles (GAAP) unless management has plans to liquidate. If a going concern issue is identified but not adequately disclosed, the omission might be considered “pervasive” because it can affect users’ understanding of the financial statements as a whole. So it’s critical to get it right. Here are answers to common questions about this assumption to help evaluate your company’s ability to continue operating in the future. [Full Story](https://info.machen.cpa/blog/fasb-about-the-going-concern-assessment) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [Confirm This: Why Your Auditors Contact Third Parties](https://info.machen.cpa/blog/confirm-this-why-your-auditors-contact-third-parties) ![](https://info.machen.cpa/hubfs/Aaron%20Waller%202025%20update.jpg) Posted by [Aaron K. Waller, CPA](https://info.machen.cpa/blog/author/aaron-k-waller-cpa) on Jun 20, 2025 [![](https://info.machen.cpa/hubfs/audit%20-2192449227-1.jpeg)](https://info.machen.cpa/blog/confirm-this-why-your-auditors-contact-third-parties) If your company’s financial statements are audited, chances are your auditor will send out external confirmations.These information requests may be sent directly to your customers, vendors, banks, attorneys, and benefit plan administrators. [Full Story](https://info.machen.cpa/blog/confirm-this-why-your-auditors-contact-third-parties) Posted in [Accounting & Outsourcing](https://info.machen.cpa/blog/topic/accounting-outsourcing) ## [Tackling Risk Management With a Proactive Approach](https://info.machen.cpa/blog/tackling-risk-management-with-a-proactive-approach) ![](https://info.machen.cpa/hubfs/Aaron%20Waller%202025%20update.jpg) Posted by [Aaron K. Waller, CPA](https://info.machen.cpa/blog/author/aaron-k-waller-cpa) on Mar 13, 2025 [![](https://info.machen.cpa/hubfs/Risk%20Management%20-2057232992-1.jpeg)](https://info.machen.cpa/blog/tackling-risk-management-with-a-proactive-approach) Risks are unavoidable in today’s volatile, uncertain marketplace. However, proactive owners and executives can manage business risks more effectively with an enterprise risk management (ERM) framework. A structured approach helps organizations anticipate risks, seize opportunities, and build resilience. [Full Story](https://info.machen.cpa/blog/tackling-risk-management-with-a-proactive-approach) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [Fraud Risk Assessment: What Auditors Watch For](https://info.machen.cpa/blog/fraud-risk-assessment-what-auditors-watch-for) ![](https://info.machen.cpa/hubfs/Aaron%20Waller%202025%20update.jpg) Posted by [Aaron K. Waller, CPA](https://info.machen.cpa/blog/author/aaron-k-waller-cpa) on Jan 27, 2025 [![](https://info.machen.cpa/hubfs/Fraud%20-1372380725-1.jpeg)](https://info.machen.cpa/blog/fraud-risk-assessment-what-auditors-watch-for) Auditing standards require auditors to identify and assess the risks of material misstatement due to fraud and to determine overall and specific responses to those risks. Here are some answers to questions about what auditors assess when interviewing company personnel to evaluate potential fraud risks. [Full Story](https://info.machen.cpa/blog/fraud-risk-assessment-what-auditors-watch-for) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [How Do Auditors Verify Account Balances and Transactions?](https://info.machen.cpa/blog/how-do-auditors-verify-account-balances-and-trasactions) ![](https://info.machen.cpa/hubfs/Aaron%20Waller%202025%20update.jpg) Posted by [Aaron K. Waller, CPA](https://info.machen.cpa/blog/author/aaron-k-waller-cpa) on Dec 17, 2024 [![](https://info.machen.cpa/hubfs/The%20word%20Audit%20511975617-1.jpeg)](https://info.machen.cpa/blog/how-do-auditors-verify-account-balances-and-trasactions) Audit season is just around the corner for calendar-year entities. Understanding the types of source documents your audit team might request can minimize disruptions during audit fieldwork and maximize your audit’s effectiveness. Here are some common sources of “substantive evidence” that auditors gather to help them form an opinion regarding your financial statements. [Full Story](https://info.machen.cpa/blog/how-do-auditors-verify-account-balances-and-trasactions) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [Review Real-Time Data With Flash Reports](https://info.machen.cpa/blog/review-real-time-data-with-flash-reports) ![](https://info.machen.cpa/hubfs/Aaron%20Waller%202025%20update.jpg) Posted by [Aaron K. Waller, CPA](https://info.machen.cpa/blog/author/aaron-k-waller-cpa) on Aug 08, 2024 [![](https://info.machen.cpa/hubfs/Accounting%20Reports%20-178831607-1.jpeg)](https://info.machen.cpa/blog/review-real-time-data-with-flash-reports) It usually takes between two and six weeks for management to prepare financial statements that comply with the accounting rules. The process takes longer if an outside accountant reviews or audits your reports. Timely information is critical to making informed business decisions and pivoting as needed if results fall short of expectations. That’s why proactive managers often turn to flash reports for more timely insights. [Full Story](https://info.machen.cpa/blog/review-real-time-data-with-flash-reports) Posted in [Business Advisory](https://info.machen.cpa/blog/topic/business-advisory) [Next](https://info.machen.cpa/blog/author/aaron-k-waller-cpa/page/2) Search this site on Google Search Google ### Recent Posts ### Subscribe to Blog ### Posts by Category - [Business Tax (356)](https://info.machen.cpa/blog/topic/business-tax) - [Business Advisory (240)](https://info.machen.cpa/blog/topic/business-advisory) - [Payroll, HR & Benefits (124)](https://info.machen.cpa/blog/topic/payroll-hr-benefits) - [Audit & Assurance (113)](https://info.machen.cpa/blog/topic/audit-assurance) - [Accounting & Outsourcing (81)](https://info.machen.cpa/blog/topic/accounting-outsourcing) - [Individual Tax (75)](https://info.machen.cpa/blog/topic/individual-tax) - [Tax Planning (33)](https://info.machen.cpa/blog/topic/tax-planning) - [Tax Updates (25)](https://info.machen.cpa/blog/topic/tax-updates) - [Retirement & Wealth Management Planning (18)](https://info.machen.cpa/blog/topic/retirement-wealth-management-planning) - [Taxation (15)](https://info.machen.cpa/blog/topic/taxation) - [Alerts (13)](https://info.machen.cpa/blog/topic/alerts) - [Business Valuation (11)](https://info.machen.cpa/blog/topic/business-valuation) - [News & Events (11)](https://info.machen.cpa/blog/topic/news-events) - [Tax News (11)](https://info.machen.cpa/blog/topic/tax-news) - [Individual Tax Planning (10)](https://info.machen.cpa/blog/topic/individual-tax-planning) - [Not For Profit (10)](https://info.machen.cpa/blog/topic/not-for-profit) - [Retirement Planning (9)](https://info.machen.cpa/blog/topic/retirement-planning) - [Estate Planning (8)](https://info.machen.cpa/blog/topic/estate-planning) - [Manufacturing Industry Insights (7)](https://info.machen.cpa/blog/topic/manufacturing-industry-insights) - [Individuals (1)](https://info.machen.cpa/blog/topic/individuals) - [Insider (1)](https://info.machen.cpa/blog/topic/insider) - [Professional Standard News (1)](https://info.machen.cpa/blog/topic/professional-standard-news) see all [![Returning\_Value](https://info.machen.cpa/hs-fs/file-2504250850-jpg/Machen-Blog-Image/Returning_Value.jpg)](http://machenmcchesney.com/about-us/mission-and-values/) - [![AICPA](https://machenmcchesney.com/img/logos/aicpa.jpg)](https://www.aicpa-cima.com/) - [![NACVA](https://machenmcchesney.com/img/logos/nacva.jpg)](http://www.nacva.com/) - ![2026 INSIDE Public Accounting Top 400](https://machenmcchesney.com/img/2026-ipa-top-400.jpg) - ![2026 Best of Auburn-Opelika](https://machenmcchesney.com/img/2026-best-of-auburn-opelika.jpg) - [![2025 Best of OA](https://machenmcchesney.com/img/2025-best-of-oa.jpg)](https://oanow.com/exclusive/readerschoice/ballot-2025/) - ![2026 Best of OA Winner](https://machenmcchesney.com/img/2026-best-of-oa-winner.jpg) - [![2025 Accounting Today Regional Leaders](https://machenmcchesney.com/img/2025-accounting-today-regional-leaders.jpg)](https://www.accountingtoday.com/) - [![ClearlyRated Best of Accounting](https://machenmcchesney.com/img/2024-best-of-accounting.jpg)](https://www.clearlyrated.com/accounting) - [![ClearlyRated Best of Accounting Employee](https://machenmcchesney.com/img/2024-best-of-accounting-employee.jpg)](https://www.clearlyrated.com/accounting) 1820 East University Drive, Auburn, AL 36830 | Tel: (334) 887-7022 | Fax: (334) 887-7221 1761 Taliaferro Trail, Montgomery, AL 36117 | Tel: (334) 244-8900 | Fax: (334) 364-0927 † This is not a CPA firm. \* Assurance, attest, and audit services provided by Frazier & Deeter, LLC. “Frazier & Deeter” is the brand name under which Frazier & Deeter, LLC\* and Frazier & Deeter Advisory, LLC† and its subsidiary entities provide professional services. 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