--- title: Machen McChesney Blog | Aaron K. Waller, CPA (2) description: (2) --- [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 [![Machen McChesney](https://info.machen.cpa/hs-fs/hub/471263/file-2521950511.png?width=279&name=file-2521950511.png "Machen McChesney")](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 ## [Auditing WIP Today](https://info.machen.cpa/blog/auditing-wip-today) ![](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 Apr 04, 2024 [![](https://info.machen.cpa/hubfs/Work%20in%20progress%20-1397784578-1.jpeg)](https://info.machen.cpa/blog/auditing-wip-today) External auditors spend a lot of time during fieldwork evaluating how businesses report work-in-progress (WIP) inventory. Here’s why this warrants special attention and how auditors evaluate whether WIP estimates seem reasonable. [Full Story](https://info.machen.cpa/blog/auditing-wip-today) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [Spotlight on Auditor Independence](https://info.machen.cpa/blog/spotlight-on-auditor-independence) ![](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 08, 2024 [![](https://info.machen.cpa/hubfs/independent%20auditor%201175782088-1.jpeg)](https://info.machen.cpa/blog/spotlight-on-auditor-independence) Auditor independence is the cornerstone of the accounting profession. Auditors’ commitment to follow the standards set forth by the American Institute of Certified Public Accountants (AICPA), the Securities and Exchange Commission (SEC), and the International Auditing and Assurance Standards Board (IAASB) ensures stakeholders can trust that audited financial statements present an accurate picture of the performance and condition of companies. [Full Story](https://info.machen.cpa/blog/spotlight-on-auditor-independence) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [Inventory Management Systems: What's Right for Your Business?](https://info.machen.cpa/blog/inventory-management-systems-whats-right-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 Feb 05, 2024 [![](https://info.machen.cpa/hubfs/Inventory%20-1297264893-1.jpeg)](https://info.machen.cpa/blog/inventory-management-systems-whats-right-for-your-business) If your business has significant inventory on its balance sheet, it can be costly. The carrying costs of inventory include warehousing, salaries, insurance, taxes, and transportation, as well as depreciation and shrinkage. Plus, tying up working capital in inventory detracts from other strategic investment opportunities. [Full Story](https://info.machen.cpa/blog/inventory-management-systems-whats-right-for-your-business) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [Auditing Concepts: Close-Up On Materiality](https://info.machen.cpa/blog/auditing-concepts-close-up-on-materiality) ![](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 17, 2024 [![](https://info.machen.cpa/hubfs/The%20word%20Audit%20-1269552004-1.jpeg)](https://info.machen.cpa/blog/auditing-concepts-close-up-on-materiality) As audit season begins for calendar-year entities, it’s important to review issues that may arise during fieldwork. One common issue is materiality. This concept is used to determine what’s important enough to be included in — and what can be omitted from — a financial statement. Here’s how materiality is determined and used during an external financial statement audit. [Full Story](https://info.machen.cpa/blog/auditing-concepts-close-up-on-materiality) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [Are You Ready For Year-End Inventory Counts?](https://info.machen.cpa/blog/are-you-ready-for-year-end-inventory-counts) ![](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 18, 2023 [![](https://info.machen.cpa/hubfs/Inventory-488239614-1.jpeg)](https://info.machen.cpa/blog/are-you-ready-for-year-end-inventory-counts) As year-end approaches, it’s time for some calendar-year businesses to perform physical inventory counts. This activity is more than a time-consuming chore; it’s an opportunity to improve your company’s operational efficiency. Here are some best practices as you prepare to count your inventory, as well as guidance on how to get more from these counts. [Full Story](https://info.machen.cpa/blog/are-you-ready-for-year-end-inventory-counts) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [Reporting UTPs on Your Financial Statements](https://info.machen.cpa/blog/reporting-utps-on-your-financial-statements) ![](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, 2023 [![](https://info.machen.cpa/hubfs/Financial%20Statements%20-1491251866-1.jpeg)](https://info.machen.cpa/blog/reporting-utps-on-your-financial-statements) It can be difficult for business owners to navigate the tax code and monitor tax law developments. One area of special concern is financial reporting for uncertain tax positions (UTPs). Here’s some insight to help clarify matters. [Full Story](https://info.machen.cpa/blog/reporting-utps-on-your-financial-statements) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [Overview of Discontinued Operations Reporting](https://info.machen.cpa/blog/overview-of-discontinued-operations-reporting) ![](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 May 23, 2023 [![](https://info.machen.cpa/hubfs/Discontinued%20-1159417839-1.jpeg)](https://info.machen.cpa/blog/overview-of-discontinued-operations-reporting) Traditional business models in many sectors have been disrupted by the COVID-19 pandemic, geopolitical uncertainty, rising costs, and falling consumer confidence. If your company is planning a major strategic shift this year, management may need to comply with the updated accounting rules for reporting discontinued operations that went into effect in 2015. [Full Story](https://info.machen.cpa/blog/overview-of-discontinued-operations-reporting) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [Beware of the Gray Areas in Accounting](https://info.machen.cpa/blog/beware-of-the-gray-areas-in-accounting) ![](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 Apr 24, 2023 [![](https://info.machen.cpa/hubfs/Accounting%20-1371877270-1.jpeg)](https://info.machen.cpa/blog/beware-of-the-gray-areas-in-accounting) Accounting and auditing standards have come under scrutiny in the wake of recent high-profile bank failures. Investigations are currently underway about what went wrong with Silicon Valley Bank and Signature Bank. But it’s likely that some “gray areas” in the accounting rules were exploited to make these organizations appear more economically secure in their year-end financial statements than they truly were. [Full Story](https://info.machen.cpa/blog/beware-of-the-gray-areas-in-accounting) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [Close-up on Sources of Substantive Audit Evidence](https://info.machen.cpa/blog/close-up-on-sources-of-substantive-audit-evidence) ![](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 17, 2023 [![](https://info.machen.cpa/hubfs/Audit%201307309067-1.jpeg)](https://info.machen.cpa/blog/close-up-on-sources-of-substantive-audit-evidence) Organizations that understand how auditors verify account balances and transactions can minimize disruptions during audit fieldwork and maximize the effectiveness of financial statement audits. Here’s a summary of the types of “substantive evidence” auditors gather to help them form opinions regarding your financial statements. [Full Story](https://info.machen.cpa/blog/close-up-on-sources-of-substantive-audit-evidence) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [Preparing for Year-End Inventory Counts](https://info.machen.cpa/blog/preparing-for-year-end-inventory-counts) ![](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 22, 2022 [![](https://info.machen.cpa/hubfs/supply%20chain-1284193472-1.jpeg)](https://info.machen.cpa/blog/preparing-for-year-end-inventory-counts) How accurate is the amount reported in your company’s perpetual inventory system? To best answer that question, a physical count is essential at year-end. For calendar-year entities, year-end is fast approaching on December 31. [Full Story](https://info.machen.cpa/blog/preparing-for-year-end-inventory-counts) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) [Previous](https://info.machen.cpa/blog/author/aaron-k-waller-cpa/page/1) [Next](https://info.machen.cpa/blog/author/aaron-k-waller-cpa/page/3) 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 (238)](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/) - [![](https://info.machen.cpa/hs-fs/file-2486483166-jpg/Machen-Blog-Image/aicpa.jpg)](http://www.aicpa.org/Pages/default.aspx) - [![](https://info.machen.cpa/hs-fs/file-2494475845-jpg/Machen-Blog-Image/bdo.jpg)](http://www.bdo.com/alliance/) - [![](https://info.machen.cpa/hs-fs/file-2494475855-jpg/Machen-Blog-Image/nacva.jpg)](http://www.nacva.com/) - [![](https://machenmcchesney.com/img/readers-choice2019.jpg)](https://oanow.upickem.net/engine/Winners.aspx?contestid=104699) - [![actbf-1](https://info.machen.cpa/hs-fs/hubfs/actbf-1.jpg?width=121&name=actbf-1.jpg)](http://www.accountingtoday.com/) - [![pa400](https://info.machen.cpa/hs-fs/hubfs/pa400.jpg?width=121&name=pa400.jpg)](http://insidepublicaccounting.com/) 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 - [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) [Powered by Skoda Minotti Strategic Marketing](http://marketing.skodaminotti.com)