In certain circumstances, businesses may need to hire CPAs to perform agreed-upon procedures (AUPs) instead of (or in addition to) a review or an audit. AUPs are a type of attestation engagement “in which a practitioner performs specific procedures on the subject matter and reports the findings without providing an opinion or conclusion,” according to the standards set forth by the American Institute of Certified Public Accountants.
Melissa Motley, CPA
Recent Posts
What Are AUP Engagements - and Does Your Business Need One?
Posted by Melissa Motley, CPA on Aug 02, 2024
Posted in Audit & Assurance
Four antifraud controls are associated with at least a 50% reduction in both fraud loss and duration, according to “Occupational Fraud 2024: A Report to the Nations” published by the Association of Certified Fraud Examiners (ACFE). They are financial statement audits, reporting hotlines, surprise audits, and proactive data analysis. However, the ACFE study also found that two of these — surprise audits and proactive data analysis — are among the least commonly implemented controls. Here’s how your organization might benefit from conducting periodic surprise audits.
Posted in Audit & Assurance
ESG Audits: Navigating New Frontiers in Corporate Responsibility
Posted by Melissa Motley, CPA on Apr 08, 2024
Reporting on environmental, social, and governance (ESG) matters is an increasingly crucial area of corporate compliance. While ESG reporting and disclosure apply primarily to public companies, there are efforts aimed at requiring private companies to also report on these matters. For example, the European Union’s Corporate Sustainability Reporting Directive requires private organizations that meet specific criteria to publish social and environmental risks and their impacts.
Posted in Audit & Assurance
Why It's Important to Get Your Company's Financials Done on Time
Posted by Melissa Motley, CPA on Mar 06, 2024
Have you completed your company’s year-end financial statements yet? Most calendar-year entities issue their year-end financials by March of the following year. Lenders and investors may think the worst if a company’s financial reports aren’t submitted in a timely manner. Here are three assumptions your stakeholders could make when your financial statements are late.
Posted in Accounting & Outsourcing
Solid Financial Reporting Can Help Attract Debt and Equity Financing
Posted by Melissa Motley, CPA on Feb 08, 2024
Financial reporting plays a key role when a business needs funds for continued operations and strategic investment opportunities. Lenders and investors will generally want to review your company’s financial statements before they give it money. Timely, reliable reports can increase the odds that a bank will approve your company’s loan application and equity investors will provide capital.
Posted in Accounting & Outsourcing
The Future of Accounting: How to Embrace Cutting-Edge Technology
Posted by Melissa Motley, CPA on Jan 03, 2024
Technology is transforming the accounting profession. When businesses moved from paper ledgers to spreadsheets, it improved the timeliness, accuracy, and integrity of accounting-related data. Likewise, cloud computing and the ability to remotely access real-time data have allowed accounting departments to be far more responsive to an increasingly distributed workforce.
Posted in Business Advisory
Is your business constantly replacing its tools and small equipment? Certain items that can fit in a backpack, pocket, or even the armrest of a vehicle — such as power tools, hard hats, iPads, and RFID readers — have a tendency to “walk away” from job sites, warehouses, and offices. However, the cost of lost, damaged, and stolen items can quickly erode profits and cash flow. An effective tracking system can help remedy this problem by making workers more accountable.
Posted in Audit & Assurance
Data is the lifeblood of any modern organization — a critical asset that is not only used to operate the business but can also fuel innovation, reduce costs, and increase revenue. But managing data assets effectively comes with a set of challenges that can be difficult for organizations to navigate. Creating an effective data governance policy can help organizations mitigate risk and capitalize on opportunities.
Posted in Business Advisory
FASB Approves Updated Rules for Disclosing Income Taxes
Posted by Melissa Motley, CPA on Oct 05, 2023
On August 30, 2023, the Financial Accounting Standards Board (FASB) unanimously voted to finalize its proposed improvements to the disclosure rules for income taxes. Here’s what’s changing and when those changes are effective.
Posted in Audit & Assurance
Optimizing the Internal Audit Process for Greater Efficiency
Posted by Melissa Motley, CPA on May 11, 2023
In the current economic environment, companies are looking for ways to gain efficiencies within their Internal Audit processes and procedures. The use of Technology and Data Analytics have transformed the Internal Audit function by enabling:
Posted in Audit & Assurance