--- title: Machen McChesney Blog | Audit & Assurance description: Audit & Assurance | --- [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) - 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[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 ## [How a Financial Statement Audit Strengthens Your Fraud Defenses](https://info.machen.cpa/blog/how-a-financial-statement-audit-strengthens-your-fraud-defenses) ![](https://info.machen.cpa/hubfs/Melissa%20Motley%202025%20update%20.jpg) Posted by [Melissa Motley, CPA](https://info.machen.cpa/blog/author/melissa-motley-cpa) on Jul 10, 2026 [![](https://info.machen.cpa/hubfs/Financial%20statements%201336139777-social.jpg)](https://info.machen.cpa/blog/how-a-financial-statement-audit-strengthens-your-fraud-defenses) Fraud is a major threat facing small and midsize businesses. While audits aren’t designed to uncover fraud, they can help business owners identify anomalies and deter would-be fraudsters. Recent findings from the Association of Certified Fraud Examiners (ACFE) underscore the important role audits play, together with other controls, in a broader fraud prevention strategy. [Full Story](https://info.machen.cpa/blog/how-a-financial-statement-audit-strengthens-your-fraud-defenses) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [The Ins and Outs of Materiality](https://info.machen.cpa/blog/the-ins-and-outs-of-materiality) ![](https://info.machen.cpa/hubfs/Melissa%20Motley%202025%20update%20.jpg) Posted by [Melissa Motley, CPA](https://info.machen.cpa/blog/author/melissa-motley-cpa) on Mar 11, 2026 [![](https://info.machen.cpa/hubfs/Audit%20-2191517284-social.jpg)](https://info.machen.cpa/blog/the-ins-and-outs-of-materiality) Materiality is a core concept that shapes the entire financial reporting process. In simple terms, materiality helps determine which financial information is significant enough to influence decisions — and which details likely won’t affect the overall picture. Understanding how experienced certified public accountants (CPAs) evaluate materiality can help you prepare reliable financial reports and avoid surprises when working with external advisors. [Full Story](https://info.machen.cpa/blog/the-ins-and-outs-of-materiality) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [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) ## [Year-End Reminder: Don't Overlook Your PTO Accruals](https://info.machen.cpa/blog/year-end-reminder-dont-overlook-your-pto-accruals) ![](https://info.machen.cpa/hubfs/Melissa%20Motley%202025%20update%20.jpg) Posted by [Melissa Motley, CPA](https://info.machen.cpa/blog/author/melissa-motley-cpa) on Dec 12, 2025 [![](https://info.machen.cpa/hubfs/Paid%20time%20off%20-1226924640-social%20media.jpg)](https://info.machen.cpa/blog/year-end-reminder-dont-overlook-your-pto-accruals) As 2025 winds down, it’s important to review your company’s accounting for unused paid time off (PTO). Many employers allow employees to carry forward unused vacation, sick leave, or personal time. This policy may create liabilities under U.S. Generally Accepted Accounting Principles (GAAP) — and, if your staff tends to bank time off, your PTO accrual may be larger than expected. Here’s what to consider as you finalize your financials. [Full Story](https://info.machen.cpa/blog/year-end-reminder-dont-overlook-your-pto-accruals) 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) ## [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) ## [How Often Should Your Business Issue Financial Statements?](https://info.machen.cpa/blog/how-often-should-your-business-issue-financial-statements) ![](https://info.machen.cpa/hubfs/Melissa%20Motley%202025%20update%20.jpg) Posted by [Melissa Motley, CPA](https://info.machen.cpa/blog/author/melissa-motley-cpa) on Oct 09, 2025 [![](https://info.machen.cpa/hubfs/Financial%20Reports%20-1097343268-Social.jpg)](https://info.machen.cpa/blog/how-often-should-your-business-issue-financial-statements) For decades, quarterly financial reporting has provided the cornerstone for fair, efficient, and well-functioning markets. However, President Trump recently posted on social media that public companies should move to semiannual financial reporting. He believes changing the frequency would lower compliance costs and allow management to focus less on meeting short-term earnings targets and more on building long-term value. But critics say less frequent reporting could result in information gaps and increased market volatility. [Full Story](https://info.machen.cpa/blog/how-often-should-your-business-issue-financial-statements) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [Audit Alert: Beware of Potential Conflicts of Interest](https://info.machen.cpa/blog/audit-alert-beware-of-potential-conflicts-of-interest) ![](https://info.machen.cpa/hubfs/Melissa%20Motley%202025%20update%20.jpg) Posted by [Melissa Motley, CPA](https://info.machen.cpa/blog/author/melissa-motley-cpa) on Aug 25, 2025 [![](https://info.machen.cpa/hubfs/Audit%20-506935581-Social%202.jpeg)](https://info.machen.cpa/blog/audit-alert-beware-of-potential-conflicts-of-interest) As year-end approaches, many businesses will soon be preparing for their annual audits. One key consideration is ensuring there are no potential conflicts of interest that could compromise the integrity of your company’s financial statements. A conflict of interest can cloud an auditor’s judgment and undermine their objectivity. Vigilance in spotting these conflicts is essential to maintain the transparency and reliability of your financial reports. [Full Story](https://info.machen.cpa/blog/audit-alert-beware-of-potential-conflicts-of-interest) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [Risky Business: How Auditors Help Combat Corporate Fraud](https://info.machen.cpa/blog/risky-business-how-auditors-help-combat-corporate-fraud) ![](https://info.machen.cpa/hubfs/Melissa%20Motley%202025%20update%20.jpg) Posted by [Melissa Motley, CPA](https://info.machen.cpa/blog/author/melissa-motley-cpa) on Jun 16, 2025 [![](https://info.machen.cpa/hubfs/Fraud%202176177253-1.jpeg)](https://info.machen.cpa/blog/risky-business-how-auditors-help-combat-corporate-fraud) In today’s volatile economic climate, organizations face mounting pressures that can increase the risk of fraudulent activities. Auditors play a pivotal role in identifying and mitigating these risks through comprehensive fraud risk assessments and tailored audit procedures. [Full Story](https://info.machen.cpa/blog/risky-business-how-auditors-help-combat-corporate-fraud) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [Loan Applications: How to Strengthen Your Hand in Today's Credit Markets](https://info.machen.cpa/blog/loan-applications-how-to-strengthen-your-hand-in-todays-credit-markets) ![](https://info.machen.cpa/hubfs/Melissa%20Motley%202025%20update%20.jpg) Posted by [Melissa Motley, CPA](https://info.machen.cpa/blog/author/melissa-motley-cpa) on May 14, 2025 [![](https://info.machen.cpa/hubfs/Loan%20-1450292409-1.jpeg)](https://info.machen.cpa/blog/loan-applications-how-to-strengthen-your-hand-in-todays-credit-markets) In recent years, interest rates have increased and credit has tightened. Under these conditions, which are expected to persist in the coming months, securing a commercial loan can be challenging for businesses of all sizes. Whether you want to expand, stabilize your cash flow, or simply build a financial cushion, being loan-ready is more critical — and more complicated — than it’s been in the past. [Full Story](https://info.machen.cpa/blog/loan-applications-how-to-strengthen-your-hand-in-todays-credit-markets) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) [Next](https://info.machen.cpa/blog/topic/audit-assurance/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 (239)](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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