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Returning Value Blog

Reporting UTPs on Your Financial Statements

Posted by Aaron K. Waller, CPA on Aug 08, 2023

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.

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Posted in Audit & Assurance

Overview of Discontinued Operations Reporting

Posted by Aaron K. Waller, CPA on May 23, 2023

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.

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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:

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Posted in Audit & Assurance

Beware of the Gray Areas in Accounting

Posted by Aaron K. Waller, CPA on Apr 24, 2023

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.

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Posted in Audit & Assurance

Close-up on Sources of Substantive Audit Evidence

Posted by Aaron K. Waller, CPA on Mar 17, 2023

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.

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Posted in Audit & Assurance

Preparing for Year-End Inventory Counts

Posted by Aaron K. Waller, CPA on Nov 22, 2022

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.

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Posted in Audit & Assurance

SEC Chair Gensler Warns About Conflicts of Interest

Posted by Aaron K. Waller, CPA on Oct 10, 2022

Securities and Exchange Commission (SEC) Chair Gary Gensler spoke during a recent webcast to commemorate the 20-year anniversary of the Sarbanes-Oxley Act. Gensler recommended that the SEC take a “fresh look” at its rules on the issue of auditor conflicts of interest. He also asked the Public Company Accounting Oversight Board (PCAOB) to add auditor independence standards to its 2023 agenda.

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Posted in Audit & Assurance

How External Confirmations Are Used During an Audit

Posted by Aaron K. Waller, CPA on Aug 08, 2022

Auditors commonly use confirmations to verify such items as cash, accounts receivable, accounts payable, employee benefit plans, and pending litigation. Under U.S. Generally Accepted Auditing Standards, an external confirmation is “a direct response to the auditor from a third party either in paper form or by electronic other means, such as through the auditor’s direct access to information held by a third party.”

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Evaluating "Going Concern" Concerns

Posted by Melissa Motley, CPA on Aug 01, 2022

Under U.S. Generally Accepted Accounting Principles (GAAP), financial statements are normally prepared based on the assumption that the company will continue normal business operations into the future. When liquidation is imminent, the liquidation basis of accounting may be used instead.

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Posted in Audit & Assurance

Remote Auditing: A Brave New World

Posted by Aaron K. Waller, CPA on Jul 19, 2022

The pandemic has presented numerous challenges for businesses, but it also taught us how to be resilient, cost-conscious, and adaptable. Over the last few years, we’ve learned that remote working arrangements offer many benefits, including reducing the time and cost of performing many tasks. Here’s how these lessons translate to the work auditors do to prepare your company’s financial statements.

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Posted in Audit & Assurance

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