--- title: Machen McChesney Blog | Audit & Assurance (3) description: Audit & Assurance | (3) --- [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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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. [Full Story](https://info.machen.cpa/blog/surprise-audits-are-proven-to-fight-fraud) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [It's Almost Time for a Midyear Checkup on Your Company's Financial Health](https://info.machen.cpa/blog/its-almost-time-for-a-midyear-checkup-on-your-companys-financial-health) ![](https://info.machen.cpa/hubfs/Jessica%20Pagan%202025%20update%20.jpg) Posted by [Jessica L. Pagan, CPA](https://info.machen.cpa/blog/author/jessica-l-pagan-cpa) on May 15, 2024 [![](https://info.machen.cpa/hubfs/Financil%20Reveiw%201081336718-1.jpeg)](https://info.machen.cpa/blog/its-almost-time-for-a-midyear-checkup-on-your-companys-financial-health) Interim financial reporting is essential to running a successful business. When reviewing midyear financial reports, however, you should recognize their potential shortcomings. These reports might not be as reliable as year-end financials unless a CPA prepares them or performs agreed-upon procedures on specific accounts. [Full Story](https://info.machen.cpa/blog/its-almost-time-for-a-midyear-checkup-on-your-companys-financial-health) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [ESG Audits: Navigating New Frontiers in Corporate Responsibility](https://info.machen.cpa/blog/esg-audits-navigating-new-frontiers-in-corporate-responsibility) ![](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 Apr 08, 2024 [![](https://info.machen.cpa/hubfs/ESG%201432872392-1.jpeg)](https://info.machen.cpa/blog/esg-audits-navigating-new-frontiers-in-corporate-responsibility) 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. [Full Story](https://info.machen.cpa/blog/esg-audits-navigating-new-frontiers-in-corporate-responsibility) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [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) ## [It's Important to Track Tools and Small Equipment](https://info.machen.cpa/blog/its-important-to-track-tools-and-small-equipment) ![](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 07, 2023 [![](https://info.machen.cpa/hubfs/Tools%201204894199-1.jpeg)](https://info.machen.cpa/blog/its-important-to-track-tools-and-small-equipment) 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. [Full Story](https://info.machen.cpa/blog/its-important-to-track-tools-and-small-equipment) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) ## [FASB Approves Updated Rules for Disclosing Income Taxes](https://info.machen.cpa/blog/fasb-approves-updated-rules-for-disclosing-income-taxes) ![](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 05, 2023 [![](https://info.machen.cpa/hubfs/fasb-1289129488-1.jpeg)](https://info.machen.cpa/blog/fasb-approves-updated-rules-for-disclosing-income-taxes) 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. [Full Story](https://info.machen.cpa/blog/fasb-approves-updated-rules-for-disclosing-income-taxes) Posted in [Audit & Assurance](https://info.machen.cpa/blog/topic/audit-assurance) [Previous](https://info.machen.cpa/blog/topic/audit-assurance/page/2) [Next](https://info.machen.cpa/blog/topic/audit-assurance/page/4) 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 (242)](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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