What are the responsibilities of an audit committee?


Reporting year-end financial results is a team effort. As we head into audit season, don’t underestimate the importance of collaboration between external auditors and your company’s audit committee.

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Benchmarking financial performance


Have you evaluated these 5 elements of your company’s financial performance?

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Employee benefit plans: Do you need a Form 5500 audit?


Employee benefit plans sometimes need audits, too. Here are the rules.

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Year-end accounting recap


What’s happening in the world of financial reporting?

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Risk assessment: A critical part of the audit process


How low can you go? Auditors strive to minimize audit risk by customizing their audit procedures to match your company’s assessed inherent and control risks.

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FAQs about prepaid expenses


Does your business pay vendors and suppliers in advance? It’s important to review the financial reporting requirements for prepaid assets and evaluate whether the benefits of prepaying outweigh the costs.

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Close-up on pushdown accounting for M&As


It’s only natural to overlook accounting rule changes until they affect your company’s financial statements. So, you might not be aware of favorable changes to the post-M&A accounting rules, unless you’ve recently merged with or bought a business.

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GAAP vs. tax-basis: Which is right for your business?


U.S. Generally Accepted Accounting Principles have become more complex in recent years. And more GAAP changes are in the works. Here’s a simpler alternative that could provide relief for some private companies.

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How to keep track of small tools and equipment


How often are you replacing tools and other small equipment items? These assets may be lost by forgetful workers, damaged by negligent ones and stolen by thieves. Here’s an idea to help protect these assets and your company’s bottom line.

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Valuing profits interests in LLCs


Profits interest awards are a type of equity-based compensation that’s unique to limited liability companies. But estimating the fair value of these arrangements can be tricky — unless the rules are simplified.

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