Audit & Assurance

financial audit

What Are Agreed-Upon Procedures?

September 27, 2022

Buchbinder offers a wide menu of services. One flexible offering, known as an “agreed-upon procedures” engagement, provides limited assurance on a specific aspect of an organization’s financial or nonfinancial information. What’s covered in agreed-upon procedures? Agreed-upon procedures can cover various items. For example, a CPA could provide a statement about the reliability of a company’s…

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Reasonable Compensation

Interim Financial Reporting: Why You Shouldn’t Wait Until Year End To Assess Your Company’s Financial Performance

June 29, 2022

How often does your company generate a full set of financial statements? It is common for smaller businesses to issue only year-end financials, but interim financial reporting can be helpful, particularly in times of uncertainty. Given today’s geopolitical risks, mounting inflation, and rising costs, it may be wise to perform a midyear check-in to monitor…

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tax planning accountant

What You Need To Know About Reporting Contingent Liabilities

June 23, 2022

Disclosure of contingent liabilities, such as those associated with pending litigation or government investigations, is a gray area in financial reporting. It’s important to keep investors and lenders informed of risks that may affect a company’s future performance. Though, companies also want to avoid alarming stakeholders with losses that are unlikely to occur or disclosing…

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management letter

Why You Should Follow Up on Your Auditor’s Management Letter

May 16, 2022

Maintaining the status quo in today’s volatile marketplace can be risky. To succeed, businesses need to “level up” by being proactive and adaptable, but some managers may be unsure where to start or they’re simply out of new ideas. When audited financial statements are delivered, they’re accompanied by a management letter that suggests ways to…

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financial audit

How To Prepare for Your Nonprofit’s Audit

March 7, 2022

Your nonprofit may not be required to undergo regular audits, but an audit can reassure donors and other stakeholders that you take your responsibility seriously. In addition, an audit can help you identify risks before they become problematic. Here’s how to initiate and prepare for an audit. Find and meet with an auditor Start by…

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lease accounting

What’s the Difference Between Financial Statement Preparations and Compilations?

February 10, 2022

Your business needs financial statements so management can monitor performance, attract investment capital, and borrow money from a bank or other lender. Not all financial statements are created equal, though. Audited statements are considered the “gold standard” in financial reporting. While public companies are required to issue audited statements, smaller, privately held organizations have options.…

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