MLR

Category: Audit

Accounting for Business

Welcome to our Resources section, where you will find articles pertaining to accounting for business, business financial planning, financial advice, and the industries of our clients.
This section is a great source of information, but please contact us if you feel you need professional financial advice. Maxwell Locke & Ritter is here to offer trusted guidance.

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Audits have become more important due to increased public and government scrutiny of not-for-profit organizations, their management and their boards.

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Executive perks that are not properly reported to the IRS can land both you and your company in hot water.

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Think of your not-for-profit organization and its external auditor as dance partners performing a well-choreographed routine.

In the context of mergers and acquisitions, potential investors get a level of assurance when the investment target is audited.  However, relying solely on the target’s audited financial statements when making an investment decision could be shortsighted.

Three new accounting changes will impact financial statements issued by accounting firms in the upcoming years. While we continually discuss these changes with our clients, we also want their lending institutions and investors to understand the effect these changes may have on their clients’ debt covenants, revenues, earnings and other information used to make funding decisions.

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For-profit subsidiaries of not-for-profit organizations are strikingly diverse. Consider these real-life examples: In one part of the country, a not-for-profit health maintenance organization (HMO) creates a for-profit subsidiary to offer health insurance unavailable through HMOs.

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You’re required to have an audit of your financial statements, and you have a contract or grant agreement that requires a compliance audit. What is the difference between these audits, and can they be done together? It depends on who is requiring the audits. (8/25/2014)

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Effective two-way communication is essential to ensuringthat the auditor and the client’s board of directorshave a common understanding of significant audit issues, as well as a constructive working relationship to address those issues. Are you and your auditor communicating? (12/30/2013)

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A CPA can provide various levels of service for a company’s financial statements. But not all CPA reports are the same. In addition to audits, CPAs can provide two other levels of service for unaudited financial statements – reviews and compilations.

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The purpose of an audit committee is to provide oversight of the financial reporting process, the audit process, the system of internal control and compliance with laws and regulations. Is your audit committee doing the job? If you don’t have one, is now the time to form an audit committee?