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Returning Value Blog

Aaron K. Waller, CPA

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How Auditors Use Nonfinancial Information

Posted by Aaron K. Waller, CPA on Jun 18, 2019

Every financial transaction your company records generates nonfinancial data that doesn’t have a dollar value assigned to it. Though auditors may spend most of their time analyzing financial records, nonfinancial data can also help them analyze your business from multiple angles.

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Posted in Audit & Assurance

Comparing Internal and External Audits

Posted by Aaron K. Waller, CPA on May 10, 2019

Businesses use two types of audits to gauge financial results: internal and external. Here’s a closer look at how they measure up.

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Posted in Audit & Assurance

Simplifying the Accounting Rules for Convertible Debt and Equity

Posted by Aaron K. Waller, CPA on Apr 04, 2019

Distinguishing between liabilities and equity on a company’s balance sheet may seem straightforward. But difficulties arise when it comes to the terms of complex securities and financial contracts like redeemable equity instruments, equity-linked or indexed instruments, and convertible instruments.

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Posted in Audit & Assurance

Audits Home in on Cybersecurity

Posted by Aaron K. Waller, CPA on Mar 20, 2019

In 2018, U.S. organizations that suffered a data breach lost an average of $7.91 million as a result. That’s the highest average organizational cost of all the countries and regions covered in the 2018 Cost of a Data Breach Study by IBM and independent research firm Ponemon Institute. Malicious or criminal attacks were the source of more than half of those breaches, rather than system glitches and human errors.

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Posted in Audit & Assurance

Private Companies: Have You Implemented The New Revenue Recognition Standard?

Posted by Aaron K. Waller, CPA on Feb 04, 2019

Private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) must comply with the landmark new revenue recognition standard in 2019. Many private company CFOs and controllers report that they still have significant work to do to meet the demands of the sweeping rules. If you haven’t started the implementation process, it’s time to get the ball rolling.

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Posted in Audit & Assurance

Time To Celebrate! FASB Expands VIE Exception For Private Companies

Posted by Aaron K. Waller, CPA on Jan 03, 2019

The Financial Accounting Standards Board (FASB) recently gave private companies long-awaited relief from one of the most complicated aspects of financial reporting — consolidation of variable interest entities (VIEs). Here are the details.

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Posted in Audit & Assurance

How To Prepare For Year-end Physical Inventory Counts

Posted by Aaron K. Waller, CPA on Dec 17, 2018

As year-end approaches, it’s time for calendar-year entities to perform physical inventory counts. This activity is more than a compliance chore. Proactive companies see it as an opportunity to improve operational efficiency.

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Posted in Audit & Assurance

4 Steps To Auditing AP

Posted by Aaron K. Waller, CPA on Nov 26, 2018

At most companies, the accounts payable (AP) department handles an enormous volume of transactions. So, the AP ledger may be prone to errors or used to bury fraudulent journal entries. How do auditors get a handle on AP? They use four key procedures to evaluate whether this account is free from “material misstatement” and compliant with the U.S. Generally Accepted Accounting Principles (GAAP).

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Posted in Audit & Assurance

How Auditors Assess Risk When Preparing Financial Statements

Posted by Aaron K. Waller, CPA on Nov 02, 2018

Every year, your audit firm will conduct a fresh risk assessment before the start of fieldwork. Why? Because your auditor wants to mitigate the risk of expressing an incorrect opinion regarding the accuracy and integrity of the company’s financial statements. Inadvertently signing off on financial statements that contain material misstatements can open a Pandora’s box of risks — from shareholder lawsuits to increased regulatory oversight.

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Posted in Audit & Assurance

Should Cloud Computing Setup Costs be Expensed or Capitalized?

Posted by Aaron K. Waller, CPA on Oct 08, 2018

Companies will be able to capitalize or spread out the costs of, setting up pricey business systems that operate on cloud technology under an update to U.S. Generally Accepted Accounting Principles (GAAP). Here are the details.

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Posted in Audit & Assurance

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