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Returning Value Blog

Aaron K. Waller, CPA

Recent Posts

Hidden Liabilities: What's Excluded From The Balance Sheet?

Posted by Aaron K. Waller, CPA on Jul 30, 2018

Financial statements help investors and lenders monitor a company’s performance. However, financial statements may not provide a full picture of financial health. What’s undisclosed could be just as significant as the disclosures. Here’s how a CPA can help stakeholders identify unrecorded items either through external auditing procedures or by conducting agreed-upon procedures (AUPs) that target specific accounts.

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Posted in Audit & Assurance

Using Analytical Procedures In An Audit Provides Many Benefits

Posted by Aaron K. Waller, CPA on Jul 12, 2018

Analytical procedures can make audits more efficient and effective. First, they can help during the planning and review stages of the audit. But analytics can have an even bigger impact when used to supplement substantive testing during fieldwork.

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Posted in Audit & Assurance

Spotlight On Auditor Independence and Hosting Arrangements

Posted by Aaron K. Waller, CPA on Jun 25, 2018

With Independence Day coming up, it’s a good time to check up on auditor independence issues. This is especially important in 2018. Why? New rules go into effect this fall that may warrant changes to the services provided by your audit firm. If you discover potential issues now, there’s still plenty of time to take corrective action before next year’s audit begins.

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Posted in Audit & Assurance

Auditing Related-party Transactions

Posted by Aaron K. Waller, CPA on Jun 11, 2018

Business owners generally prefer to work with entities they know and trust. But related-party transactions can provide opportunities for individuals to act in a manner that’s inconsistent with the interests of shareholders. That’s why auditors take pains to identify and properly address related-party transactions.

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Posted in Audit & Assurance

Even Geniuses Can Have Trouble With Income Taxes.

Posted by Aaron K. Waller, CPA on Jul 26, 2017

Understanding tax codes can be a difficult and a time-consuming endeavor. Leave it to a tax professional who will keep you in compliance while minimizing your tax liability.

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Posted in Individual Tax

Does Your Company Have an Effective Anti-Fraud Policy?

Posted by Aaron K. Waller, CPA on Jun 22, 2017

 

With all the buzz about cyberattacks and cyberthreats, it’s all too easy to take your eyes off of a common threat that is much closer to home—fraud that occurs within your own organization. While no business owner wants to think about embezzlement occurring within their own employee population, it can and does happen on a frequent basis.

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Posted in Business Advisory

Tips for Preventing Fraud at Smaller Nonprofit Organizations

Posted by Aaron K. Waller, CPA on May 18, 2017

In any business, or with any institution or organization, fraud often occurs when the person or persons charged with overseeing funds steal those funds after they’ve already been deposited into the organization’s checking account. This fraud occurs by what is known as theft by disbursements.

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Posted in Accounting & Outsourcing

Don't Ignore the Embezzlement Threat

Posted by Aaron K. Waller, CPA on Mar 23, 2017

Small-business owners must remain alert 

It seems to be in the news every other day: A trusted longtime employee is found guilty of embezzling money from his or her employer. This may give you momentary pause, but then it is likely that you will simply continue to go about your business. After all, this cannot happen to you—can it? 

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Posted in Accounting & Outsourcing

Are Your Social Security Benefits Taxable?

Posted by Aaron K. Waller, CPA on Jan 20, 2017

Of course, taxes are a major concern when you work full time for a living. Unfortunately, you may also have to pay federal income tax on a portion of the Social Security benefits you receive during the year—even though you’ve paid Social Security tax all the years you have been working.

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Posted in Individual Tax

FASB Issues ASU On Leases

Posted by Aaron K. Waller, CPA on Mar 10, 2016

On February 25, 2016, the FASB issued its highly-anticipated leasing standard 1 for both lessees and lessors. Under its core principle, a lessee will recognize lease assets and liabilities on the balance sheet for all arrangements with terms longer than 12 months. Lessor accounting remains largely consistent with existing U.S. GAAP. The new standard takes effect in 2019 for public business entities and 2020 for all other entities. The ASU is available here.
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Posted in Business Advisory

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