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Returning Value Blog

Aaron K. Waller, CPA

Recent Posts

Spotlight on Auditor Independence

Posted by Aaron K. Waller, CPA on Mar 08, 2024

Auditor independence is the cornerstone of the accounting profession. Auditors’ commitment to follow the standards set forth by the American Institute of Certified Public Accountants (AICPA), the Securities and Exchange Commission (SEC), and the International Auditing and Assurance Standards Board (IAASB) ensures stakeholders can trust that audited financial statements present an accurate picture of the performance and condition of companies.

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Posted in Audit & Assurance

Inventory Management Systems: What's Right for Your Business?

Posted by Aaron K. Waller, CPA on Feb 05, 2024

If your business has significant inventory on its balance sheet, it can be costly. The carrying costs of inventory include warehousing, salaries, insurance, taxes, and transportation, as well as depreciation and shrinkage. Plus, tying up working capital in inventory detracts from other strategic investment opportunities.

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Posted in Audit & Assurance

Auditing Concepts: Close-Up On Materiality

Posted by Aaron K. Waller, CPA on Jan 17, 2024

As audit season begins for calendar-year entities, it’s important to review issues that may arise during fieldwork. One common issue is materiality. This concept is used to determine what’s important enough to be included in — and what can be omitted from — a financial statement. Here’s how materiality is determined and used during an external financial statement audit.

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Are You Ready For Year-End Inventory Counts?

Posted by Aaron K. Waller, CPA on Dec 18, 2023

As year-end approaches, it’s time for some calendar-year businesses to perform physical inventory counts. This activity is more than a time-consuming chore; it’s an opportunity to improve your company’s operational efficiency. Here are some best practices as you prepare to count your inventory, as well as guidance on how to get more from these counts.

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Reporting UTPs on Your Financial Statements

Posted by Aaron K. Waller, CPA on Aug 08, 2023

It can be difficult for business owners to navigate the tax code and monitor tax law developments. One area of special concern is financial reporting for uncertain tax positions (UTPs). Here’s some insight to help clarify matters.

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Posted in Audit & Assurance

Overview of Discontinued Operations Reporting

Posted by Aaron K. Waller, CPA on May 23, 2023

Traditional business models in many sectors have been disrupted by the COVID-19 pandemic, geopolitical uncertainty, rising costs, and falling consumer confidence. If your company is planning a major strategic shift this year, management may need to comply with the updated accounting rules for reporting discontinued operations that went into effect in 2015.

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Beware of the Gray Areas in Accounting

Posted by Aaron K. Waller, CPA on Apr 24, 2023

Accounting and auditing standards have come under scrutiny in the wake of recent high-profile bank failures. Investigations are currently underway about what went wrong with Silicon Valley Bank and Signature Bank. But it’s likely that some “gray areas” in the accounting rules were exploited to make these organizations appear more economically secure in their year-end financial statements than they truly were.

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Close-up on Sources of Substantive Audit Evidence

Posted by Aaron K. Waller, CPA on Mar 17, 2023

Organizations that understand how auditors verify account balances and transactions can minimize disruptions during audit fieldwork and maximize the effectiveness of financial statement audits. Here’s a summary of the types of “substantive evidence” auditors gather to help them form opinions regarding your financial statements.

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Preparing for Year-End Inventory Counts

Posted by Aaron K. Waller, CPA on Nov 22, 2022

How accurate is the amount reported in your company’s perpetual inventory system? To best answer that question, a physical count is essential at year-end. For calendar-year entities, year-end is fast approaching on December 31.

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Posted in Audit & Assurance

SEC Chair Gensler Warns About Conflicts of Interest

Posted by Aaron K. Waller, CPA on Oct 10, 2022

Securities and Exchange Commission (SEC) Chair Gary Gensler spoke during a recent webcast to commemorate the 20-year anniversary of the Sarbanes-Oxley Act. Gensler recommended that the SEC take a “fresh look” at its rules on the issue of auditor conflicts of interest. He also asked the Public Company Accounting Oversight Board (PCAOB) to add auditor independence standards to its 2023 agenda.

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Posted in Audit & Assurance

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