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Aaron K. Waller, CPA

Recent Posts

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

How To Trim The Fat From Your Inventory

Posted by Aaron K. Waller, CPA on Sep 10, 2018

Inventory is expensive. So, it needs to be as lean as possible. Here are some smart ways to cut back inventory without compromising revenue and customer service.

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Posted in Audit & Assurance

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

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