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Returning Value Blog

Employee Benefit Plans: Do You Need a Form 5500 Audit?

Posted by Aaron K. Waller, CPA on Jan 13, 2020

Some benefit plans are required to include an opinion from an independent qualified public accountant (IQPA) when filing Form 5500 each year. The IQPA examines the plan’s financial statements and schedules to ensure they’re presented fairly and in conformity with Generally Accepted Accounting Principles (GAAP). The financial statements and IQPA opinion are often referred to collectively as the “audit report.”

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Posted in Audit & Assurance

Year-End Accounting Recap

Posted by Melissa Motley, CPA on Dec 23, 2019

The Financial Accounting Standards Board (FASB) hasn’t issued any major new accounting rules in 2019. But there have been some important developments to be aware of when preparing annual financial statements under U.S. Generally Accepted Accounting Principles (GAAP).

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Posted in Audit & Assurance

Risk Assessment: A Critical Part of the Audit Process

Posted by Aaron K. Waller, CPA on Dec 16, 2019

Audit season is right around the corner for calendar-year entities. Here’s what your auditor is doing behind the scenes to prepare — and how you can help facilitate the audit planning process.

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Valuing Profits Interests in LLCs

Posted by Melissa Motley, CPA on Nov 15, 2019

The use of so-called “profits interest” awards as a tool to attract and retain skilled workers has increased, as more companies are being structured as limited liability companies (LLCs), rather than as corporations. But accounting complexity has caused some private companies to shy away from these arrangements. Fortunately, relief from the Financial Accounting Standards Board (FASB) may be coming soon.

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Posted in Audit & Assurance

How to Keep Track of Small Tools and Equipment

Posted by Aaron K. Waller, CPA on Nov 06, 2019

Whether it’s hard hats and drills on a job-site, iPads in an office or RFID readers in a warehouse, small tools and equipment have a tendency to disappear at many companies. The cost of lost, damaged and stolen items can quickly add up, consuming profits and cash flow. What can you do to manage these items more effectively and create accountability among workers?

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Posted in Audit & Assurance

Reasons Why Cash Is King

Posted by Marty Williams, CPA on Oct 22, 2019

In financial reporting, investors and business owners tend to focus on four key metrics: 1) revenue, 2) net income, 3) total assets and 4) net worth. But, when it comes to gauging short-term financial performance and creditworthiness, the trump card is cash flow.

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Internal Audit 2.0: Paperless and Continuous Auditing Trends

Posted by Aaron K. Waller, CPA on Oct 09, 2019

Technology is altering the traditional approach to internal audits. Instead of reviewing reams of paperwork, today’s auditor is learning to use electronic records. In turn, going paperless facilitates a concept known as “continuous auditing,” where internal auditors continually gather data to support their procedures. Here’s how your business can modernize this process.

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Why Do Companies Restate Financial Results?

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

Every year, research firm Audit Analytics publishes a study about financial restatement trends. In 2018, the number of public companies that amended their annual reports increased by 18%.

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The Untouchables: Getting a Handle on Intangibles

Posted by Jessica L. Pagan, CPA on Sep 18, 2019

The average company’s balance sheet understates its value by 80%, according to Sarah Tomolonius, co-founder of the Sustainability Investment Leadership Council. Why? Intangible assets aren’t recorded on the balance sheet under U.S. Generally Accepted Accounting Principles (GAAP) unless they’re acquired from a third party.

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Posted in Audit & Assurance

Corporate Governance in the 21st Century

Posted by Marty Williams, CPA on Sep 12, 2019

What’s the purpose of a corporation? For the last 50 years, the answer was “to maximize shareholder value.” But, on August 19, CEOs of 181 leading U.S. businesses, including Amazon, Apple, General Motors and Walmart, pledged to broaden the scope.

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Posted in Audit & Assurance

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