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So far Sonya Foster has created 989 blog entries.

Why Revenue Matters in an Audit

Why Revenue Matters in an Audit For many companies, revenue is one of the largest financial statement accounts. It’s also highly susceptible to financial misstatement. When it comes to revenue, auditors customarily watch for fictitious transactions and premature recognition ploys. Here’s a look at some examples of critical issues that

2021-04-12T14:55:52-06:00December 4th, 2018|

Taxes on Mutual Funds

Taxes on Mutual Funds As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. Avoid surprise capital gains Unlike with stocks, you can’t avoid capital gains on

2021-04-12T14:55:52-06:00December 4th, 2018|

How Auditors Assess Risk When Preparing Financial Statements

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

2021-04-12T14:55:52-06:00November 27th, 2018|

What Your Audit Opinion Means

Audit opinions differ depending on the information available, financial viability, errors discovered during audit procedures and other limiting factors. The type of opinion your auditor issues tells stakeholders whether you’re in compliance with accounting rules and likely to continue operating as a going concern. The basics To find out what

2021-04-12T14:55:52-06:00November 20th, 2018|
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