Thought Leadership

Stack of White Papers

Communicating Critical Audit Matters: A Matter of Judgement

New rules for public company audit reports  require auditors to share more information in the audit for investors’ benefit. As auditors have begun adding critical audit matters (CAMs) to their reports, the Center for Audit Quality (CAQ) has found that they must exercise significant judgment and…

Learn More

Workspace with Macbook

Auditors' Approach to Accounts Payable

The accounts payable (AP) team at most organizations handles a huge number of transactions each month. That volume makes the AP ledger likely to contain errors, and also makes it a favorite target for hiding fraud.

Learn More

Metal Silver Balls

When Are LLC Members Subject to Self-Employment Tax?

Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment (SE) tax. But the IRS has been cracking down on LLC members it claims have…

Learn More

Stack of 1 Dollar Bills

How Do Profits and Cash Flow Differ?

Business owners sometimes mistakenly equate profits with cash flow. Here’s how this can lead to surprises when managing day-to-day operations — and why many profitable companies experience cash shortages.

Learn More

Stack of Papers & Clipboard

Private Company Audit Standards to Look More Like PCAOB's

Financial reporting standards for private companies, which are established in the U.S. by the AICPA Auditing Standards Board (ASB), have always diverged slightly from public company standards set by the Public Company Accounting Oversight Board (PCAOB).

Learn More