Thought Leadership

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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…

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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.

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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.

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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).

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How Did Tax Reform Affect Financial Reporting?

As businesses complete their first year under the Tax Cuts and Jobs Act (TCJA), the Financial Accounting Standards Board (FASB) continues to monitor how companies and their auditors are tackling its financial reporting ramifications. For now, no new guidance is in the works, in spite of lingering…

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Global Convergence Project: U.S. GAAP Is Alive and Well

Once upon a time, financial reporting professionals expected the Securities and Exchange Commission (SEC) to publish a rule that would allow — or force — U.S. public companies to use International Financial Reporting Standards (IFRS). Had the anticipated move come about, U.S.

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