Auditing Standards No. 16 Approved by the SEC

Accounting Web: The Public Company Accounting Oversight Board (PCAOB) announced on December 20, 2012, that the Securities and Exchange Commission (SEC) approved Auditing Standard No. 16, Communications with Audit Committees, and amendments to other PCAOB standards.  Continue reading

The New Auditor’s Report

As a result of SAS 122 – Clarification and Recodification  (The Clarity Project), auditor’s reports will take on a new look for years ending after December 15, 2012.  The clarified standard requires a more detailed statement in the auditor’s report that the financial statements are the responsibility of management, and requires the use of headings throughout the report to clearly distinguish each section of the report.

If we can be of any assistance to your organization in determining how the new auditor’s report or any other recent developments in accounting, auditing or reporting standards might affect your organization, please feel free to contact us. A sample of the new auditor’s report follows:  Continue reading

Fixed Asset Impairment: Losses from Hurricane Sandy (Part II)

Hurricane Sandy, one of the largest Atlantic hurricanes on record, caused wide-spread flooding and wind damage across the Northeast.  It is expected to be the second-costliest Atlantic hurricane in the history of the United States and countless businesses will now need to assess the damage incurred, specifically to their fixed assets.

How does a business assess the damage to its fixed assets?  Continue reading

Accessing Capital: Improve 5 Metrics That Matter

A recent study found that while nearly 91% of private company owners were enthusiastic about executing growth strategies, only 51% reported having the necessary financial resources to do so.  Furthermore, the study by Pepperdine University found that banks reported they were declining, on average, 36% of loan applications, with quality of earnings and/or cash flow as the most common reason (32%).

So what should a business that needs to borrow do?  Continue reading