Withum

JANUARY 30, 2025

Understanding the financial statement audit process and planning ahead can save time, reduce stress and ensure accurate results. In this guide, well walk through the key financial audit preparation steps, explain key differences between AICPA and PCAOB audits and provide actionable tips to streamline the external audit process.

audit 101

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CPA Practice

JUNE 18, 2024

AI tools like ChatGPT can be used to streamline financial statement analysis and other client accounting service tasks. Here’s an example of what it can do with an income statement. By Sandi Smith Leyva. An important reminder is that your data needs to be anonymized before entering it into any generative AI application.

financial statements 122

financial statements Transportation payroll Legal 122

RogerRossmeisl

MARCH 14, 2021

Plan early to engage a fraud expert to review financial statements and other documents for signs that you could be dealing with a dishonest seller. Subtle warning signs When reviewing a seller’s financial statements, forensic experts look for subtle warning signs of fraud.

financial statements 246

financial statements CPA Sales 246

RogerRossmeisl

MAY 30, 2022

Financial statements are an important source of data for valuing a business. To help clarify matters, experts often make various adjustments to the financials. The post Taking a Red Pen to Financials for Valuation Purposes appeared first on Roger Rossmeisl, CPA. But they tell only part of the story.

financial statements 244

financial statements Legal CPA 244

RogerRossmeisl

MAY 15, 2023

Valuing a business requires more effort than just plugging numbers from the financial statements into a spreadsheet or artificial intelligence software program. Financial statements, tax returns and marketing materials tell only part of the story. Site visits can help bridge the gap, especially in adversarial situations.

tax return 242

tax return financial statements CPA Retail 242

RogerRossmeisl

JANUARY 26, 2022

This financial statement reports “book values” for the company’s assets and liabilities. The post The Cost Approach to Valuing a Business appeared first on Roger Rossmeisl, CPA. The cost (or asset-based) approach to valuing a business focuses on the balance sheet.

Real Estate 243

Real Estate accounting principles CPA financial statements 243

RogerRossmeisl

NOVEMBER 6, 2023

When preparing a business valuation, quantitative data — from tax returns, financial statements, contracts and other sources — is important. The post Management Interviews are a Critical Part of the Business Valuation Process appeared first on Roger Rossmeisl, CPA. But there’s more to a company than numbers.

tax return 242

tax return CPA financial statements Tax 242

RogerRossmeisl

JULY 17, 2022

The cost (or asset) approach specifically focuses on this part of a company’s financial statements. The post How to Use the Cost Approach to Value a Business appeared first on Roger Rossmeisl, CPA. Here’s an overview to help you understand this valuation technique. How does it work?

accounting principles 237

accounting principles CPA financial statements Account 237

CPA Practice

MARCH 7, 2023

The Uniform Certified Public Accountant Examination (CPA Exam) is regularly updated to reflect enhancements to accounting and auditing standards as well as tax laws and regulations — and to improve the efficiency of the exam. What are the 2024 CPA Exam changes? However, the updates scheduled for the 2024 CPA Exam will be significant.

Technology 137

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RogerRossmeisl

MAY 8, 2022

Many fraud investigations focus on financial statements. Because cash is the most commonly stolen business asset, fraud experts regularly scrutinize statements of cash flow for signs of misappropriation and fraudulent disbursements. Unusual changes Your statement of cash flows shows how cash changed during the year.

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RogerRossmeisl

NOVEMBER 13, 2022

So valuators conducting an appraisal might ask management about the company’s internal controls — its policies and procedures to protect assets and ensure reliable financial statements. The post When a Valuation Professional Finds Fraud appeared first on Roger Rossmeisl, CPA. They may look for particular internal.

financial statements 246

financial statements CPA 246

RogerRossmeisl

NOVEMBER 27, 2020

if a senior manager intentionally ignores the rules to manipulate financial statements. Warning signs Management overrides of financial controls can be difficult to detect. The post Controls are Ineffective When Managers Go Rogue appeared first on Roger Rossmeisl, CPA. Your company is at even higher risk of fraud losses.

accounts payable 217

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CPA Practice

OCTOBER 18, 2024

State CPA Society News & Updates is a selection of recent announcements and initiatives by CPA associations in the United States and its territories. He will now put his international experience to work at the state level, where he looks forward to working in service of the CPA profession in Florida. She holds a B.S.

CPA 110

CPA Non-Profits cpas Washington 110

RogerRossmeisl

JULY 16, 2023

Look at the numbers During the due diligence process of a merger or acquisition, forensic experts review financial statements for subtle warning signs of fraud. Not if your Seller’s Hiding Something appeared first on Roger Rossmeisl, CPA. The post Good Acquisition?

forensic accounting 238

forensic accounting financial statements Legal CPA 238

CPA Practice

SEPTEMBER 24, 2024

The AICPA is seeking to amend its standard related to financial statement preparation, which would clarify that a CPA wouldn’t be required to apply AR-C Section 70, Preparation of Financial Statements, when financial statements are prepared as a byproduct of a client advisory services (CAS) engagement.

financial statements 69

financial statements cpas CPA audit 69

CPA Practice

APRIL 7, 2023

With an onslaught of economic disruptions and complexities on their plate, a CPA shortage proves especially burdensome for middle market companies. While there’s an urgency for organizations to scale back investments to offset the higher costs of doing business, they can’t afford to cut spending on technology during trying times.

accounting firms 139

accounting firms CPA Technology Account 139

Withum

MARCH 18, 2025

Withum is proud to announce that Anni Chen , Audit Manager and CPA, has been nominated for CalCPAs Experienced Leader Award. For 10 years, Chen has demonstrated exceptional success across several industries, including life sciences, technology and financial services. Withum congratulates Anni Chen on this remarkable achievement.

CPA 59

CPA cpas public accounting Illinois 59

RogerRossmeisl

OCTOBER 29, 2023

It’s also a common financial statement adjustment that valuators make when valuing a business. The post How Business Valuation Professionals Estimate Reasonable Compensation appeared first on Roger Rossmeisl, CPA. Reasonable compensation is an issue that comes into play in divorce, shareholder disputes and tax cases.

financial statements 232

financial statements CPA Sales Tax 232

CPA Practice

APRIL 3, 2023

With an onslaught of economic disruptions and complexities on their plate, a CPA shortage proves especially burdensome for middle market companies. While there’s an urgency for organizations to scale back investments to offset the higher costs of doing business, they can’t afford to cut spending on technology during trying times.

accounting firms 135

accounting firms CPA Technology Account 135

RogerRossmeisl

AUGUST 18, 2021

They’re uniquely qualified to review financial statements and business records and to interview employees to find evidence of misrepresentations and theft. The post How to Work with a Forensic Accountant appeared first on Roger Rossmeisl, CPA. In many cases, they’re able to help recover missing funds.

forensic accounting 225

forensic accounting Account accountant accounted 225

RogerRossmeisl

FEBRUARY 20, 2023

So, prospective financial statements can be subjective and risky, especially in today’s volatile marketplace. Professional skepticism When evaluating prospective financials, valuators must exercise professional judgment and consider making adjustments where necessary. However, no one can see into the future.

financial statements 221

financial statements CPA 221

RogerRossmeisl

MAY 5, 2023

Before a business goes on the market, a valuation pro can help address the following critical items: Financial statements. Audited financial statements offer prospective buyers greater assurance than reviews, The post Selling a Private Business?

financial statements 195

financial statements audit CPA Sales 195

RogerRossmeisl

FEBRUARY 25, 2024

Although financial statement fraud is the least common form of occupational theft (9% of incidents), it costs organizations the most in financial losses, according to the Association of Certified Fraud Examiners. Businesses defrauded by financial statement schemes had median losses of $593,000.

accounting principles 160

accounting principles financial statements Account accounted 160

Going Concern

JANUARY 3, 2025

The series is called Journeys of Accountancy and features accountants who, for example, work for a CPA firm specializing in the legalized cannabis industry in California, an accounting software company that serves the funeral industry, and a company that provides compliance services to the gaming industry.

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CPA Practice

NOVEMBER 7, 2024

The IRS received an unmodified (clean) opinion on its financial statements for the 25th consecutive year from the Government Accountability Office. GAO also provided an unmodified opinion on the overall effectiveness of the IRS’s internal controls over financial reporting. generally accepted accounting principles.

accounting principles 115

accounting principles financial statements Government Tax 115

CPA Practice

AUGUST 30, 2023

And it popped up at a session during the first day of the 2023 Unique CPA Conference, “Bridging the Gap,” in the Chicago suburb of Rosemont, IL, on Tuesday. Pretty much overwhelmingly they said it was because you have to have an accounting degree and a CPA, which isn’t true. You don’t have to be a CPA. It’s not glamorous.

cpa firm 105

cpa firm CPA cpas Maryland 105

Going Concern

FEBRUARY 6, 2025

The AICPA Code of Professional Conduct has had robust protections in place regarding outside investment in CPA firms for more than 25 years. Only licensed CPA firms can provide attest services, with clearly defined firewalls required for investors taking a piece or outright control of an entity that provides only non-attest services.

audit 90

audit auditor cpa firm CPA 90

RogerRossmeisl

JUNE 5, 2022

The post Highlights from the Latest ACFE Fraud Report appeared first on Roger Rossmeisl, CPA. This includes cash theft, fraudulent disbursements, larceny and misuse of inventory and is the.

CPA 221

CPA financial statements cpa firm 221

Withum

APRIL 29, 2025

Steven Edelheit, Managing Partner of CTM Withum’s Managing Partner and CEO, Pat Walsh, CPA, is equally thrilled about this union, as it expands Withums footprint in the Midwest and industry specialties. Uniting our firms allows us to expand our portfolio of franchise clients.

cpas 86

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CPA Practice

MARCH 31, 2025

The revised language clarifies that while not required to be applied, the accountant is not precluded from applying AR-C section 70, in whole or in part.

financial statements 104

financial statements Account accounted accountant 104

SMBAccountant

JANUARY 4, 2023

The new lease accounting rules seek to make the impact ofleases more transparent within financial statements. While the new lease accounting rules will make the impact of lease transactions more transparent, they may also cause liabilities of the business to rise, which could affect how financial results are viewed by outside parties.

Account 246

Account accounted accountant accounting standards 246

CPA Practice

NOVEMBER 5, 2024

In mid-August 2023, Lovesac submitted a filing to the SEC that disclosed that its previously filed financial statements for the 2023 fiscal year and first quarter of 2024 were no longer reliable, according to the lawsuit. The company then restated those statements. Meanwhile, Lovesac continues to expand its reach.

general ledger 98

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CPA Practice

NOVEMBER 1, 2024

Hosts Brian Tankersley, CPA, and Randy Johnston review Syft Analytics , which lets professionals generate everything from reports through integrated forecasts and consolidations, to make better business decisions with their financial data. And, you know, as it turns out, the financial statements are, you know, pretty straightforward.

Technology 111

Technology Account accountant accounted 111

CPA Practice

NOVEMBER 25, 2024

The Post-Implementation Review (PIR) process is an important quality control mechanism built into the FASB’s standard-setting process to evaluate whether a standard is achieving its objective by providing investors and other financial statement users with relevant information in ways that justify the cost of providing it.

accounting standards 111

accounting standards financial statements financial accounting Account 111

Going Concern

APRIL 12, 2024

electric carmaker Tesla, has failed to properly reflect fines in its financial statements and was issued a “qualified opinion” from an accounting firm on April 10. billion won in corporate taxes, but its management team recorded the amount as a receivable in its financial statements. Tesla Korea was subjected to 25.1

CPA 105

CPA auditor Tax accounting and finance 105

CPA Practice

JUNE 24, 2024

I asked ChatGPT what forms it recommended for a CPA firm. Here is the answer I got (since ChatGPT is nondeterministic, you won’t get the exact same answer I got.): For a CPA (Certified Public Accountant) firm, creating and utilizing various forms and templates can significantly streamline practice management tasks.

accounting firms 124

accounting firms cpa firm Account accounted 124

Going Concern

NOVEMBER 27, 2024

With our Always-On Recruiting service, you can access a pool of top remote accounting candidates without any upfront costs. Sign up now to view the complete candidate list and connect with potential hires.

Real Estate 52

Real Estate Account accountant accounted 52