The Best Ways to Communicate Effectively with the Audit Committee

Now and then, CFOs and other executives present company information, like strategies, risks and operations, to the audit committee. Three key components will assist you in making the most effective presentation: thoroughly grasping the committee’s role; building relationships with committee members beforehand, and concentrating on the most pertinent information. Discover how.

How your auditor establishes materiality in an audit or review

Accountants can’t look into every transaction when running an audit or review so they appoint a “materiality” threshold instead. They apply this benchmark to gain reasonable assurance in an audit — or limited assurance in a review — of uncovering misstatements that might be big enough, individually or collectively, to be material to the financial statements.

12 Days of SSAP – SSAP No. 69 – Cash Flow

Statement of Cash Flows was revised to adopt ASU 2016-18 to reduce the difference between statutory and US GAAP on cash flow classifications. In the revision, restricted cash and cash equivalents are no longer reported as cash flows from operating, investing or financing buckets. Instead, they are included in the beginning and ending balances of the cash flow statements.