How to Reduce Stress when Preparing for a Financial Statement Audit

It’s no secret that financial statement audits tend to raise the anxiety levels among the people involved. To reduce your stress when preparing for your next annual financial statement audit, try this two-phase approach:

  1. prepare for the audit each month – don’t wait until year-end,
  2. start early – as soon as the year ends, begin working on the prepared-by-client (PBC) listing.

Phase 1:

Remember that audit prep is a year-round exercise. Here are three activities to perform on a monthly basis:

Ask Questions Throughout the Year

Do not wait until onsite work begins. If an unusual event occurs,

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Upcoming Changes for Not-for-Profit Organization Financial Statements

Not-for-profit organizations need to be aware that some changes in your calendar 2018 or fiscal 2019 year-end financial statements will be required. These changes are designed to more clearly indicate your organization’s financial position as a result of a recent Financial Accounting Standards Board Accounting Standards Update (FASB ASU).

The changes prescribed in Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities (ASU 2016-14) will affect all not-for-profits and provide more relevant information about their resources and the changes in those resources to donors, grantors, creditors, and other financial statement users.

Over the course of the coming year,

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Why Your Auditor Seems More Interested in Your Organization’s Ability to Continue as a Going Concern

Four years ago, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-15 (ASU 2014-15) Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which rewrote the rules for an organization’s requirement to consider its ability to continue as a going concern. These new rules were effective for reporting periods ending after December 15, 2016. Organizations with December 31 year ends have now implemented this guidance for one year.

What is Going Concern?

Going concern is not a new concept in accounting. In fact, it is a key principle in the preparation of financial statement in accordance with accounting principles generally accepted in the United States (U.S.

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