Financial restatements were up in 2018. Though restatements have a negative stigma, the uptick may not necessarily signal an increase in mismanagement or a deterioration in internal controls. Mundane reasons for revising annual reports include misinterpretation of accounting rules and changes in accounting oversight. In light of recent changes to the accounting and tax guidance, your in-house accounting personnel may need our help to understand how to properly report transactions. If mistakes do happen, we can also help them manage the restatement process, communicate with stakeholders in an effective, reassuring manner, and take any needed corrective actions.
https://www.sdmayer.com/insights/blogs/audit/why-do-companies-restate-financial-results/
Many not-for-profits increase their occupational theft risk by devoting too little of their budget to internal controls, placing excessive trust in staffers and volunteers...
If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (or a SEP-IRA). It’s critical to...
Interim financial statements show how a company is doing each month or quarter. If you think of annual financial statements as a year-end report...