The Balancing Act

Weinstein Spira Blog

Weinstein Spira’s blog, The Balancing Act, provides helpful information on technical accounting and CPA firm culture.

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Posts in the category of

Audit

New Year, New Auditing Standards

New Year, New Auditing Standards

In October 2021, the American Institute of Certified Public Accountants (AICPA) Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement in...

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Is ASC 842 Lease Software Worth Utilizing?

Is ASC 842 Lease Software Worth Utilizing?

Does your company have a significant number of leases? Are you required to apply accounting under Accounting Standards Codification 842, Leases (ASC 842)?  If so, you may want to explore purchasing software to assist with accounting for those leases. Lease accounting...

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Demystifying the Cash Flow Statement

Demystifying the Cash Flow Statement

The cash flow statement is an important part of a company’s overall financial statements. It provides a close look at the actual cash inflows and outflows for the period presented (typically one year). Simply put, it summarizes the changes in cash and cash equivalents...

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How to Get Ready for Your Next Audit

How to Get Ready for Your Next Audit

Let’s face it, no one looks forward to the auditing process. It is much more fun to go play golf or take care of everyday business challenges, than get ready for your auditor’s visit. Often, people perceive the audit as beginning on Day 1 and, therefore, don’t focus...

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Why a Quality Audit Matters

Why a Quality Audit Matters

These days, financial statements are under more scrutiny and subject to stricter regulations to meet high quality standards in the U.S. and around the world. Whether you are a private company needing to comply with your bank’s credit agreement, or a publicly held...

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What is in My Audit Bag?

After six years of working as an auditor, surviving just as many busy auditing seasons, I have learned how to work in a whole different world that keeps me continually on the go! This experience has led to fine-tuning the contents of my audit bag, so that it holds all...

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Red Flags Not to Miss in a Companys Financials

Red Flags Not to Miss in a Companys Financials

A company’s financials provide important information regarding current economic wellbeing and, if you know what to look for, can provide information on potential future success or failure. Whether you’re an auditor, a tax accountant, a company looking to acquire...

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New Year, New Lease Standards

New Year, New Lease Standards

As you may know, the new lease standard, ASU 2016-02, Leases (Topic 842), issued by the Financial Accounting Standards Board (FASB) on February 25, 2016, is now effective for public business entities, along with certain not-for-profit entities and employee benefit...

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