Winning Back-Office Strategies to Boost Your Business Agility
VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
How do I make my audit more efficient?
Prior to the start of any audit, you’ll receive a list of required items and due dates. Pay close attention to these dates and let your auditor know if you’re unable to meet them.
Bring company records to date through the end of the period covered by the audit. Reports such as your general ledger, journal entry support and sub ledgers are just a few documents you may need readily accessible.
Reduce the auditor’s time by completing preliminary work such as inventory price testing, recording fixed asset additions and assessing accounts receivables with subsequent cash receipts.
Lastly, communicate to your staff the purpose of the audit and the importance of producing timely, accurate documentation. Touch base with your auditor throughout the year to stay up-to-date on new accounting standards or changes so you aren’t surprised.
Should I elect to amortize goodwill?
Certain private companies can now elect to amortize goodwill on a straight-line basis over 10 years and perform a simpler, one-step impairment test at either the entity level or reporting unit level. This alternative also simplifies the goodwill impairment test by only requiring an entity to perform the one-step impairment test when there is a triggering event.
Amortizing goodwill will likely reduce the risk of impairment over time and the need to perform a full impairment analysis.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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