The CFO'S Perspective

3 Paths to Making Your Independent CPA Audit a Success

Why Audits Matter

For many middle market, closely-held businesses, the annual independent financial statement audit is an important part of the financial reporting process.

Lenders, investors and the company’s board of directors rely on audited financials to validate the interim financial data they are receiving as well as provide a sense of security as to the assets they have at risk.

As a result, many loan and shareholder agreements require annual audited financials.

In the best run businesses, the audited results should not differ from the unaudited internal financials.

That’s because the finance and accounting team is closing the monthly books on an accurate and timely basis. The team is also staying abreast of potential accounting issues that may need to be dealt with before year end.

In many businesses, incentive compensation plans may be tied to audited results.

This means that a well-managed company can ill afford to provide the management team with financial data subject to significant audit adjustments. Accordingly, it is in everyone’s best interests that the audit be conducted in an effective and efficient manner.

Topics: Leadership Audit CFO Responsibilities

When Accountants Became Firefighters

There are times in the course of a career when an accountant faces difficult short-term circumstances calling for quick decisions and a focus on critical priorities.  In other words, the “fire” calls the shots, and the accountant must respond to the fire’s breadth and intensity. The ability to successfully manage the proverbial fire is based on skill and effort within an undetermined period.

Topics: Funding Success Stories Planning Accounts Receivable Financial Reports Audit