Financial statements report the business activities and financial performance of a company. Learn how they are used by executives, investors, and lenders.

Financial statements comprise three important written records: the cash flow statement, the income statement and the balance sheet. Companies furnish financial statements to provide information on ...

When you hear the term audit, you may immediately think of a team of IRS officers rummaging through your files looking for discrepancies and errors in your business's tax returns. However, financial ...

Financial statement audits are not just a compliance exercise, but also an opportunity to gain knowledge that can generate positive business results, according to a new survey. In many cases, though, ...

Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee, and has a degree in accounting and finance from DePaul University. Katrina Ávila Munichiello is an experienced editor, ...

The new audit risk standards require the auditor to understand and respond to risks of material misstatement, whether due to errors or fraud. In reaching that understanding, auditors should identify ...

Credit losses represent a significant area of focus in financial statement audits. As economic conditions fluctuate and accounting standards evolve, auditors face increasing challenges in evaluating ...

When you apply for business funding, lenders and investors want to ensure they won’t lose money on your venture. That’s why bringing detailed financial statements to your pitch meeting is crucial.

Since 1995, the Department of Defense’s financial management has been on the Government Accountability Office’s High Risk List. Thousands of audit findings from DOD’s department-wide financial ...

The issue concerns statutory timelines for filing financial statements. Companies must file adopted statements within 30 days ...

The debate about responsible financial reporting has not been sidelined by the COVID-19 pandemic. In fact, the future of audit—and how it should adapt to changing stakeholder demands—has only grown in ...