Keep legal opinions and tax memoranda in a file separate from accounting and financial statements.
Still, even in the absence of deliberate manipulation, boards of directors could be held accountable for whether they have produced accurate financial statements that properly reflect accounting for options grants.
Through its cooperative data model, Sageworks collects financial statements for private companies from accounting firms, banks and credit unions, and aggregates the data at an approximate rate of 1, 000 statements a day.
Construction Sector DataThrough its cooperative data model, Sageworks collects financial statements for private companies from accounting firms, banks and credit unions, and aggregates the data at an approximate rate of 1, 000 statements a day.
FORBES: Private Builders' Sales Are Rising and So Are Their Costs
Sageworks collects financial statements for private companies from accounting firms, banks and credit unions through its cooperative data model, aggregating the data at an approximate rate of 1, 000 statements a day, and analyzing the performance.
FORBES: Private-company credit risk shows signs of improving
Sales trends for privately held companiesThrough its cooperative data model, Sageworks collects financial statements for private companies from accounting firms, banks and credit unions, and aggregates the data at an approximate rate of 1, 000 statements a day.
Profitability of privately held gas stationsThrough its cooperative data model, Sageworks collects financial statements for private companies from accounting firms, banks and credit unions, and aggregates the data at an approximate rate of 1, 000 statements a day.
FORBES: You think you hate high gas prices? Try selling the stuff.
The Commission has been repeatedly criticized by the Government Accountability Office for material weaknesses in its financial reporting and accounting processes, an extraordinary embarrassment for the agency responsible for evaluating the financial statements of all companies whose shares are sold to the public.
Practice Tip: Always get audited financial statements, and from a major accounting firm.
FORBES: Broughton -- Rented Assets And Bogus Offshore Insurance Companies
Every new employee must attend a financial literacy course to understand how to interpret accounting statements and business decisions.
WSJ: Transparency at the Office: Psst...This Is What Your Co-Worker Is Paid
And big accounting firms will refuse to audit financial statements if the company or creditors fail to provide data.
Regulators want to eliminate the costly requirement that foreign companies listing their shares on American markets reconcile their financial statements with U.S. accounting guidelines.
So the wonders of non-GAAP accounting are usually not apparent to investors, unless they follow accounting blogs or are adept at analyzing financial statements themselves.
IPOs require detailed financial statements and listing companies must abide by US accounting standards before being allowed on Wall Street.
The independent external auditor is a licensed professional who works for a public accounting firm and performs an audit of the financial statements of a company, government, individual, or any other legal entity or organization.
Most investors are not aware of how many corporate managers destroy shareholder value because accounting rules allow them to erase their mistakes from financial statements.
FORBES: Big Write-Downs Usually A Red Flag For Failed Management
U.S. investors burned by alleged Chinese accounting fraud, such as at Longtop Financial, know that financial statements by even listed companies (especially for gullible, non-Chinese speaking foreigners) can be way off.
FORBES: Wealth, Bribes and Lies: Ten Years Of Tracking China's Richest
The Groupon-Facebook dichotomy, in which one accounting firm was responsible for two dramatically different approaches to GAAP, demonstrates the need for actual people at accounting firms taking personal as well as corporate responsibility for the financial statements that they audit.
Several audit firm professionals tried to convince the SEC and PCAOB staff that they were mistaken in the belief that broker-dealer auditors could not sign the broker-dealer audit opinion as well as help implement accounting software, prepare period-end journal entries and compile those same financial statements and regulatory reports that they would audit.
FORBES: Auditors All Fall Down; PFGBest and MF Global Frauds Reveal Weak Watchdogs
As of fiscal years ending after December 31, 2008 the financial statements of non-public broker-dealers must be certified by a PCAOB-registered public accounting firm.
FORBES: Auditors All Fall Down; PFGBest and MF Global Frauds Reveal Weak Watchdogs
If Deloitte still refuses to respond, America's accounting regulator, the Public Company Accounting Oversight Board (PCAOB), could even decertify Deloitte's Chinese affiliate from signing financial statements for firms listed in America.
ECONOMIST: A dreadful choice: whether to annoy America or China
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