How To Conduct A Year-end Risk Assessment

Year End Risk Assessment, assessment services, Tucson, R&A CPAs, CPAs, tax services, accounting, accounting services

Auditors assess their clients’ risk factors when planning for next year’s financial statement audit. Likewise, proactive managers assess risks at year end. A so-called “SWOT” analysis can help frame that assessment. Typically presented as a matrix, this analysis of strengths, weaknesses, opportunities and threats provides a logical framework for understanding how a business runs. It…

Read More

GAAP vs. tax-basis reporting: Choosing the right model for your business

gaap-vs-tax-basis-reporting, assessment services, Tucson, R&A CPAs, CPAs, tax services, accounting, accounting services

Virtually every business must file a tax return. So, some private companies issue tax-basis financial statements, rather than statements that comply with U.S. Generally Accepted Accounting Principles (GAAP). But doing so could result in significant differences in financial results. Here are the key differences between these two financial reporting options. GAAP: GAAP is the most…

Read More