Business Advisory

If you want to help deter fraud within your business…start doing this today

HW&Co. has assembled a downloadable Fraud Prevention Checklist to assist your business in deterring internal fraud. Lack of internal controls is a factor in about 30% of reported fraud cases, according to the 2016 Association of Certified Fraud Examiners Report to the Nations. Here is a scenario that is all too common: Bob, the accounts […]

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Revenue Recognition For Health Care Entities

The AICPA Financial Reporting Executive Committee (FinREC) has recently issued another working draft for health care entities relating to accounting issues regarding the implementation of FASB’s new revenue recognition standard (Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606)). FinREC is requesting feedback on this and the other industry working drafts. The […]

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Cyber Attacks – Is Your Company At Risk?

In March and April of this year, a restaurant chain announced their systems had been hacked causing customer data to be compromised. In mid-May, a ransomware attack affected hundreds of thousands of computers throughout Europe and Asia leaving many companies without access to the necessary data on their networks. When these events occur, it is […]

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New Proposal for Classification of Balance Sheet Debt

Debt and the classification of debt on classified balance sheets has been scrutinized and analyzed over the years and is currently based on rules based guidance provided by Accounting Standards Codification (ASC) Topic 470, Debt. The Financial Accounting Standards Board (FASB) is proposing to replace the old rules based guidance that does not cover all […]

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Four Steps Towards a Smoother Audit

A financial statement audit can be a significant time burden on the finance/accounting department for any organization. There is often a large time commitment needed from getting ready for the auditors, gathering information requested during the audit, answering questions, etc. However, there are ways to make the audit go smoother. The following are four ways […]

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