In a recent article, we briefly discussed external financial reports in terms of the audience, or specific users of company information. Generally, one of the most important users in the USA is the Internal Revenue Service (IRS), followed by various state and local taxing authorities. Required income tax returns can be prepared more easily from financial reports that are classified in a comparable manner. A tax practitioner is usually retained to prepare and file these returns. The reports most commonly requested of the company are the general ledger and related financial statements.

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How many times have you asked someone to do something like “draw up a project management plan for such and such project”? Your employee completes the project plan, but then you say,

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Which is more painful: an audit or spending the holidays with Aunt Sally and her green Jell-O mold? Either way, your company audit still looms in your mind, but it shouldn’t be that scary – quite the opposite. Besides, even Sally “audits” herself when

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Speak of operations assessment, and we’ll hear its significant value. Speak of an audit, and we’ll run for the nearest emergency exit. There’s no difference between the two, yet

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