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How to read a Balance Sheet

How to read a balance sheet In financial accounting, a balance sheet or statement of financial position or statement of financial condition is a summary compiled by the Accountant of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity. Assets, liabilities, and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a “snapshot of a company’s financial condition”. Of the four basic financial statements, the balance sheet is the only statement which applies to a single point in time of a business’ calendar year.

New Financial Audit Standard Encourages More Talking

New Financial Audit Standard Encourages Oversight The Public Company Accounting Oversight Board on Financial Audit (PCAOB) today approved a standard on how to help auditors and audit committees communicate better. While Auditing Standard No. 16 (dubbed Communication with Audit Committees) still has to be approved by the Securities and Exchange Commission, the formal adoption of the …

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Internal Auditors Need More Support from Management

Internal auditors feel they need more visible and vocal support from senior managers within their organizations as changing demands put them under more pressure, according to a new survey. The survey, by Thomson Reuters, found that the increasing amount of regulation, renewed focus on fraud and corruption and heightened scrutiny around risk management from executives, …

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