Financial statement footnotes provide an important element regarding a business' activities -- they provide context. Absent discussion in the footnotes about how the business conducts its operations, ...

What Else Do Financial Records Include? Other than the most common line items found in financial statements, investors can also read the lesser known items, such as the footnotes, which often contain ...

You can­not ignore some­thing about which you are unaware. Many corporate direc­tors and investors are sim­ply unaware of many one-time items that companies report because they are buried deep in the ...

At times during audit season, not-for-profit financial statement auditors may feel like medical professionals in January. They’re extremely busy, and many of the “patients” receive the same diagnosis.

External audits focus on whether and how well a business's financial statements adhere to generally accepted accounting principles, or GAAP. The objective of GAAP is to standardize and regulate ...