In this podcast episode, our host, Joe Fitzgerald, describes what annual audit management letters are and provides four steps you should take to get ahead of a prominent, rising concern.
In this podcast episode, our host, Joe Fitzgerald, describes what annual audit management letters are and provides four steps you should take to get ahead of a prominent, rising concern.
VLDI Podcast Episode 4 Transcript
Joe:
Hi there, Joe Fitzgerald here, your host of The VLDI Podcast – welcome back!
Today, I wanted to discuss the management letter you receive as part of your annual audit.
For companies that report on a calendar year and have completed their 2021 audit, the CFO should have received a management letter from their auditors.
The management letter highlights key financial findings and provides recommendations for improvements to internal controls. It also raises awareness of new accounting pronouncements that the company will need to adopt.
One topic we have seen in annual management letters for a couple of years now is regarding the need to comply with the new lease accounting standards – ASC 842, GASB 87 and IRFS 16. With that in mind, it’s time to take action – if your company hasn’t already – to avoid being flagged for not meeting these standards in your next annual audit.
Here’s four steps you should take to successfully achieve and maintain lease accounting compliance, and reduce the risk to your business:
I hope this information helps you in your lease accounting journey! See you next time.
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