The economic problems that dogged businesses all year long will hang like a dark cloud over the 2009 year-end close, giving companies good cause for plenty of planning this year to avoid unpleasant audit surprises.
Experts say companies should be lining up their documentation now to answer the questions auditors will inevitably ask about pressures that have made financial reporting so difficult this year. That will include, for example, fair value measurements, cash flow projections, impairments, revenue recognition, and a host of other areas that rely heavily on judgment and assumptions.
Popken
Expect questions on “anything that has to do with management ...