Accounting & Auditing

As a leading accounting, auditing and consulting firm, WithumSmith+Brown, PC, (WS+B) has been providing quality service and innovative solutions to clients for over 35 years. Clients know they can trust WS+B's highly-skilled professionals whose expertise in accounting and auditing has repeatedly assisted businesses in realizing their full potential. Being PCAOB certified, WS+B audits both public and private companies. Our Accounting and Auditing Services Group has helped to put countless companies and individuals Be in a Position of Strength^SM.

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WHAT YOU NEED TO KNOW

The Corporate Cholesterol Test
By Bob Van Arnum, CPA, Partner

Did you know the American Heart Association recommends that everyone over the age of 20 should have a fasting lipoprotein profile once every five years? This means you should be tested for total cholesterol, LDL (bad) cholesterol, HDL (good) cholesterol and triglycerides after not eating for twelve hours. It certainly seems like sage advice, knowing the benefit is making sure the old ticker is in good shape. So how is the heart of your company? Is it devoid of risk factors which make it susceptible to a variety of ills? Is your current auditor taking the necessary precautions to ensure your business is in good health? The PCAOB is seemingly asking these same questions, and has voted unanimously to issue a concept release on auditor independence and a mandatory five-year audit firm rotation in the coming months.

FASB PROPOSES CHANGES TO INTANGIBLE ASSET IMPAIRMENT RULES

In an exposure draft issued on January 25, 2012, the Financial Accounting Standards Board (FASB) proposed an amendment to existing generally accepted accounting principles (GAAP) related to testing impairment of intangible assets with indefinite lives.

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