Simply Tax Episode 109: Audit & Analytics amid COVID-19

Simply Tax Episode 109

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What should businesses and their advisors be considering when it comes to financial statement audits, given the recent disruptions caused by COVID-19? What role can analytics play in managing cash flow and forecasting? Guests Megan Stern and Greg Knight join host Damien Martin to offer their insights from working with businesses amid the pandemic in the last six months and share best practices and considerations for next year’s audit. Here’s what’s covered:

  • The importance of cash flow management and the impact of the pandemic @ 01:46
  • How this year’s auditing compares to last year  last year @ 05:09
  • Special considerations for CFOs to prepare for upcoming audits @ 06:55
  • Implementing new financial statement standards @ 13:23
  • Revenue recognition FAQs @ 15:59
  • Considerations for revenue recognition amid COVID-19 @ 23:59
  • Discussing and presenting cash flow forecasts with your bank @ 26:11
  • Understand your cost structure @ 31:16
  • Going concern gets a bad rap but doing the analysis isn’t a bad exercise @ 34:40
  • Closing thoughts on cash flow forecasts @ 35:23

BIO FOR GUESTS

Megan Stern is a member of BKD National Commercial Services Group. Megan provides audit and consulting services in the manufacturing, distribution, and construction industries. In addition to audit and consulting, she also has experience in engagements such as reviews and agreed-upon procedures. Megan is a member of BKD’s task force for implementing Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606).

Megan's Bio
Connect with Megan on LinkedIn

Greg Knight is a member of the BKD Analytics and BKDnext® consulting groups and has more than 14 years of audit and business advisory service experience. Greg can leverage enterprise data to model the economics of an organization. His data analytics models have provided insights into the cost drivers and underlying economics of clients in business transactions and value enhancement initiatives. His previous experience involves assisting private equity and strategic buyers with financial due diligence and other strategic business services associated with mergers and acquisitions. Greg has served midsize manufacturing and distribution companies with revenues between $10 million and $100 million.

Greg's Bio
Connect with Greg on LinkedIn

ADDITIONAL RESOURCES

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