In this lesson, Nick Palazzolo, CPA, navigates the often-challenging task of reviewing and revising Financial Accounting and Reporting (FAR) work papers. He underscores the necessity of this process, despite it not being a favorite task for many. Delving into the details, Nick explains the strategies for assessing substantial changes within a firm, be it a business or non-profit organization, and how these changes might impact operations. He also covers the pursuit of improvements, focusing on the efficiency and effectiveness of processes, along with reviewing risks and performance to ensure proper management and risk mitigation tactics like hedging have taken place. The goal: to drive home the importance of recognizing and memorizing these crucial points within each component for a thorough understanding.
Lesson: Review and Revision
In this lesson, Nick Palazzolo, CPA, navigates the often-challenging task of reviewing and revising Financial Accounting and Reporting (FAR) work papers. He underscores the necessity of this process, despite it not being a favorite task for many. Delving into the details, Nick explains the strategies for assessing substantial changes within a firm, be it a business or non-profit organization, and how these changes might impact operations. He also covers the pursuit of improvements, focusing on the efficiency and effectiveness of processes, along with reviewing risks and performance to ensure proper management and risk mitigation tactics like hedging have taken place. The goal: to drive home the importance of recognizing and memorizing these crucial points within each component for a thorough understanding.
Updated: May 31, 2022 Create an account