Materiality in an AuditAU-C Section 320, Materiality in Planning and Performing an Audit. Materiality is subject to the auditor’s professional judgment. We must consider the information needs of the financial statement users as a group. We apply materiality in (1) planning and performing the audit; (2) evaluating the effect of identified misstatements on the audit;...

We’ve all been affected by COVID-19, either personally or in our businesses, and it was a long year for us all to endure. COVID-19 has had a significant impact on many areas affecting our business, both what we do, and how we do it. Some of these impacts are merely deferrals, others are perhaps a...

In my last article, I wrote about what had become the new work environment at Gardiner + Company as a result of the pandemic. What we learned during the pandemic is that we are able to perform our primary job functions as efficiently working remote as being in our offices (or yours). Our profession is...

While you have been dealing with un-cooperative weather this spring and early summer in your operations, we have been busy trying to better ourselves to service your accounting and tax needs. In early May, the Gardiner + Co. staff participated in our annual staff training event in Des Moines. We brought in outside speakers to...

+ Governmental entities are implementing Governmental Accounting Standards Board Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, (GASB 75) for the fiscal year ended June 30, 2018. This statement supersedes GASB 45 and portions of others. The revised requirements provided in GASB 75 establish new financial reporting requirements for local...

What we have seen in 2018: + Credit unions have seen a rise in profitability continue to stabilize in 2017 when compared to the prior year. Through the first six months of 2018, credit unions have maintained a return on assets of 0.90%, up 14 basis points from a year ago. + For the first...