As part of a financial audit, the auditor must assess the inherent risk associated with the revenue cycle and perform tests to determine it is relatively free of ...

Editor’s note: The author is technical director of the AICPA Center for Plain English Accounting. Addressing audit risk in financial statements with high levels of substantive procedures toward the ...

A semi-annual or annual internal audit allows you to gauge the effectiveness of your business's internal control system. Unlike an external audit, which focuses on determining whether financial ...

How auditors assess and respond to risks of material misstatement in the financial statements, including the risk of fraud, is a critical component of audit quality. New research supported by the ...

The American Institute of CPAs has released a guide to help auditors deal with a new standard on assessing the risks of a material misstatement. The new audit guide, Risk Assessment in a Financial ...

The cost is steep. Work that should take minutes stretches into hours, increasing the risk of transcription errors, draining team morale and leaving less time for analysis or client conversations. For ...

The goal of an audit is to form and express an opinion on financial statements. The audit is performed to get reasonable assurance on whether the financial statements are free of material misstatement ...

Check out Taxmann's Audit of Financial Statements which is a comprehensive guide that assists auditors conducting financial statement audits, covering every step from auditor appointment to audit ...