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 ...

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 ...

Risk assessment is at the core of every audit. The goals of identifying, assessing, and responding to risks of material misstatement (“risks”) drive every audit procedure, from gaining an ...

The Public Company Accounting Oversight Board intends to update some of its older auditing standards, some of which it inherited two decades ago from the American Institute of CPAs after passage of ...

The importance of developing an audit program that includes thorough procedures to audit cash balances, or cash receipts, is important because it can affect an organization's profits. The auditor must ...