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 ...

In most cases, auditors simply cannot look at every transaction that makes up a company's financial statements. As such, technical audit procedures are designed to ensure that the auditor can express ...

The firms that are starting to feel a real difference in the busy season are not working harder; they are redesigning the way the audit process runs.

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 ...

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 ...