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 ...

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 ...

Are you an auditor engaged to audit an entity that is less complex? If so, you may wonder why you spend time on the audit evaluating internal control. This may seem like an exercise that is much more ...

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 ...