When you hear the term audit, you may immediately think of a team of IRS officers rummaging through your files looking for discrepancies and errors in your business's tax returns. However, financial ...

An auditor's opinion on the financial statements is expressed in the form of an auditor's report. In the best case, the auditor finds that the financial statements are in accordance with generally ...

The new audit risk standards require the auditor to understand and respond to risks of material misstatement, whether due to errors or fraud. In reaching that understanding, auditors should identify ...

Sean Manning is CEO and Founder of Payroll Vault Franchising LLC, as well as a CPA and Thought Leader in the Financial Field. As a business owner, conducting year-end financial audits is more than a ...

Audited financial statements are needed by businesses for a number of reasons. They are required by various federal and state regulators, such as the ...

Credit losses represent a significant area of focus in financial statement audits. As economic conditions fluctuate and accounting standards evolve, auditors face increasing challenges in evaluating ...

Deloitte is making use of robotic process automation to help its auditors and clients with their financial statements. “We’re at an inflection point — I would say at a transformational point — in ...

A recent study demonstrates that the use of artificial intelligence is significantly improving the quality and efficiency of financial statement audits, as well as displacing audit professionals. A ...

Authentication controls, such as passwords and restricted access rights, are a primary layer of protection between an entity’s data and bad actors. Weaknesses in these controls can leave systems ...