Cloud Accounting Podcast

MAY 9, 2024

The SEC charged Trump's audit firm with a massive fraud – 1,500 fake filings over 2.5 Plus, hundreds of small US banks are at risk due to commercial real estate loan exposure. Plus, hundreds of small US banks are at risk due to commercial real estate loan exposure.

Auditing 49

Auditing CPA Accounting Accounting 49

Nanonets

APRIL 24, 2024

Audit Bank Reconciliation Guide  Both internal and external accounting audits are essential parts of financial management as well as organizational risk management. A bank reconciliation audit is one such process that helps in identifying financial gaps or discrepancies. Looking out for a Reconciliation Software?

Bank Reconciliation 52

Bank Reconciliation Auditing Reconciling General Ledger 52

Accounting Tools

SEPTEMBER 18, 2023

Related Courses Guide to Audit Sampling How to Conduct an Audit Engagement The Audit Risk Model What is Nonsampling Risk? Nonsampling risk includes all audit risks other than sampling risk. Related Articles Detection Risk Engagement Risk Planned Detection Risk Sampling Risk

Auditing 40

Auditing 40

Accounting Tools

SEPTEMBER 22, 2023

Related Courses Guide to Audit Sampling How to Conduct an Audit Engagement The Audit Risk Model What is Planned Detection Risk? Planned detection risk is the risk that audit evidence will fail to detect misstatements that exceed a tolerable amount.

Auditing 40

Auditing Collections 40

Accounting Tools

APRIL 29, 2024

A significant system weakness can result in a higher risk that transactions will be incorrectly recorded and reported. This means that system weaknesses will result in a more expensive audit. What is a System Weakness? A system weakness is a deficiency in an organization's internal controls.

Computation 40

Computation Financial Statements Auditing Accounting 40

Accounting Tools

DECEMBER 18, 2023

What is Audit Failure? An audit failure occurs when an auditor deviates from the applicable professional standards in such a way that the opinion contained in his or her audit report is false. Independence Issues A particularly concerning cause of audit failures arises when the auditor is not independent of the client.

Auditing 40

Auditing Financial Statements Accounting Accounting 40

Accounting Tools

OCTOBER 20, 2023

Related Courses How to Conduct an Audit Engagement Internal Auditing Guidebook What is an Internal Audit? Internal audit refers to the department located within a business that monitors the efficacy of its processes and controls. What is an External Audit?

Auditing 75

Auditing Financial Statements Financial Records CPA 75

Accounting Tools

OCTOBER 24, 2023

Related Courses Guide to Audit Sampling How to Conduct an Audit Engagement The Audit Risk Model What is Detection Risk? Detection risk is the possibility that an auditor will not locate a material misstatement in a client's financial statements via audit procedures.

Financial Statements 40

Financial Statements Auditing 40

Accounting Tools

JUNE 12, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is a Financial Statement Audit? A financial statement audit is the examination of an entity's financial statements and accompanying disclosures by an independent auditor.

Financial Statements 76

Financial Statements Auditing General Ledger Bank Reconciliation 76

Future Firm

APRIL 18, 2023

How to Get Started With Accounting Intelligence How AI Was Used to Write This Article What is AI in Accounting? This includes tasks such as financial reporting, audit and compliance, fraud detection, and data analysis. Artificial intelligence in accounting is currently transforming the industry. Can AI Replace Accountants?

Data Entry 96

Data Entry Accounting Accounting Invoice Processing 96

Accounting Tools

MAY 10, 2024

Related AccountingTools Courses Guide to Audit Sampling Guide to Auditor Legal Liability How to Conduct an Audit Engagement Related Article Risk of Material Misstatement

Financial Statements 40

Financial Statements Auditing Collections Accounting 40

Accounting Tools

MARCH 22, 2024

Engagement letters are commonly required by services firms engaged in tax, audit, finance, consulting, and legal advice. An advantage of using it is to mitigate the risk incurred by both parties, since it clearly defines the responsibilities of both parties. When is an Engagement Letter Legally Binding?

Auditing 40

Auditing Tax 40

Accounting Tools

OCTOBER 23, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is the Top-Down Approach to Auditing? The top-down approach is used to select the controls to be tested in an audit of internal control over financial reporting.

Auditing 40

Auditing Financial Reporting Financial Statements Accounting 40

Accounting Tools

MAY 12, 2024

Doing so reduces the risk of inventory spoilage. Related AccountingTools Courses Accounting for Inventory How to Audit Inventory Advantages of FIFO There are several advantages to using FIFO, which are as follows: Layer usage. Related Articles FIFO vs. LIFO Accounting Periodic FIFO Perpetual FIFO In March, it sells ten widgets.

Auditing 72

Auditing Financial Reporting Tax Accounting 72

Accounting Tools

DECEMBER 18, 2023

This concept is a key issue in auditing, where audits are to be carried out in accordance with the standards set for the profession. Its proper application helps to ensure that high-quality audits are conducted, and that the resulting financial statements issued by clients can be relied upon.

Auditing 40

Auditing Financial Statements 40

Cloud Accounting Podcast

APRIL 19, 2023

The M-Score is warning that the chance of fraud is the highest in over 40 years; Did KPMG fail to issue a critical audit matter for Silicon Valley Bank?; 57:50) - Blake co-wrote an article for CPA Practice Advisor (01:02:31) - Wrap up and where to reach us Need CPE?

CPA 96

CPA Accounting Accounting QuickBooks 96

Accounting Tools

DECEMBER 10, 2023

What is a Group Audit? A group audit involves the audit of group financial statements. These types of audits are needed because larger corporations frequently operate through a cluster of legal entities, all of which must be consolidated. A group audit is conducted by the auditor of the parent company.

Auditing 40

Auditing Financial Statements Budgeting Accounting 40

Accounting Tools

SEPTEMBER 29, 2023

Related Courses How to Conduct an Audit Engagement What is an Audit Plan? An audit plan states the overall strategy and detailed steps to be followed in the conduct of an audit. The plan includes risk assessment procedures, as well as additional procedures to be followed based on the outcome of the risk assessment.

Auditing 40

Auditing 40

Accounting Tools

OCTOBER 28, 2023

Related Courses Guide to Audit Sampling How to Conduct an Audit Engagement The Audit Risk Model What is Inherent Risk? Inherent risk is the probability of loss based on the nature of an organization's business, without any changes to the existing environment.

Financial Statements 40

Financial Statements Auditing 40

Accounting Tools

JULY 14, 2023

Related Courses Guide to Audit Sampling How to Conduct an Audit Engagement What is the Allowance for Sampling Risk? The allowance for sampling risk is the level of uncertainty associated with sampling. Related Articles Nonsampling Risk Sampling Risk

Auditing 40

Auditing 40

Accounting Tools

APRIL 14, 2024

A robust system of internal controls reduces the risk of fraudulent activity, which moderates the need for additional audit procedures. Based on the first two steps, determine which audit procedures should be expanded or reduced. Make recommendations to the client regarding how to improve its system of internal controls.

Auditing 40

Auditing Financial Statements Accounting Accounting 40

Accounting Tools

JUNE 17, 2023

Related Courses How to Conduct an Audit Engagement The Audit Risk Model What is Engagement Risk? Engagement risk is the overall risk associated with an audit engagement. The auditor examines only those controls that are relevant to the engagement risk assessment.

Financial Statements 40

Financial Statements Auditing 40

Accounting Tools

JUNE 8, 2023

Related Courses Guide to Audit Sampling How to Conduct an Audit Engagement The Audit Risk Model What is Performance Materiality? Related Articles Allowance for Sampling Risk Audit Risk Audit Risk Model Detection Risk Inherent Risk Risk of Material Misstatement

Auditing 40

Auditing Financial Statements Accounting Accounting 40

Accounting Tools

JUNE 8, 2023

Related Courses How to Conduct an Audit Engagement What is Attest? Related Articles Assurance Services Attestation Engagement Audit Risk Audit Risk Model Due Professional Care Risk of Material Misstatement

Financial Statements 40

Financial Statements CPA Auditing Accounting 40

Accounting Tools

JULY 15, 2023

Related Courses Guide to Audit Sampling How to Conduct an Audit Engagement The Audit Risk Model What is a Tolerable Misstatement? The concept is used by auditors when designing audit procedures to examine the financial statements of a client.

Financial Statements 40

Financial Statements Auditing 40

Accounting Tools

AUGUST 4, 2023

Internal Auditing The internal auditing group examines company processes and controls to spot control weaknesses, fraud, waste, and mismanagement. Their work benefits both the management team (by eliminating excessive expenditures) and investors (by reducing the risk of loss). Their primary beneficiary is the management team.

Accounting 75

Accounting Accounting Financial Statements Auditing 75

Accounting Tools

JULY 12, 2023

Related Courses How to Conduct an Audit Engagement What is an Audit Approach? An audit approach is the strategy used by an auditor to conduct an audit. This is a more efficient audit approach. Conversely, low-risk areas receive little auditor attention.

Auditing 40

Auditing Financial Reporting Accounting Accounting 40

Accounting Tools

AUGUST 8, 2023

Related Courses How to Conduct an Audit Engagement The Audit Risk Model What is Reasonable Assurance? To achieve reasonable assurance, the auditor needs to obtain sufficient appropriate audit evidence to reduce audit risk to an acceptably low level. Related Articles Reasonableness Test

Financial Statements 40

Financial Statements Auditing Financial Reporting Accounting 40

Accounting Tools

AUGUST 1, 2023

Related Courses Accounting Controls Guidebook Guide to Audit Sampling The Audit Risk Model What is Control Risk? Control risk is the probability that financial statements are materially misstated , due to failures in the controls used by a business.

Financial Statements 40

Financial Statements Auditing Accounting Accounting 40

Accounting Tools

DECEMBER 12, 2023

What is the Audit Process? The audit process is the series of steps followed by an auditor in order to conduct an audit engagement with a client. The exact steps followed will depend on the nature of the audit engagement, but typically follow the general steps noted below.

Auditing 40

Auditing 40

Accounting Tools

SEPTEMBER 27, 2023

Related Courses How to Conduct an Audit Engagement What is an Audit? An audit is the examination of an entity's accounting records , as well as the physical inspection of its assets. An audit is usually conducted shortly after a firm’s books have been closed for its fiscal year.

Auditing 40

Auditing Financial Statements CPA Accounting 40

Accounting Tools

JUNE 14, 2023

Related Courses Accounting Controls Guidebook How to Conduct an Audit Engagement Internal Auditing Guidebook What is a Control Assessment? A control assessment is the review of operational risks and the effectiveness of the associated controls.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

JUNE 14, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is a Financial Statement Review? A review does not require the accountant to obtain an understanding of internal control , or to assess fraud risk , or other types of audit procedures.

Financial Statements 75

Financial Statements Auditing Accruals Financial Reporting 75

Accounting Tools

OCTOBER 23, 2023

Related Courses Guide to Audit Sampling How to Conduct an Audit Engagement What is Block Sampling? Block sampling is a sampling technique used in auditing, where a sequential series of selections is made. When using block sampling, sampling risk can be reduced by selecting a large number of blocks of samples.

Auditing 40

Auditing Invoicing 40

Accounting Tools

OCTOBER 5, 2023

Related Courses 7 Habits of Effective Auditors Internal Auditing Guidebook A field auditor is responsible for traveling to off-site locations, investigating areas of concern, and formulating risk assessments. A field auditor is more likely to have a specific area of expertise, such as auditing inventory or examining fraud issues.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

OCTOBER 5, 2023

Related Courses Internal Auditing Guidebook An internal auditor is responsible for reviewing a company’s processes, identifying anomalies, and reporting any issues found to management. Principal Accountabilities Perform risk assessments. Create an audit plan. Conduct follow-up audits.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

DECEMBER 23, 2023

What are Audit Objectives? Audit objectives are associated with the audit of financial statements. Audit objectives are intended to obtain reasonable assurance that the financial statements are free of material misstatements , and to issue a report on those financial statements based on the findings resulting from the audit.

Auditing 40

Auditing Financial Statements Financial Reporting 40