Accounting Tools

AUGUST 1, 2023

Related Courses How to Conduct an Audit Engagement How to Conduct a Compilation Engagement How to Conduct a Review Engagement What are Financial Statement Assertions? Financial statement assertions are claims made by an organization's management regarding its financial statements.

Financial Statements 75

Financial Statements Auditing Accounting Accounting 75

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

MARCH 22, 2024

What is Audit Risk? Audit risk is the risk that an auditor will not detect errors or fraud while examining the financial statements of a client. Auditors can increase the number of audit procedures in order to reduce the level of audit risk.

Auditing 40

Auditing Financial Statements 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

Accounting Tools

APRIL 29, 2024

What is a Statutory Audit? A statutory audit is an examination of an entity's financial records in accordance with the requirements of a government agency. A number of organizations must undergo statutory audits, including banks, brokerage firms, insurance companies, and municipalities.

Auditing 40

Auditing Financial Statements Financial Records Bookkeeping 40

Accounting Tools

OCTOBER 8, 2023

Related Courses Auditing Nonprofit Entities Nonprofit Accounting What are the Key Financial Statements for a Nonprofit? A nonprofit entity issues a somewhat different set of financial statements than the statements produced by a for-profit entity. One of the statements is entirely unique to nonprofits.

Financial Statements 75

Financial Statements Auditing Accounting Accounting 75

Accounting Tools

SEPTEMBER 19, 2023

Related Courses How to Conduct an Audit Engagement What is an Operational Audit? An operational audit is an examination of the manner in which an organization conducts business, with the objective of pointing out improvements that will increase its efficiency and effectiveness.

Auditing 75

Auditing Financial Statements 75

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

MARCH 22, 2024

An except-for opinion is rendered by an external auditor when unable to audit parts of a client's operations. The issue arises when management imposes restrictions or when other conditions occur that make it impossible to engage in certain auditing procedures. What is an Except-for Opinion?

Financial Statements 40

Financial Statements Auditing Accounting Accounting 40

Accounting Tools

OCTOBER 6, 2023

Related Courses How to Conduct an Audit Engagement What is a Disclaimer of Opinion? A disclaimer of opinion is a statement made by an auditor that no opinion is being given regarding the financial statements of a client. This disclaimer may be given for several reasons.

Financial Statements 75

Financial Statements Auditing 75

Accounting Tools

JULY 30, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What are Audit Procedures? Audit procedures are used by auditors to determine the quality of the financial information being provided by their clients, resulting in the expression of an auditor’s opinion.

Auditing 75

Auditing Financial Statements Invoicing Accounting 75

Accounting Tools

DECEMBER 28, 2023

When a manual recording keeping system is used, the trial balance is also used to create the financial statements. This means that the account balances in the trial balance are manually aggregated into the line items found in the financial statements. They then use audit procedures to test these balances.

General Ledger 75

General Ledger Record Keeping Financial Statements Auditing 75

Accounting Tools

MAY 21, 2023

Related Courses How to Audit Cash How to Audit Fixed Assets How to Audit Inventory How to Audit Receivables How to Conduct an Audit Engagement What are Management Assertions? The auditors test the validity of these assertions by conducting a number of audit tests.

Auditing 75

Auditing Financial Statements General Ledger Accounting 75

Accounting Tools

FEBRUARY 25, 2024

What is an Audit? In general, an audit is an investigation of an existing system, report, or entity. There are many types of audits that can be conducted, as noted below. This audit is most commonly used in regulated industries or educational institutions.

Auditing 75

Auditing Payroll Financial Statements Tax 75

Accounting Tools

JULY 14, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is an Adverse Opinion? An adverse opinion is a statement made by an entity’s outside auditor , that the entity’s financial statements do not fairly represent its results, financial position , and cash flows.

Financial Statements 75

Financial Statements Auditing Accounting Accounting 75

Accounting Tools

DECEMBER 18, 2023

Substantive testing is an audit procedure that examines the financial statements and supporting documentation to see if they contain errors. These tests are needed as evidence to support the assertion that the financial records of an entity are complete, valid, and accurate. What is Substantive Testing?

Auditing 75

Auditing Financial Statements Financial Records Accounts Payable 75

Accounting Tools

APRIL 7, 2024

Issuance costs include audit fees, investment banking fees, legal fees, marketing expenses, and Securities and Exchange Commission (SEC) registration fees. In addition, the board hires an audit firm to conduct an audit of its financial statements, for which the fee is $50,000.

Financial Statements 40

Financial Statements Corporate Finance Auditing 40

Accounting Tools

APRIL 7, 2024

Thus, the costs of such items as corporate salaries, audit and legal fees, and bad debts are not included in manufacturing overhead. Related Articles Accounting for Manufacturing Businesses Indirect Manufacturing Costs Manufacturing Cost Accounting Manufacturing Overhead Rate Non-Manufacturing Overhead Costs Total Manufacturing Cost

Cost Accounting 75

Cost Accounting Financial Statements Financial Reporting Auditing 75

Accounting Tools

DECEMBER 23, 2023

What are Audit Objectives? Audit objectives are associated with the audit of financial statements. The primary objectives associated with an audit fall into these classifications: Assess the client’s internal controls. Develop an audit opinion. Detect fraud and errors. Detect fraud and errors.

Auditing 40

Auditing Financial Statements Financial Reporting 40

Accounting Tools

MAY 4, 2024

This means that there is actually a significant risk of a material misstatement, which can lead to an incorrect auditor’s opinion on a client’s financial statements. An auditor erroneously concludes that there are fewer problems with the population than expected. Risk of incorrect rejection.

Auditing 40

Auditing Financial Statements 40

Accounting Tools

OCTOBER 8, 2023

Related Courses Fraud Examination Fraud Schemes How to Audit for Fraud What is Fraud? A company could make false representations in its financial statements simply because the accounting staff made a mistake in compiling certain financial information. The key element in the preceding definition is intent.

Financial Statements 75

Financial Statements Auditing Accounting Accounting 75

Accounting Tools

AUGUST 4, 2023

Financial Accounting The financial accounting group records accounting transactions and converts the resulting information into financial statements. Its primary responsibility is to generate financial statements and the related disclosures that fairly reflect the financial results and condition of the organization.

Accounting 75

Accounting Accounting Financial Statements Auditing 75

Accounting Tools

APRIL 11, 2024

Tests of details are used by auditors to collect evidence that the balances, disclosures , and underlying transactions associated with a client's financial statements are correct. They are used to determine whether the financial data that rolls up into a client’s financial statements are correct. Disclosure review.

Financial Statements 40

Financial Statements Collections Auditing Accounting 40

Accounting Tools

DECEMBER 10, 2023

What is a Group Audit? A group audit involves the audit of group financial statements. Group financial statements are financial statements that include the financial information for more than one component. A group audit is conducted by the auditor of the parent company.

Auditing 40

Auditing Financial Statements Budgeting Accounting 40

Accounting Tools

NOVEMBER 1, 2023

Related Courses Accountants' Guidebook Bookkeeping Guidebook New Controller Guidebook An accountant is a person who records business transactions on behalf of an organization, reports on company performance to management, and issues financial statements. Management reports are issued to the management team.

General Ledger 75

General Ledger Accounting Accounting Financial Statements 75

Nanonets

APRIL 15, 2024

What is a Bank Reconciliation Statement Bank reconciliation is the process that ensures that a company's recorded cash balances align with the funds in their bank accounts. In effect, the reconciliation statement is a document that presents the comparison between the internal financial records of a company (e.g.

Bank Reconciliation 52

Bank Reconciliation Deposits Reconciling Financial Records 52

Accounting Tools

SEPTEMBER 24, 2023

Related Courses How to Conduct an Audit Engagement The Balance Sheet The Income Statement The Statement of Cash Flows What are Audited Financial Statements? Audited financial statements are the financial statements of an organization that have been examined by a certified public accountant (CPA).

Financial Statements 40

Financial Statements Auditing CPA Financial Reporting 40

Accounting Tools

MARCH 8, 2024

What is External Financial Reporting? External financial reporting includes financial statements , financial summaries, and related disclosures that are issued to users outside of a reporting entity. What are External Financial Reports? Statement of cash flows. Balance sheet.

Financial Reporting 40

Financial Reporting Financial Statements Auditing Accounting 40

Accounting Tools

MAY 9, 2024

Accumulated depreciation is used instead of a direct reduction of the fixed assets account, so that readers of the financial statements can see that there are fixed assets on the books, and the original amount of this investment. An example of this presentation appears next.

Financial Statements 52

Financial Statements Auditing Accounting Accounting 52

Accounting Tools

DECEMBER 20, 2023

In most cases, an accounting entry is made using the double entry bookkeeping system , which requires one to make both a debit and credit entry, and which eventually leads to the creation of a complete set of financial statements. What is the Purpose of an Accounting Entry?

Accounting 75

Accounting Accounting General Ledger Accruals 75

Accounting Tools

OCTOBER 21, 2023

An accounting period is the span of time covered by a set of financial statements. This period defines the time range over which business transactions are accumulated into financial statements. For internal financial reporting, an accounting period is generally considered to be one month.

Financial Statements 75

Financial Statements Accounting Accounting Financial Reporting 75

Accounting Tools

JUNE 20, 2023

There are several types of accounting that range from auditing to the preparation of tax returns. Financial Accounting Those in the financial accounting field are concerned with the aggregation of financial information into external reports. There are several career tracks involved in financial accounting.

Accounting 75

Accounting Accounting Financial Statements CPA 75

Accounting Tools

MAY 24, 2023

By using a soft close, the accounting department can issue financial statements very quickly and then return to its normal day-to-day activities. The reduced accuracy level makes the soft close impractical for reviewed or audited financial statements that are read by outsiders.

Accruals 75

Accruals Financial Statements Account Reconciliation Auditing 75

Accounting Tools

NOVEMBER 2, 2023

Related Courses How to Conduct an Audit Engagement What are Assertions? Assertions are the set of representations by a management team that were incorporated into the financial statements and accompanying disclosures that they produced. Auditors investigate the validity of these assertions as part of their audit procedures.

Financial Statements 40

Financial Statements Auditing Accounting Accounting 40

Accounting Tools

APRIL 29, 2024

Impact of System Weaknesses on Audits When auditors find a system weakness, they will likely expand their audit procedures to gain comfort that a client's financial statements fairly represent its financial results, position, and cash flows. This means that system weaknesses will result in a more expensive audit.

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. This can be a major problem when there are material misstatements in the client’s financial statements.

Auditing 40

Auditing Financial Statements Accounting Accounting 40

Accounting Tools

OCTOBER 11, 2023

The following discussion of accounting basics is needed to give you a firm grounding from which to understand how an accounting system works and how it is used to generate financial reports. This means setting up accounts in which financial information is stored. These statements are noted below.

Accounting 75

Accounting Accounting Record Keeping Purchase Order 75