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

CSI Accounting & Payroll

JANUARY 17, 2024

No matter how good of a business owner you are, you still worry about being audited by the IRS – and we definitely don’t blame you! With the fear of an audit, you’re also going to have some questions. The owners often ask us: What is the risk of an IRS audit? How many years back can the IRS audit you?

Auditing 52

Auditing Payroll Accounting Accounting 52

Accounting Tools

APRIL 8, 2023

Related Courses Guide to Audit Sampling How to Conduct an Audit Engagement The Audit Risk Model What is the Audit Risk Model? The audit risk model determines the total amount of risk associated with an audit , and describes how this risk can be managed. The nature of the audit procedures conducted.

Auditing 74

Auditing Financial Statements AR Financial Reporting 74

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

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

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

SEPTEMBER 29, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is Auditability? Auditability refers to the ability of an auditor to achieve a comprehensive examination of the financial records and financial statements of a client.

Auditing 40

Auditing Financial Records Financial Statements 40

Accounting Tools

DECEMBER 12, 2023

What is Audit Evidence? Audit evidence is the documentation collected by an auditor as part of his or her review of the financial accounts, internal controls , and other matters needed to certify a client’s financial statements. The types of audit evidence gathered usually encompasses the items noted below.

Auditing 40

Auditing Collections Financial Statements Financial Records 40

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

JANUARY 9, 2024

What are Government Auditing Standards? Government auditing standards are used to conduct financial audits and performance audits of government entities and entities that receive government awards. Performance audits are used to measure the performance of a project or program against previously defined objectives.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

OCTOBER 10, 2023

Related Courses How to Conduct an Audit Engagement What is a Special Audit? A special audit is a tightly-defined audit that only looks at a specific area of an organization's activities. This type of audit may be initiated by a government agency, but could be authorized by any entity, or even internally.

Auditing 40

Auditing Tax 40

Accounting Tools

SEPTEMBER 29, 2023

Related Courses Guide to Audit Working Papers How to Conduct an Audit Engagement Internal Auditing Guidebook What is an Audit Program? An audit program is a checklist of the audit procedures that must be followed by an auditor in order to complete an audit.

Auditing 40

Auditing 40

Accounting Tools

SEPTEMBER 29, 2023

Related Courses How to Conduct an Audit Engagement What is the Audit Cycle? The audit cycle is the period of time during which auditors may engage in auditing activities as part of their audit of a client’s financial statements. Components of the Audit Cycle There are several distinct stages in the audit cycle.

Auditing 40

Auditing Financial Statements Collections Accounting 40

Accounting Tools

SEPTEMBER 20, 2023

Related Courses How to Conduct an Audit Engagement What is a Limited Audit? A limited audit has a more restricted scope than a full audit. In this type of audit, the audit team confines its operations to certain audit procedures , or only examines certain functional areas of an organization.

Auditing 40

Auditing 40

Accounting Tools

SEPTEMBER 25, 2023

Related Courses How to Audit for Fraud How to Conduct an Audit Engagement What is an External Audit? An external audit is an examination that is conducted by an independent accountant. This type of audit is most commonly intended to result in a certification of the financial statements of an entity.

Auditing 40

Auditing Financial Statements Accounting Accounting 40

Accounting Tools

SEPTEMBER 30, 2023

Related Courses How to Conduct an Audit Engagement Internal Auditing Guidebook What is an Audit Committee? An audit committee is that subset of a firm’s board of directors that is responsible for the oversight of the internal auditors and external auditors.

Auditing 40

Auditing 40

Accounting Tools

SEPTEMBER 10, 2023

Related Courses Fraud Examination Fraud Schemes How to Audit for Fraud What is a Fraud Audit? A fraud audit is a detailed examination of the financial records of a business, with the intent of finding instances of fraud. Related Articles Eligibility Audit Forensic Audit Types of Audits

Auditing 40

Auditing Financial Statements Financial Records 40

Accounting Tools

AUGUST 29, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is an Interim Audit? An interim audit involves preliminary audit work that is conducted prior to the fiscal year-end of a client.

Auditing 40

Auditing Financial Statements 40

Accounting Tools

AUGUST 31, 2023

Related Courses How to Audit for Fraud How to Conduct an Audit Engagement What is a Detailed Audit? A detailed audit is used to examine a large proportion of the transactions of a business. This type of audit may also be used to locate opportunities for cost reductions and process improvements.

Auditing 40

Auditing 40

Accounting Tools

SEPTEMBER 29, 2023

Related Courses How to Conduct an Audit Engagement What is an Audit Test? An audit test is a sample taken from a larger population, with the intent of testing the sample for certain characteristics, which are then extrapolated to the entire population.

Auditing 40

Auditing Financial Statements Billing Tax 40

Accounting Tools

NOVEMBER 2, 2023

Related Courses Forensic Analytics Fraud Examination Fraud Schemes How to Audit for Fraud What is a Forensic Audit? A forensic audit involves the examination of a firm’s financial records for evidence to be used in a legal proceeding. The key activities included in a forensic audit are noted below.

Auditing 40

Auditing Financial Statements Financial Records Payroll 40

Accounting Tools

AUGUST 25, 2023

Related Courses How to Conduct an Audit Engagement Internal Auditing Guidebook What is a Horizontal Audit? A horizontal audit involves the examination of the same activity across an organization. For example, an audit could review how travel and entertainment reports are processed across every department of a company.

Auditing 40

Auditing 40

Accounting Tools

JULY 17, 2023

Related Courses Mergers and Acquisitions New Manager Guidebook What is a Management Audit? A management audit is an assessment of the capabilities of the management team of an organization. The audit may address strategic and tactical planning, decision making, the financial and operational results of the business, and risk management.

Auditing 40

Auditing Financial Statements 40

Accounting Tools

JULY 11, 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 Audit? A financial audit is the examination of the financial records of an entity by a certified third party examiner.

Auditing 40

Auditing Financial Statements Financial Records Tax 40

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. Related Articles Audit Plan Audit Program Audit Strategy Tests of Controls Tests of Details

Auditing 40

Auditing Financial Reporting Accounting Accounting 40

Accounting Tools

JUNE 20, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is an Audit Engagement? An audit engagement is an arrangement that an auditor has with a client to perform an audit of the client's accounting records and financial statements.

Auditing 40

Auditing Financial Statements Accounting Accounting 40

Accounting Tools

JUNE 17, 2023

Related Courses Internal Auditing Guidebook What is Internal Audit? Internal audit refers to the department located within a business that monitors the efficacy of its processes and controls. Internal audit is not simply a watchdog that monitors a business and flags problems.

Auditing 40

Auditing Collections 40

Accounting Tools

JUNE 8, 2023

Related Courses Guide to Audit Working Papers How to Conduct an Audit Engagement What is Audit Documentation? Audit documentation is the record of procedures performed, evidence obtained, and conclusions reached as part of an audit. It represents a better level of quality control over an audit.

Auditing 40

Auditing 40

Accounting Tools

SEPTEMBER 24, 2023

Related Courses How to Conduct an Audit Engagement Internal Auditing Guidebook What is an Embedded Audit Module? An embedded audit module is code inserted into an application program that creates notifications when transactions meet certain criteria.

Auditing 40

Auditing 40

Accounting Tools

MAY 14, 2023

Related Courses Guide to Audit Working Papers How to Conduct an Audit Engagement What is an Audit Trail? An audit trail is the documented flow of a transaction. The audit trail can be used in reverse, to track backwards from a financial statement line item to the originating source document.

Auditing 40

Auditing Financial Statements Deposits Accounting 40

Accounting Tools

MAY 6, 2023

Related Courses How to Conduct an Audit Engagement What is an Integrated Audit? An integrated audit involves both the audit by an outside auditor of a client's financial statements and its system of controls over financial reporting. The unusual element of this type of audit involves the client's internal controls.

Auditing 40

Auditing Financial Statements Financial Reporting Accounting 40

Accounting Tools

MAY 5, 2023

Related Courses How to Conduct an Audit Engagement What is a Preliminary Audit? A preliminary audit is fieldwork performed by auditors before the end of the period under examination. The audit staff can be kept occupied during slack periods. The auditors can issue opinions faster than might otherwise be the case.

Auditing 40

Auditing Financial Statements Accounting Accounting 40

Accounting Tools

APRIL 23, 2023

Related Courses Guide to Audit Working Papers How to Conduct a Review Engagement How to Conduct an Audit Engagement What is a Paperless Audit? A paperless audit is when an auditor accesses the electronic records of a client in order to conduct an audit. Travel costs. Turnaround time. Workflow management.

Auditing 40

Auditing Financial Statements Computation Financial Records 40

Accounting Tools

APRIL 25, 2023

Related Courses How to Conduct an Audit Engagement What is a Compliance Audit? A compliance audit is an audit engagement in which the goal is to determine whether an organization is adhering to the terms of a contract or certain rules and regulations.

Auditing 40

Auditing 40

Accounting Tools

MAY 8, 2023

Related Courses Internal Auditing Guidebook Lean Accounting Guidebook What is a Performance Audit? A performance audit is used to examine how well a process or activity is performed. Such an audit can also compare the budgeted cost of a program or process to its actual cost.

Auditing 40

Auditing Budgeting Accounting Accounting 40