Accounting and auditing procedures are the steps that accountants and auditors follow when performing their respective tasks. Although accounting is about recording business transactions into ...

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 ...

Substantive audit procedures are the activities that auditors perform to assess the risk of material misstatements or instances of fraud at the assertion level. As opposed to the testing of controls, ...

A new standard on audit evidence issued Thursday by the AICPA Auditing Standards Board (ASB) modernizes private company auditing standards by recognizing the critical value technology and information ...

An audit program, also called an audit plan, is an action plan that documents what procedures an auditor will follow to validate that an organization is in conformance with compliance regulations. The ...

The AICPA has updated its free practice aid for the accounting and auditing of digital assets, adding new guidance on auditing their valuation and auditing procedures surrounding their existence, ...

Any business that uses assets should hold a regular asset inventory audit in order to track important data like the number, condition, and location of all assets. The audit is a cost-effective method ...

When drafting Statement on Auditing Standards (SAS) No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, the AICPA Auditing Standards Board (ASB) ...

Security needs to be an ongoing concern. You should not fall into complacency once your physical IT security plan and procedures are documented and your employees have been trained. Maintaining ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

The Public Company Accounting Oversight Board voted unanimously Tuesday to propose for public comment a new standard for audit confirmations, replacing an interim standard that hasn't changed for two ...