The widespread use of information technology (IT) can introduce various risks that affect financial reporting and the audit process. To assist auditors in identifying and addressing these risks, the ...

In many cases this phase involves process walkthrough interviews with client personnel. This enables Internal Audit to develop a tailored audit plan based on the current business environment. During ...

The internal audit functions, or reasons why the internal audit was conducted (i.e. quality management, risk assessment, risk management, training programs, etc.) ...

Revenue Audit Procedures. At the top of the income statement, the revenue account is one of the most influential accounts in the ledger. Accordingly, auditors must design and execute a plan to ...

Internal Audit will maintain a log of the supporting evidence / review performed and the reason why the action item was closed. The Chief Audit Executive will report quarterly to the Audit Committee ...

The IRS streamlines business tax audits with new rules that phase out slow processes and expand settlement options, starting ...

A Complete Guide to Asset Inventory Audit Procedures An effective asset inventory audit can save your business time and money. Here's why and how to optimize the process.

Shagun is an ex-Fortune 100 auditor, process consultant and CEO of SkyStem who designed ART, a month-end close solution for accountants. At its core, auditing is the examination and verification ...

The AICPA has issued additional guidance regarding the independent private-sector audit, or IPSA, which is required in some circumstances under the conflicts minerals rules. (Note that AICPA’s ...

There are separate audit procedures for cash receipts in foreign currencies, and part of the cash audit process includes a test of the translation process. In order to test translation, the ...