The Auditing Standards Board issued eight standards with new guidance for auditors assessing risks and controls in financial statement audits. Auditors must consider risk and also determine a ...

When it is time to bring in an external audit firm — perhaps because lenders, investors or a regulatory body triggered the need to audit your financial statements — preparation and responsiveness are ...

Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee, and has a degree in accounting and finance from DePaul University. Katrina Ávila Munichiello is an experienced editor, ...

There are four key financial statements your company may have: a balance sheet, income statement, cash flow statement and statement of owners' or shareholders' equity (retained earnings). A balance ...

Office of Management and Budget (OMB) 2 CFR 200 Uniform Guidance states that entities that expend $750,000 or more in a year in federal funds are required to have a single audit. For more information ...

This paper reports an empirical study of 281 errors requiring financial statement adjustments on 152 audits. It reports, among other things, the audit areas in which the errors occurred, the audit ...

An audit of Millcreek Township's 2023 finances revealed accounting errors including improperly recorded fund transfers. The township's trial balance was also found to be incorrect due to issues with ...

The primary objective of an audit of the books is to validate the financial information management provides. Employees, owners and potential investors rest easier knowing that accounting professionals ...

Large accounting firms will have to submit financial statements annually to the U.S. audit regulator for the first time, among new requirements that have faced pushback from auditors but have received ...

Shell has backed its financial statements for 2023 and 2024 after its auditor Ernst & Young informed it that it had not met U.S. auditor independence rules during the period. The British energy giant ...