Accounting Tools

MAY 2, 2024

What is a Social Audit? A social audit is an examination of the activities of a business that support the public interest. A social audit can also include the environmental impact of a business, such as any negative effects on groundwater pollution or air pollution, or the level of energy use. Enhanced customer loyalty.

Auditing 40

Auditing Accounting Accounting 40

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

AUGUST 2, 2024

What are Audit Working Papers? Audit working papers are used to document the information gathered during an audit. Working papers also provide evidence that an audit was properly planned and supervised. Working papers also provide evidence that an audit was properly planned and supervised.

Auditing 40

Auditing Financial Statements Computation Budgeting 40

Accounting Tools

JUNE 2, 2024

What is an Audit Specialist? An audit specialist is someone trained extensively to conduct specialized tasks within an audit. These people are typically brought into an audit to deal with specific tasks, after which they move on to other audits.

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Auditing Billing 40

Accounting Tools

JUNE 5, 2024

What is an Eligibility Audit? An eligibility audit is intended to spot instances in which an employer is paying the benefits for an employee or the employee’s dependents who do not qualify for them. What is Included in an Eligibility Audit? An eligibility audit can encompass the following areas: Dependent eligibility tracking.

Auditing 40

Auditing 40

Accounting Tools

JUNE 9, 2024

What is an Audit Report? An audit report is a written opinion of an auditor regarding an entity's financial statements. The report is written in a standard format, as mandated by generally accepted auditing standards ( GAAS ). The different types of audit reports are noted below. The scope of the audit.

Auditing 40

Auditing Financial Statements Financial Records 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. If performed by a certified public accountant (CPA), the CPA can express an opinion on the fairness of the entity's financial statements.

Auditing 40

Auditing Financial Statements CPA Accounting 40

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

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

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

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

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

DECEMBER 10, 2023

What is a Group Audit? A group audit involves the audit of group financial statements. A component is most commonly a subsidiary , but it may also be a function, process, product, service, or geographical location, or even an investment accounted for under the equity method. Examine the client’s operating budgets.

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

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

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 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

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

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

JULY 16, 2024

What is Nonprofit Accounting? Nonprofit accounting refers to the unique system of recordation and reporting that is applied to the business transactions engaged in by a nonprofit organization. Nonprofit accounting employs the following concepts that differ from the accounting by a for-profit entity: Net assets.

Accounting 75

Accounting Accounting Financial Statements Budgeting 75

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

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. It is used to investigate how a source document was translated into an accounting entry , and from there was inserted into the financial statements of an entity.

Auditing 40

Auditing Financial Statements Deposits Accounting 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

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

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

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 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

APRIL 12, 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 Adjustment? An audit adjustment is a proposed correction to the general ledger that is made by a company's external auditors. If not, these adjustments must be made.

Auditing 40

Auditing General Ledger Financial Statements 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

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

NOVEMBER 5, 2023

Related Courses How to Audit Receivables How to Conduct an Audit Engagement The Balance Sheet What is an Accounts Receivable Confirmation? The auditor does so with an accounts receivable confirmation. The auditor does so with an accounts receivable confirmation. Related Articles Accounts Receivable Auditing

Accounts Receivable 75

Accounts Receivable Accounts Receivable Account Receivables Accounting 75

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

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

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 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.

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Auditing 40