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

SEPTEMBER 24, 2023

Related Courses How to Conduct an Audit Engagement The Balance Sheet The Income Statement The Statement of Cash Flows What are Audited Financial Statements? Audited financial statements are the financial statements of an organization that have been examined by a certified public accountant (CPA).

Financial Statements 40

Financial Statements Auditing CPA Financial Reporting 40

Accounting Tools

JULY 14, 2024

What is a Financial Statement Compilation? A financial statement compilation is a service to assist the management of a business in presenting its financial statements. When completed, the accountant provides a written report that should accompany the compiled financial statements.

Financial Statements 40

Financial Statements Auditing Financial Reporting Accounting 40

Accounting Tools

APRIL 26, 2023

Related Courses How to Conduct an Audit Engagement The Interpretation of Financial Statements What is a Certified Financial Statement? In the audit report, the auditor attests to the accuracy of the financial statement.

Financial Statements 40

Financial Statements Auditing Accounting Accounting 40

Accounting Tools

DECEMBER 19, 2023

What are Financial Statement Footnotes? Financial statement footnotes are explanatory and supplemental notes that accompany a firm’s financial statements. The exact nature of these footnotes varies, depending upon the accounting framework used to construct the financial statements (such as GAAP or IFRS ).

Financial Statements 40

Financial Statements Reconciling Auditing Accounting 40

Accounting Tools

OCTOBER 8, 2023

Related Courses Fraud Examination Fraud Schemes How to Audit for Fraud What is Fraud? The key element in the preceding definition is intent. A company could make false representations in its financial statements simply because the accounting staff made a mistake in compiling certain financial information.

Financial Statements 75

Financial Statements Auditing Accounting Accounting 75

Accounting Tools

OCTOBER 19, 2023

What are Unaudited Financial Statements? An unaudited statement is a financial statement that has been prepared by an auditor , but for which a standard set of audit procedures have not been performed. In addition, the statement must be labeled as unaudited.

Financial Statements 40

Financial Statements Auditing Accounting Accounting 40

Accounting Tools

JANUARY 2, 2024

More commonly, accounting reports are considered to be equivalent to the financial statements. These statements include the following reports: Income Statement The income statement states the sales earned during a period, less expenses, to arrive at a profit or loss.

Financial Statements 75

Financial Statements Accounting Accounting Budgeting 75

Accounting Tools

MARCH 27, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is Public Accounting? Public accountants provide accounting expertise, auditing, and tax services to their clients. Financial Statement Auditing This involves auditing the financial statements of clients.

Financial Statements 75

Financial Statements Accounting Accounting Auditing 75

Accounting Tools

JULY 14, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is an Adverse Opinion? An adverse opinion is a statement made by an entity’s outside auditor , that the entity’s financial statements do not fairly represent its results, financial position , and cash flows.

Financial Statements 75

Financial Statements Auditing Accounting Accounting 75

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

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

DECEMBER 23, 2023

What are Audit Objectives? Audit objectives are associated with the audit of financial statements. The primary objectives associated with an audit fall into these classifications: Assess the client’s internal controls. Develop an audit opinion. Detect fraud and errors. Detect fraud and errors.

Auditing 40

Auditing Financial Statements Financial Reporting 40

Accounting Tools

DECEMBER 18, 2023

Substantive testing is an audit procedure that examines the financial statements and supporting documentation to see if they contain errors. These tests are needed as evidence to support the assertion that the financial records of an entity are complete, valid, and accurate. What is Substantive Testing?

Auditing 75

Auditing Financial Statements Financial Records Accounts Payable 75

Accounting Tools

MAY 24, 2023

By using a soft close, the accounting department can issue financial statements very quickly and then return to its normal day-to-day activities. The reduced accuracy level makes the soft close impractical for reviewed or audited financial statements that are read by outsiders.

Accruals 75

Accruals Financial Statements Account Reconciliation Auditing 75

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. This can be a major problem when there are material misstatements in the client’s financial statements.

Auditing 40

Auditing Financial Statements Accounting Accounting 40

Accounting Tools

OCTOBER 6, 2023

Related Courses How to Conduct an Audit Engagement What is a Disclaimer of Opinion? A disclaimer of opinion is a statement made by an auditor that no opinion is being given regarding the financial statements of a client. This disclaimer may be given for several reasons.

Financial Statements 75

Financial Statements Auditing 75

Accounting Tools

DECEMBER 10, 2023

What is a Group Audit? A group audit involves the audit of group financial statements. Group financial statements are financial statements that include the financial information for more than one component. A group audit is conducted by the auditor of the parent company.

Auditing 40

Auditing Financial Statements Budgeting Accounting 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 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 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 Financial Statements Collections Financial Records 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

AUGUST 2, 2024

What are Audit Working Papers? Audit working papers are used to document the information gathered during an audit. They provide evidence that sufficient information was obtained by an auditor to support his or her opinion regarding the underlying financial statements. Who Prepares Audit Working Papers?

Auditing 40

Auditing Financial Statements Computation Budgeting 40

Accounting Tools

DECEMBER 20, 2023

In most cases, an accounting entry is made using the double entry bookkeeping system , which requires one to make both a debit and credit entry, and which eventually leads to the creation of a complete set of financial statements.

Accruals 75

Accruals Accounting Accounting General Ledger 75

Accounting Tools

APRIL 12, 2023

Lenders do not feel that the cash basis generates overly accurate financial statements , and so may refuse to lend money to a business reporting under the cash basis. Audited financial statements. However, this may not be the case for a small business that cannot afford the services of a CPA to prepare its books.

Accruals 75

Accruals Financial Statements Accounting Accounting 75

Accounting Tools

OCTOBER 23, 2023

Financial Statements The bookkeeper may prepare preliminary financial statements , but may rely upon an accountant to produce the final statements. This information must be sufficiently organized that the auditors can easily access information when they conduct the year-end audit.

Bookkeeping 75

Bookkeeping Financial Statements Payroll Deposits 75

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

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 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

OCTOBER 21, 2023

An accounting period is the span of time covered by a set of financial statements. This period defines the time range over which business transactions are accumulated into financial statements. For internal financial reporting, an accounting period is generally considered to be one month.

Financial Statements 75

Financial Statements Accounting Accounting Financial Reporting 75

Accounting Tools

AUGUST 9, 2024

Given the extent of these tax concerns, a company using intercompany loans should be prepared to undergo a tax audit that focuses on the underlying reasons for and documentation of these loans.

Financial Statements 74

Financial Statements Corporate Finance Tax Auditing 74

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.

Auditing 40

Auditing Financial Statements Collections 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. Who Uses an Integrated Audit?

Auditing 40

Auditing Financial Statements Financial Reporting Accounting 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

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

JULY 16, 2024

Financial statements. The financial statements produced by a nonprofit entity differ in several respects from those issued by a for-profit entity. For example, the statement of activities replaces the income statement , while the statement of financial position replaces the balance sheet.

Accounting 75

Accounting Accounting Financial Statements Budgeting 75

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