Project Management in Audits: Key to Profit
On the first day of your audit, you’re confident you’ll deliver your report on time. You have visions of…
Fake Bank Confirmation Responses: $6 Million Theft
The Western District of North Carolina U.S. Attorney’s Office issued a press release on June 17, 2013, detailing how…
Inherent Risk in Financial Statement Audits: How to Understand Now
Do you know how to assess inherent risk? Knowing when this risk is low is a key to efficient…
A Lack of Audit Documentation is a Big Danger
Peer reviewers are saying, “If it’s not documented, it’s not done.” Why? Because standards require sufficient audit documentation in…
See How to Use Audit Risk Assessment
Today we look at one of most misunderstood parts of auditing: audit risk assessment. Are auditors leaving money on…
Auditing for Fraud: The Why and How
Auditing for fraud is important, but some auditors ignore this duty. Even so, fraud risk is often present. So…
See Why Substantive Analytical Procedures are Powerful
Are you using substantive analytical procedures in your audits? Many auditors rely solely on tests of details when a…
When are SOC Reports Needed by an External Auditor?
Service organization control (SOC) reports are often necessary to understand outsourced accounting services. So, what are SOC reports and…
Audit Planning: Develop Your Audit Plan and Strategy
This article teaches you how to develop your audit plan and strategy. Once you complete your risk assessment, it’s…