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Accounting and Auditing

Accounting and auditing standards are referred as A&A. Accounting standards provide guidance for the creation of financial statements. Auditing standards provide guidance regarding how to prove the financial statements are materially correct. Auditors need to understand both accounting and auditing standards. 

Accounting standards come from the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). Both bodies create drafts of standards that are subject to public review and feedback. Once approved, they become a part of the respective codifications. 

Accounting standards constantly evolve. They are developed to meet the needs of those who read financial statements. The standards provide guidance about financial statements such as a balance sheets and disclosures, sometimes called notes to the financial statements. 

Auditing standards are issued by the American Institute of CPAs. Opinions rendered under this set of rules are usually issued in the United States, both for non-governmental and governmental entities. The purpose of the audit standards is to provide a basis for auditors to gain sufficient evidential matter to support the opinions issued. Auditors most commonly issue unmodified opinions, meaning the auditor believes there are no material misstatements in the financial statements. 

GASB 100
Accounting GASB Local Governments

How to Address Accounting Changes and Errors with GASB 100

Does your government ever have accounting changes or error corrections? If yes, know that GASB 100, Accounting Changes and…

Read More How to Address Accounting Changes and Errors with GASB 100Continue

Audit opinions
GAAS

How to Understand Unmodified and Modified Audit Opinions: A Video

In this video, I explain unmodified, qualified, adverse, and disclaimed audit opinions.

Read More How to Understand Unmodified and Modified Audit Opinions: A VideoContinue

supplementary information
Auditing

Understand the Audit Differences for Supplementary Information, Other Information, and Required Supplementary Information

What are the differences in supplementary information, additional information, and required supplementary information? Does the audit opinion change for…

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reconcile balance sheet accounts
Accounting

A Powerful Control: Reconciling Balance Sheet Accounts Before Close

In this article, I explain why you need to reconcile balance sheet accounts before closing your books.  Reconcile Balance…

Read More A Powerful Control: Reconciling Balance Sheet Accounts Before CloseContinue

finish audits
Auditing

Finish Audits On Time: 8 Steps for Success

How can you finish audits on time? If firms cannot complete audits, they cannot bill (at least not entirely)–and…

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special purpose frameworks
Accounting

How to Understand Special Purpose Accounting Frameworks: Three Videos

In this post, I provide three videos explaining these bases of accounting: (1) cash basis, (2) modified cash basis,…

Read More How to Understand Special Purpose Accounting Frameworks: Three VideosContinue

governmental auditing standards
Auditing GAAS Single Audit Yellow Book

A Video Explanation of the Various Governmental Auditing Standards

If you perform governmental audits, you know that different governmental auditing standards can come into play. In this video,…

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deferred inflow and deferred outflow
Accounting Local Governments

Understand Deferred Outflows and Deferred Inflows in Governments (with Video)

GASB 63 and 65 provide guidance regarding deferred outflows and inflows in governments. This article provides an overview of…

Read More Understand Deferred Outflows and Deferred Inflows in Governments (with Video)Continue

compensated absences
GASB Local Governments

Compensated Absences Simplified: Navigating GASB 101 Requirements

GASB issued Statement No. 101, Compensated Absences, and updated the recognition and measurement guidance for compensated absences to better…

Read More Compensated Absences Simplified: Navigating GASB 101 RequirementsContinue

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Charles Hall

Charles Hall

I am a practicing CPA. I have primarily audited governments, nonprofits, and small businesses for the last forty years.

My sweet spot is governmental and nonprofit fraud prevention. I am the author of (1) Journal Entries Made Easy,  (2) The Little Book of Local Government Fraud Prevention, (3) Preparation of Financial Statements & Compilation Engagements, (4) The Why and How of Auditing, and (5) Audit Risk Assessment Made Easy. I frequently speak at continuing education events.

I consult with CPA firms, assisting them with auditing and accounting issues. Contact Charles

More About Me
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Book: Journal Entries Made Easy, an Introduction to Accounting
Book: The Little Book of Local Government Fraud Prevention
Book: Preparation of Financial Statements & Compilation Engagements
Book: Audit Risk Assessment Made Easy: Seeing What Others Miss
Book: The Why And How Of Auditing: Auditing Made Easy
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