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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. 

Group audit
Auditing

Demystifying Group Audits: Key Definitions and Requirements

SAS No. 149, Special Considerations — Audits of Group Financial Statements (Including the Work of Component Auditors and Audits of…

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efficient CPA
Accounting and Auditing Technology

Efficient CPA: 10 Super Easy Ways to Increase Productivity

Do you want to be an efficient CPA? Here are ten super easy ways to increase your productivity. 10…

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Nonprofit financial statements
Accounting

How to Understand Nonprofit Financial Statements: A Video Overview

Nonprofit financial statements are unique and can be confusing to understand. The Financial Accounting Standards Board (FASB) provides the…

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Journal entries
Accounting

Journal Entries Made Easy: New Bookkeeping Book on Amazon

Journal Entries Made Easy, an Introduction to Accounting is my new book available on Amazon. Are you an accounting…

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AICPA Consulting Standards
Accounting and Auditing

AICPA Consulting Standards – The Swiss Army Knife

In this post, I tell you how to use the AICPA Consulting Standards (Statement on Standards for Consulting Services)….

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accounting journal entries
Accounting

Eight Types of Accounting Journal Entries

In this article, I provide eight different types of accounting journal entries. Understanding journal entries is critical to understanding…

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information technology
Risk Assessment

Vetting Information Technology Controls in Risk Assessment: SAS 145

Information technology controls (IT controls) are getting increased attention with the implementation of SAS 145, Understanding the Entity and…

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Payment fraud tests
Auditing Fraud

Five Powerful Ideas to Test for Fraudulent Payments

Are you looking for ways to test for fraudulent payments? Here are five ideas.

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chart of accounts
Accounting

Understanding the Chart of Accounts: A Fundamental Guide

What is a chart of accounts? If you are new to accounting, you may not know. But you need…

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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

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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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