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…
See How Control Risk Affects Financial Statement Audits
Control risk continues to create confusion in audits. Some auditors assess control risk at less than high when they…
How to Plan Your Audits Using SAS 145 Risk Assessment
Statement on Auditing Standards No. 145 (SAS 145), Understanding the Entity and Its Environment and Assessing the Risks of Material…
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…
See How Management Override of Controls is Dangerous
Management can override internal controls, resulting in fraudulent financial reporting. Below I provide examples of management override of internal…
How to Use Audit Walkthroughs to Find Control Weaknesses
What is the purpose of audit walkthroughs? How do you document walkthroughs? Is it better to use checklists, flowcharts…
Internal Controls: How to Understand and Develop
Many CPAs don’t understand internal controls. Sure, we know that segregation of duties is a positive, but we are…