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…
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…
SAS 143, Auditing Accounting Estimates
In this article, I explain SAS 143, Auditing Accounting Estimates and Related Disclosures, a new audit standard applicable for periods ending…
Preliminary Analytical Procedures as a Powerful Risk Assessment Step
Preliminary analytics assist auditors in detecting signs of material misstatement. See how to use this tool in your audits.
15 Risk Assessment Mistakes CPAs Make
Here are 15 risk assessment mistakes. Have you seen these? Assessing control risk at high with no understanding of…
Significant Risks in Audits of Financial Statements
Peer reviews find that many CPA firms don’t identify significant risks in audits, and that’s a problem. Why? Because…
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…
Related Party Transactions: Fraud
Related party transactions can be a means to fraudulent financial reporting. Yet, auditors often don’t detect the financial statement…