Editor’s note: The author is technical director of the AICPA Center for Plain English Accounting. Addressing audit risk in financial statements with high levels of substantive procedures toward the ...

Check out Taxmann's Audit of Financial Statements which is a comprehensive guide that assists auditors conducting financial statement audits, covering every step from auditor appointment to audit ...

The Public Company Accounting Oversight Board staff released a report Monday on how during 2022 and 2023, several firms' engagement teams working on audits in the banking sector did not adequately ...

Risk assessment is at the core of every audit. The goals of identifying, assessing, and responding to risks of material misstatement (“risks”) drive every audit procedure, from gaining an ...

This explains what materiality means in an audit and why it matters for financial decision-making. The key takeaway is that materiality guides auditors in focusing on misstatements that truly ...

Risks in accounting and audit firms are most often described by the audit risk model. This model describes how the responsibilities of management and auditors combine to determine the risk of the ...

The International Accounting and Assurance Standards Board has released a revised standard for identifying and assessing the risks of material misstatements. International Standard on Auditing (ISA) ...

Crypto-friendly digital bank Revolut is under pressure from U.K. regulators after an "unacceptably high" risk of "material misstatement" was highlighted in the auditing of its accounts, the Financial ...

“The auditors are being significantly more challenging now, because they’re getting beaten up by their regulators,” an individual familiar with Revolut's situation reportedly said. The United ...

As part of a financial statement audit, auditors are required to obtain an understanding of a company's internal control system. Internal control is an interconnected web of policies, procedures, ...

The National Financial Reporting Authority (NFRA) has launched its second Audit Practice Toolkit, focusing on revenue risk assessment for small and medium audit practitioners. This initiative aims to ...