Small businesses hold a wide variety of assets, which make up a large portion of a new company's balance sheet. During an audit, the audit team is required to verify management's assertion that these ...

Are you an auditor engaged to audit an entity that is less complex? If so, you may wonder why you spend time on the audit evaluating internal control. This may seem like an exercise that is much more ...

Financial statements comprise three important written records: the cash flow statement, the income statement and the balance sheet. Companies furnish financial statements to provide information on ...

STATEMENT ON AUDITING STANDARDS (SAS) no. 96, Audit Documentation, marks the first big change in the requirements auditors must observe when documenting their audit work. It provides general guidance ...

Control testing has typically been run out of a bank s internal audit group, the Sarbanes-Oxley compliance team, a centralized control testing unit, or all of the above. Rarely has it been coordinated ...