Basic Auditing Procedures

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Issuing Reports When GAAP Aren’t Used

Some auditing clients don’t follow Generally Accepted Accounting Principles (GAAP). Some companies — usually smaller, private ones — may use a cash or tax basis instead. Companies that are highly regulated [more…]

Testing the Reliability of Documents

Part of an auditor’s job for a client can include verifying company documents. Attestation is a subset of assurance services that focuses on whether your engagement’s subject matter complies with the applicable [more…]

Conducting Compliance Audits

The purpose of compliance audits is to see how well a company is following applicable rules, policies, and regulations. For example, as an internal auditor your job may be to see how well various departments [more…]

Collect Data to Analyze Your Corporation’s Future Financial Performance

Before you can analyze any of the data that will actually help you project your corporation’s future financial performance, you need to actually collect that data. Thankfully, in the age of the Internet [more…]

Determine an Average from Your Financial Data

After you collect all your financial data, you need to figure out what to do with it. You need to do some simple descriptive calculations of statistics and [more…]

Determine the Distribution of Financial Data

You can measure the manner in which data is distributed around the average in a few different ways. Obviously, not all the numbers in a data set are going to be exactly the same as the average. Say that [more…]

The Role of Probability in Analyzing Financial Data

Probability theory is pretty easy. The total probabilities of an event occurring or not will always equal 100 percent. If you have a 10 percent probability that something may happen, then you have a 90 [more…]

Find Trends and Patterns in Financial Data

When you review historical financial data, the first thing one should do is look for trends and patterns. If you can identify trends that are occurring and any cyclical patterns that have happened in the [more…]

Look at Regression When Analyzing Financial Data

The goal of regression is to look at past data to determine whether there are any variables that are influencing financial movements. This process now typically utilizes very advanced computer programs [more…]

Use Statistics and Probability to Make Financial Forecasts

To forecast your finances, you watch for trends, patterns, and relationships, determine the probability of these influencing a particular outcome, and use that to model your forecast. [more…]

How to Scan Revenue and Expense Horizons

Recording sales revenue and other income can present some hairy accounting problems. The — accounting rule-making authorities — rank revenue recognition as a major problem area. A good part of the reason [more…]

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