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What Is a Security?

Sarbanes-Oxley Act (SOX) makes reference to the Securities Act of 1933 and the Securities Exchange Act of 1934 for purposes of defining what is and is...

In Auditing
Use Your Audit Program to Request the Right Eviden

An evidence-gathering roster is part of your audit program. Your audit program is a to-do list that documents what you need to accomplish in order to...

In Auditing
Limitations of Internal Accounting Controls

Managers need to maintain management control over internal controls and need ways of finding fraud that’s not detected by the internal controls...

In Auditing
Internal Controls Guidelines for Small Businesses

The lament of many small business owners/managers is, “We’re too small for internal controls.” But even a relatively small business...

In Auditing
The Nature of the Audit Evidence

The nature of audit evidence refers to the form of the evidence you’re looking at during the audit. It should include all accounting documents a...

In Auditing
Management Assertions: Financial Statement Present

The first category of management assertions is the financial statement presentation and disclosure. The financial statements (income statement, balanc...

In Auditing

Management Assertions: Classes of Transactions

Transactions are day-to-day accounting events that happen within a company. For example, the company receives a bill from the telephone company and po...

In Auditing
Management Assertions: Account Balances

This category of management assertions addresses the correctness of balance sheet account balances at year-end. These account balances include the com...

In Auditing
Risk Assessment: Analyzing Processes and Paperwork

For this part of risk assessment, you use analytical procedures to evaluate audit risk. Put simply, analytical procedures test to see whether plausibl...

In Auditing
Prevent Loss with Internal Controls

The procedures and processes that a business uses to prevent cash losses from embezzlement, fraud, and other kinds of dishonesty go under the general...

In Auditing

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