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 ...

When it is time to bring in an external audit firm — perhaps because lenders, investors or a regulatory body triggered the need to audit your financial statements — preparation and responsiveness are ...

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 ...

FEW ISSUES INVOLVING THE PREPARATION of financial statements in conformity with generally accepted accounting principles have been more elusive and difficult to address and resolve—or of greater ...

IN CERTAIN INSTANCES CPAs SHOULD CONSIDER preparing and reporting on financial statements using an “other comprehensive basis of accounting” (OCBOA). Tax-basis and cash-basis, including ...

The American Institute of CPAs’ Auditing Standards Board has issued a new auditing standard on internal control and an interpretation related to the sustainability financial statements used by the ...

The debate about responsible financial reporting has not been sidelined by the COVID-19 pandemic. In fact, the future of audit—and how it should adapt to changing stakeholder demands—has only grown in ...

Quarterly financial statements provide more timely financial data to internal and external stakeholders, although the scope of quarterly statements is a bit limited compared to annual balance sheets, ...

The International Auditing and Assurance Standards Board has released for public comment proposed changes to the International Standards on Auditing to clarify the expectations of auditors when ...

A recent study demonstrates that the use of artificial intelligence is significantly improving the quality and efficiency of financial statement audits, as well as displacing audit professionals. A ...

The Dubai Financial Audit Authority (FAA) celebrated the graduation of the third cohort of the Professional Diploma – ...