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 ...

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 ...

The American Institute of CPAs has released a guide to help auditors deal with a new standard on assessing the risks of a material misstatement. The new audit guide, Risk Assessment in a Financial ...

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 American Institute of CPAs has developed an online Audit Risk Assessment Tool to focus in on the potential risk of material misstatements in a financial statement ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. David Kindness is a Certified Public ...

At the end of May 1942, the ships of Task Force 17 and Task Force 16 steamed toward their rendezvous near the remote island of Midway. Rallying the U.S. Navy’s last remaining aircraft carriers, Hornet ...

When is an itemized deduction high enough to catch the attention of IRS auditors? The tables below give you an idea. Many things can make a tax return look suspicious, but outsized deductions are easy ...

The odds of being selected for an audit are pretty small. Some behaviors, however, can boost your chances. Sometimes, a few adjustments are all you need to avoid being in the audit pile. You've seen ...