Here’s a quick breakdown of formal and informal audits: Audit (formal) – the annual ritual of providing objective evidence that a quality system is established, followed and effective. A good quality ...

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 ...

Around the world, audit, risk and accounting teams are grappling with rising geopolitical and macroeconomic uncertainty.

The widespread use of information technology (IT) can introduce various risks that affect financial reporting and the audit process. To assist auditors in identifying and addressing these risks, the ...

Cybersecurity ranks among the top priorities for audit committees, enterprise risk management, and finance and internal audit talent, outside of financial reporting and internal controls, according to ...

Risk-based audit needs a reset to enterprise risk and value auditing. When I became a chief audit executive (CAE) for the first time in 1990, I determined a risk-based approach was inadequate. A ...