All publicly traded companies must annually disclose their financial performance to the public: GAAP audits ensure that these disclosures are valid. Every year, independent accountants review a ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

When a company first goes into business, it chooses the yearly reporting period for tax purposes. Fiscal auditing periods may start during any month. For example, perhaps your employer has a fiscal ...

I spent more than an hour with PricewaterhouseCoopers chairman Dennis Nally on Thursday, and I’m still trying to understand what he said. This may be important because PwC is the biggest of the Big 4 ...

According to the Definition of Internal Auditing in The Institute of Internal Auditors (IIA) International Professional Practices Framework (IPPF), internal auditing is an independent, objective ...

To bolster the risk assessment process and improve overall audit quality, the AICPA Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 145, Understanding the Entity and ...

Specialized programs that perform a variety of audit functions, such as sampling databases and generating confirmation letters to customers and vendors. It can ...

A record of transactions in an information system that provides verification of the activity of the system. The simplest audit trail is the transaction itself. If a person's salary is increased, the ...

In the last few years, we’ve seen audit errors cause serious consequences. These aren’t simple fines for late accounts: it’s been impossible to ignore a string of names from the worlds of fashion ...