When auditing a company, auditors use a combination of professional judgment and statistical sampling methods to estimate account balances. Statistical sampling is an efficient way to design samples, ...

The Auditing Standards Board issued eight standards with new guidance for auditors assessing risks and controls in financial statement audits. Auditors must consider risk and also determine 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 ...

An internal audit is the primary control tool used to ensure that a company's accounting staff is following the proper accounting procedures. The process permits you to review a representative sample ...

The American Institute of CPAs has updated its practice aid on digital assets with a new chapter on auditing cryptocurrency lending and borrowing transactions. Processing Content The new chapter in ...

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 ...