Audit assertions are claims made by the management of a company about certain areas of their financial statements or operations. Auditors verify these claims by performing tests of internal controls.

Auditing by the Defense Contract Audit Agency (“DCAA”) is a ubiquitous cost of doing business with the Department of Defense, and one which many defense contractors have come to dread. Unfortunately, ...

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 ...

When a business is audited, the reviewer job is to ensure that management's assertions in the financial statements are verifiably true. To assess the validity of these claims, the auditor will conduct ...

The Blood Bank of Alaska said Wednesday federal auditors found "no validity" in allegations brought against it by whistleblowers, but an accusation that falls under an area not regulated by the Food ...

A hand-receipt holder signs off on an inaccurate physical inventory of his property books. A supply technician authorizes property movement without authority. A property book office cannot produce ...

The American Institute of CPAs’ Auditing Standards Board has released a new standard for audit evidence for private companies, updating the existing standards in recognition of the increasing role ...

Please note: This item is from our archives and was published in 2021. It is provided for historical reference. The content may be out of date and links may no longer function. Accounting for and ...