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 ...

Many people are obsessed with IRS audit risk. Audit risk is worrisome, and opinions vary widely. Even worse, there are many old wives tales about what does and doesn’t trigger an audit. But what about ...

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 ...

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 Institute of Internal Auditors has updated its Three Lines of Defense Model to emphasize more active forms of risk management and governance that go beyond merely defensive moves by the internal ...

Traditionally, internal audit (IA) has focused on providing assurance with respect to known risks and the effectiveness of controls in mitigating those risks. Regulators, however, are increasingly ...

The audit risk model is the foundation of any audit. This might seem like CPA 101, but are you correctly applying it to your engagements? The audit risk model is the foundation of any audit. This ...

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 ...

Internal audits are meant to reduce legal risk, but done without planning, they can create discoverable records that surface later ...

The Institute of Internal Auditors’ (IIA) new Global Internal Audit Standards™ went into effect on Jan. 9, with a stated goal of elevating the quality and effectiveness of an organization’s internal ...

Nobody really likes being audited, but it's an important function to ensure the practices and policies of a company and/or individual are above board. And, as with all jobs, someone's gotta do it.

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 ...