Discover how auditors evaluate the inherent risk that affects financial statements, focusing on its inevitability and the crucial role of internal controls.

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 ...

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 ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Yarilet Perez is an experienced multimedia ...

The American Institute of CPAs has released a guide to help auditors deal with a new standard on assessing the risks of a material misstatement. The new audit guide, Risk Assessment in a Financial ...

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 Case Western Reserve’s Board of Trustees and management place assets at risk to achieve established priorities and goals. A key function of the Office of Internal Audit Services is to understand, ...

High-income business owners face increasing IRS scrutiny, here's what you need to know to avoid common audit triggers.

The Institute of Management Accountants has published a new Statement on Management Accounting on Implementing an Effective Risk Appetite to help businesses identify their key risk exposures.

When you conduct an internal audit of your small business, you must set specific, measurable goals for that audit. You should be able to use the results of your internal audit to make improvements in ...