Auditors know that journal-entry testing is one of many procedures they can use in addressing client data completeness and, hence, audit risk (see AU-C Section 240, Consideration of Fraud in a ...

Financial accounting is a multi-step process for companies following double-entry methods. The first and most important step begins with a journal entry: the recording of financial information related ...

Learn how double-entry accounting records transactions twice, ensuring balance and accuracy by showing both a credit and a ...

Auditors can use Benford’s Law to identify general ledger irregularities — both those that can indicate fraud and those that do not. In this article, I introduce audit data analytics techniques that ...

A “Download” window will open in Excel letting you know that your document is in the process of being created. Click the “Close” button once the Journal Entry template has finished downloading into ...

At the end of every accounting period, you must close the balances in your sales and expense accounts. You open the income summary account to hold these account balances during the closing process.