Financial statements comprise three important written records: the cash flow statement, the income statement and the balance sheet. Companies furnish financial statements to provide information on ...

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 ...

IN CERTAIN INSTANCES CPAs SHOULD CONSIDER preparing and reporting on financial statements using an “other comprehensive basis of accounting” (OCBOA). Tax-basis and cash-basis, including ...

The primary objective of an audit of the books is to validate the financial information management provides. Employees, owners and potential investors rest easier knowing that accounting professionals ...

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and ...

The debate about responsible financial reporting has not been sidelined by the COVID-19 pandemic. In fact, the future of audit—and how it should adapt to changing stakeholder demands—has only grown in ...

WASHINGTON – The U.S. Army released the results of its financial statement audit contained within its Fiscal Year 2024 Annual Financial Report. This year, the Army downgraded six material weaknesses ...

Companies can use financial audit software to determine whether there are significant misstatements in their financial accounts. An audit is a legal obligation for businesses to stay out of fraud.

Carla Tardi is a technical editor and digital content producer with 25+ years of experience at top-tier investment banks and money-management firms. Investopedia / Michela Buttignol A forensic audit ...

The Town of Johnstown has received a finalized financial audit report of their local YMCA, one which raises concerns of how and where money was spent by the organization. The YMCA of Johnstown was ...

WASHINGTON – The U.S. Army today released its Fiscal Year 2023 Annual Financial Report, which includes results from the annual financial statement audit for its general fund and working capital fund.