Audit

Category: Audit

Audit Committee

An audit committee is a subcommittee of a public company’s Board of Directors. Furthermore, a Board of Directors can have several subcommittees. The committee focuses on corporate governance, specifically, the company’s internal controls and financial accounting systems. Audit Committee Membership A company’s committee typically includes a number of outside directors, or non-executive directors. In addition, a

Read More

Management Audit

See Also: Total Quality Management Capital Structure Management Activity Based Management (ABM) Retainage Management and Collection Management Definition Management Audit Definition A management audit can be defined as an audit which analyzes the effectiveness of the management team of a company. The purpose of this is seven-fold: understand current practices, relate these to company financials,

Read More

Managed Sales And Use Tax Audit Programs

See Also: Auditor Audit Committee Choose a CPA/Auditor Allowance for Uncollectible Accounts Are You Collecting Business Data? Managed Sales And Use Tax Audit Programs A managed audit is an agreement with a state’s taxing authority in which a company self-examines its own books and records. A managed audit agreement allows the company, or an outside

Read More

Control Annual Audit Fees

See Also: How to Choose An Independent CPA or Auditor How to Hire a CFO Controller American Institute of Certified Public Accountants – AICPA How to create dynamic cash flow projections Control Annual Audit Fees Annual audits of a company’s financial statements may be required by partnership, loan or other agreements. The cost of an

Read More

Forensic Audit

See Also: Auditor Audit Committee How to Choose An Independent CPA/Auditor How to Control Annual Audit Fees Managed Sales And Use Tax Audit Programs Forensic Audit Definition A forensic audit, defined also as forensic accounting, is the process of auditing a company’s records for the purpose of satisfying a legal investigation. Forensic accounting, though it

Read More

Choose a CPA or Auditor

Choose a CPA or Auditor Do you choose a CPA or auditor? Any company whose stock is sold to the public is subject to the reporting requirements of the Securities & Exchange Commission, which include having its financial statements audited by an independent certified public accountant. Whereas companies, whose stock is not sold to the

Read More

External Audit Definition

See Also: Audit Committee Compliance Audit Audit Scope Forensic Audit Maintenance Contract External Audit Definition An external audit, defined as a company audit which is performed by a party which is not a department or employed by business to be audited, are very commonly performed. The external audit approach has 2 main purposes: The company

Read More

Due Diligence

See Also: Due Diligence on Lenders Auditor Mergers and Acquisitions (M&A) Audit Committee Loan Agreement Due Diligence Definition The Due Diligence definition is an extensive qualitative and quantitative look at a company. It helps company leaders make the best informed business decision about a company. Furthermore, Due Diligence is often associated with audits, where it

Read More

Compliance Audit

See Also: Audit Scope Charge Account Managed Sales And Use Tax Audit Programs How to Control Annual Audit Fees Role of a Company Back Office Planning Your Exit Strategy Compliance Audit Definition The compliance audit definition is an audit which serves the purpose of ensuring that a company meets the requirements of an outside governing body.

Read More

Auditor

Auditor In accounting, an auditor is a certified public accountant (CPA) who performs an objective examination of a company’s financial statements and internal controls. They evaluate the validity and reliability of the data and confirms whether the financial statements were prepared in accordance with the rules of GAAP. Furthermore, there are two types: an internal auditor

Read More

Audit Scope Example

Audit Scope Example Ely is an auditor for the IRS. His work, some of the most technical for any forensic accountant, involves looking deeply into a company to find errors which may lead to prosecution. By doing this, Ely is preventing the company from any financial foul-ups that could lead to fraudulent information being shared.

Read More

Audit Scope

Audit Scope Definition Audit scope, defined as the amount of time and documents which are involved in an audit, is an important factor in all auditing. The audit scope, ultimately, establishes how deeply an audit is performed. It can range from simple to complete, including all company documents. Audit scope limitations can result from the different purposes

Read More