If your company gets an unqualified audit opinion, that's good news. It doesn't mean the auditor's unqualified, it means they've gone over your financial statements and have no reservations: your ...

Audited financial statements are independent CPA evaluations costing thousands. They include balance sheets, cash flow, ...

A statement, in accounting terms, is synonymous with "report." There are several common accounting statements, all of which draw on the same accounting data but which are prepared for different ...

STATEMENT ON AUDITING STANDARDS (SAS) no. 96, Audit Documentation, marks the first big change in the requirements auditors must observe when documenting their audit work. It provides general guidance ...

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 ...

Forbes contributors publish independent expert analyses and insights. I am the Jenkins Professor of Accounting at NC State University. We often hear about failed financial statement audits at ...

When it is time to bring in an external audit firm — perhaps because lenders, investors or a regulatory body triggered the need to audit your financial statements — preparation and responsiveness are ...

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 ...