This explains what materiality means in an audit and why it matters for financial decision-making. The key takeaway is that materiality guides auditors in focusing on misstatements that truly ...

Generally accepted auditing standards (GAAS) require the auditor to identify and assess risks of material misstatement (AU-C §315, Understanding the Entity and Its Environment and Assessing the Risks ...

Accounting and auditing procedures are the steps that accountants and auditors follow when performing their respective tasks. Although accounting is about recording business transactions into ...

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 ...

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 ...

Crypto-friendly digital bank Revolut is under pressure from U.K. regulators after an "unacceptably high" risk of "material misstatement" was highlighted in the auditing of its accounts, the Financial ...

“The auditors are being significantly more challenging now, because they’re getting beaten up by their regulators,” an individual familiar with Revolut's situation reportedly said. The United ...

Auditing is a means of evaluating the effectiveness of a company's internal controls. Maintaining an effective system of internal controls is vital for achieving a company's business objectives, ...

The Public Company Accounting Oversight Board is finding many of the same problems at auditing firms during its most recent inspections that it has admonished firms for in the past, according to a new ...

TOKYO (Reuters) - As more details emerge about years of accounts manipulation at Japanese conglomerate Toshiba Corp <6502.T>, corporate governance experts say there needs to be more scrutiny of the ...