Today's World of Audits

Posted by cpapastr on Aug 11 2009 53717 printer friendly

by Larry Perry, CPA, CPA Firm Support Services, LLC - Larry has over 40 years experience as a CPA practitioner, author of accounting and auditing manuals, author and presenter of live staff training seminars and author of webcast and self-study CPE programs. He is co-founder of CPA Firm Support Services, LLC (www.cpafirmsupport.com), an organization providing resources, training and consulting to smaller CPA firms. Larry writes a weekly blog on AccountingWEB.com focusing on small audits, reviews and compilations. He is currently developing documentation manuals and handbooks for small audits, reviews and compilations and related electronic practice aids.

Latest posts

Jan

Efficient Tests of Balances Series--No. 41: Flowchart Documentation of Internal Controls for Revenues

Sales and Collection Cycle Flowchart

Jan

Efficient Tests of Balances Series--No. 40: Audit Evidence and Auditing Procedures for Revenues--Fraud Risk and Audit Planning

SAS No.

Jan

Efficient Tests of Balances Series--No. 39: Audit Evidence and Auditing Procedures for Revenues--Part II

Substantive Procedures

Dec

Efficient Tests of Balances Series--No. 38: Audit Evidence and Auditing Procedures for Revenues--Part I

As discussed in the previous blog, SAS No.

Dec

Efficient Tests of Balances Series--No. 37: The Starting Place for Auditing Revenues

Slicing the Audit Evidence Pie

Dec

Efficient Tests of Balances Series--No. 36: Revenue Misrepresentations in Financial Statements

Common Financial Statement Misrepresentations

Nov

Efficient Tests of Balances Series--No. 35: More Revenue Recognition Accounting Standards

Sales of Product when Right of Return Exists

Oct

Efficient Tests of Balances Series--No. 34: Improper Revenue Recognition

In January, 1999, the AICPA published Audit Issues in Revenue Recognition which identified circumstances and transactions that may signal improper revenue recognition.

Oct

Efficient Tests of Balances Series--No. 33: Auditing Revenues

Auditing revenues efficiently requires a thorough understanding of the applicable reporting framework. Principles of revenue recognition for U.S. GAAP are included in the Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC).

Oct

Efficient Tests of Balances Series--No. 32: Notes Payable, LTD TOBs

Tests of balances auditing procedures for Notes Payable and Long-Term Debt are included below with practical comments and tips. Parenthetical references are to financial statement assertions summarized in the acronym COVEROD.

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