Today's World of Audits

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

Feb
22
The Confirmation ProcessHere’s a summary of the accounts receivable confirmation process:1.  Obtain an aged trial balance of accounts and reconcile it to the general ledger.
Feb
09
Determining the nature, extent and timing of analytical and tests of balances procedures is based on the results of the auditor’s risk assessment procedures.  More substantive evidence obtained from the auditor’s risk asse
Feb
03
In my previous blog, I briefly discussed the impact of risk on the nature of the tests of balances procedures for accounts receivable.
Jan
27
Similar to my discussion in a previous blog on cash auditing procedures, learning “how” to audit accounts receivable is mainly learning to “what extent” auditing procedures should be applied.  The amount of aud
Jan
20
Learning “how” to audit cash is mainly learning “when” to audit cash and to “what extent” cash auditing procedures should be applied.  The cause of much over-auditing on many engagements, the amount
Jan
14
Analytical procedures consist of absolute comparisons of dollar balances with prior years’ account balances, or with budgets, ratio comparisons and trend analysis, and computations based on financial or operational data designed to p
Jan
06
A common, effective risk assessment procedure is a systems walk-through procedure.  By tracing transactions from their inception to their termination in the general ledger, an auditor can confirm internal control documentation (such a
Dec
22
First, tests of controls are not required by the risk assessment standards of 2006, or the redrafts of those standards effective for periods ending after December 15, 2012.  Sufficient substantive evidence can be obtained from other r
Dec
16
Assertions are representations of management that are embodied in all financial statement components or classifications.  Specific audit objectives are developed in each audit area to evaluate the appropriateness and reasonableness of

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Larry Perry, CPA, CPA Firm Support Services, LLC, is the author of accounting and auditing manuals, author and presenter of live staff training seminars, and author of webcast and self-study CPE programs. He blogs about small audits, reviews, and compilations.

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