Do You Feel Lucky? No one wants to be audited. And yet as a tax lawyer advising clients about tax issues, I'm required by Treasury Department rules to assume every return will be audited. In truth, ...

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 ...

Many people are obsessed with IRS audit risk. Audit risk is worrisome, and opinions vary widely. Even worse, there are many old wives tales about what does and doesn’t trigger an audit. But what about ...

Risk assessment is at the core of every audit. The goals of identifying, assessing, and responding to risks of material misstatement (“risks”) drive every audit procedure, from gaining an ...

Risks in accounting and audit firms are most often described by the audit risk model. This model describes how the responsibilities of management and auditors combine to determine the risk of the ...

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. Processing Content The new audit guide, Risk Assessment ...

Plan Audit CPA reveals why specialized 401k auditing ensures better compliance, faster processing, and flat-fee ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. David Kindness is a Certified Public ...

The American Institute of CPAs released a new standard to help auditors assess the risks of material misstatement. Processing Content The new Statement on Auditing Standards (SAS) No. 145, aims to ...

Internal Revenue Service audits typically happen within three years after an individual files their tax returns. That time ...