Discover how auditors evaluate the inherent risk that affects financial statements, focusing on its inevitability and the crucial role of internal controls.

The widespread use of information technology (IT) can introduce various risks that affect financial reporting and the audit process. To assist auditors in identifying and addressing these risks, the ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Yarilet Perez is an experienced multimedia ...

The new audit risk standards require the auditor to understand and respond to risks of material misstatement, whether due to errors or fraud. In reaching that understanding, auditors should identify ...

High-income business owners face increasing IRS scrutiny, here's what you need to know to avoid common audit triggers.