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When you’re feeling ill and find yourself at any doctor’s office or walk-in clinic, what are you looking for? Usually, it’s some sort of relief from whatever ailment you’re suffering from, whether it be a headache, a stomachache, or a broken arm. You’re searching for outside advice about what might be wrong internally, and any doctor is more than willing to give you their professional assessment of your condition.

The world of auditing can be a mysterious one to the layman, and much of the terminology used in the industry can be confusing. One such term that is commonly misunderstood is the compilation. Today we wanted to explain compilations: what they are, why you would need one, how they differ from reviews or audits, and how you can arrange having a compilation completed for your business or non-profit organization. Read on to get a better idea of compilations to find out if this is the correct level of service that you require.  

Audit committees are necessary groups in organizations to ensure the integrity of financial reporting. The Sarbanes-Oxley Act of 2002 made it a requirement for all public companies to have audit committees, and many private and nonprofit organizations have implemented them as well. Having an effective audit committee can strengthen your organization and improve its financial credibility. Audit committees are essential components of corporate governance, so they should be formed the right way and with the right people in order to be the most effective.

Preparing your team for an external audit can feel overwhelming, especially if this is your first time going through this process. Every external audit is different, depending on the industry you work in and the scope and the standard against which you will be audited.

Some people will say that an internal audit report is meant to communicate what an audit found or make recommendations for improvement. However, the ultimate goal of an internal audit report is to persuade readers to take action. The writing style of an internal audit report can make a big difference in persuading readers to take complete and timely corrective action. The audit report’s content informs readers, but the writing style is what motives them to act. Below are some tips to help you during the internal audit report writing process so that you can make an impact and inspire action.  

As a business owner, you’re trying to juggle dozens of tasks at any given moment. So, finding the time, money, and available resources for a new expense is challenging.

Small businesses are the backbone of the American economy and so, for the most part, keeping them running at optimum efficiency is everyone’s best interest. To this point, small business owners are faced with a deluge of information and business advice to having the most effective business strategy.

Taking your car to get its oil changed is one of the best ways to ensure longevity of your vehicle. Many times, when the car’s hood is popped, a trained mechanic will look around to see if anything else is amiss. These maintenance check-ups are similar to an operational audit for an organization; an operational audit is a review of efficiency and effectiveness of an organization.

An audit provides the public with assurance that a company has its financial records in check. While not every business faces an audit situation, there are certain circumstances and certain businesses which are required to have audits.

Audits can be a confusing business, and one common misunderstanding stems from the differences between GAAS and governmental auditing standards. The odds are, if you’re not an accountant or CPA, you haven’t given it too much thought. Others, however, wonder why two different sets of accounting standards exist and how they differ.  Here’s a basic outline of both auditing standards and how they compare.