Auditors spend a substantial amount of time testing inventory because it usually makes up a large portion of company assets. Many auditors maintain a physical inventory count checklist of items to ...

When auditing a company, auditors use a combination of professional judgment and statistical sampling methods to estimate account balances. Statistical sampling is an efficient way to design samples, ...

In an effort to make the audit process more efficient and effective, the AICPA Assurance Services Executive Committee (ASEC) has developed voluntary audit data standards that would standardize the ...

Editor’s note: The coronavirus pandemic has made inventory testing a huge challenge for auditors, particularly for client entities with a March 31 fiscal year end. Audit firms are requiring staff to ...

Taking inventory of the past year can help you start the new year off strong as a business owner. Entrepreneur Jen Glantz says to audit both your personal and business finances. Reevaluate your goals ...