An audit is an inspection of a company's accounting records, usually done by an independent certified public accountant. Audits are performed in an effort to determine whether a business is ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Erika Rasure is globally-recognized as a ...

Small business owners sometimes rely on performance audits to ascertain the effectiveness of their companies. To identify unprofitable practices, the performance audit might analyze the company as a ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

According to the Definition of Internal Auditing in The Institute of Internal Auditors (IIA) International Professional Practices Framework (IPPF), internal auditing is an independent, objective ...

Specialized programs that perform a variety of audit functions, such as sampling databases and generating confirmation letters to customers and vendors. It can ...

To bolster the risk assessment process and improve overall audit quality, the AICPA Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 145, Understanding the Entity and ...

A record of transactions in an information system that provides verification of the activity of the system. The simplest audit trail is the transaction itself. If a person's salary is increased, the ...