Generally Accepted Auditing Standards: GAAP vs. GAAS Explained
GAAP governs how financial statements are prepared. GAAS governs how auditors examine them. Learn the difference and when each set of standards applies.
Audit Fundamentals
Audit Committee Responsibilities and Best Practices
Learn what audit committee responsibilities include: financial oversight, auditor oversight, risk management, and charter requirements for boards.
Financial Statement Audit: What It Is and What to Expect
A financial statement audit is an independent examination of your financial records. Learn what auditors do and what triggers the requirement.
Material Weakness vs. Significant Deficiency Explained
Learn the difference between a material weakness and a significant deficiency in internal controls, what each means for your audit, and when disclosure is required.
Audit vs. Review vs. Compilation: Which Assurance Do You Need?
Audit vs review vs compilation: understand the three levels of CPA assurance, what each requires, and which one your lender, investor, or regulator actually needs.
Going Concern: What It Means and How Management Assesses It
What is going concern in accounting? Learn the going concern definition, how management assesses it under ASC 205-40, and what auditors look for.
Internal Controls for Growing Private Companies
Learn what internal controls a growing private company needs, from the COSO framework and segregation of duties to IT general controls and fraud prevention.