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4 ideas for fostering a partnership between internal and external auditors

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted January 4, 2019 / No comments

External audits aren’t required for every business. But whether required or not, they can provide lenders and investors with assurance that your financial statements are free from material misstatement and prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). How can you help facilitate efficient, timely audit fieldwork? The keys are frequent communication and

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Why Revenue Matters in an Audit

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted November 16, 2018 / No comments

For many companies, revenue is one of the largest financial statement accounts. It’s also highly susceptible to financial misstatement. When it comes to revenue, auditors customarily watch for fictitious transactions and premature recognition ploys. Here’s a look at some examples of critical issues that auditors may target to prevent and detect improper revenue recognition tactics.

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How Auditors Assess Risk When Preparing Financial Statements

Tighe, Kress & Orr.

By: Tighe, Kress & Orr.

Posted October 26, 2018 / No comments

Every year, your audit firm will conduct a fresh risk assessment before the start of fieldwork. Why? Because your auditor wants to mitigate the risk of expressing an incorrect opinion regarding the accuracy and integrity of the company’s financial statements. Inadvertently signing off on financial statements that contain material misstatements can open a Pandora’s box

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How to Choose the Right Auditing Firm for Your Organization

Cynthia Petschke

By: Cynthia Petschke

Posted February 1, 2015 / No comments

How to Choose the Right Auditing Firm for Your Organization Annual financial statement audits are required by the Illinois Attorney General every year for non-profit Organizations that receive over $300,000 in gross receipts per year. Additionally, most governmental entities are required to have an annual or tri-annual audit of their financial statements. Your Organization’s relationship

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