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Do condo members have a right to yearly audited financial statements?

The responsible, moral answer is 'yes', absolutely yes.  However, you can read your governing documents to determine the frequency and the audit-level of financials due you

What is Risk based internal audit?

RBIA is one of many opinions provided to the board, and audit committee, on corporate governance. The main objective of RBIA is to assess risk of each area of business so that

How are auditing standards enforced?

Step 1: Research and consultation is done and a draft of standards is prepared. Step 2: The proposed standards are discussed at meetings, open to public Step 3: Exposure draf

Should quarterly financial statement be audited?

In the US, there is no law requiring that quarterly financial statements be audited. Financial statement audits are extremely expensive and time-consuming, so there should be

Audit risk assessment and audit plan?

An audit is considered a risk assessment, therefore these terms are interchangeable. And audit plan can have various meanings, some consider this to be an annual audit plan wh

How do you audit a financial statement?

  Auditing the financial statements of a business is a tedious process, the further the auditor wants to go back, the more difficult it becomes. In order to audit the fina

What is audit planning?

Audit planning is a procedure which is used to see and prevent  potential problems. This is done at the beginning of an audit  process.

What are the financial statements assertions that went wrong in audit of the financial statements of the satyam company?

  Financial statement assertions are classified into the following five:   1. Existence: The assertion on existence is made to check whether the specified assets and

What are the differences and similarities in audits of financial statement compliance audits operational audits?

OPERATIONAL AUDIT. An operational audit is a systematic review and evaluation of an organizational unit to determine whether it is functioning effectively and efficiently, whe

How the acceptance of large and high risk audit clients for relatively high audit fees may threaten an audit firm's de facto and perceived independence?

The professional judgment of auditors may be compromised when their firm is overly dependent on one or a few large clients. Auditors, even those at the lower levels of a CPA f

What is the difference between investigation audit and conventional audit in financial statement audit?

Purpose of investigation audit is to find out the evidance of the  specific agenda for which investigative audit is conducted while  conventional audit objective is to find

Is auditing is generally associated with only accounting and financial records?

Around 4 decades ago,auditing has generally been associated with only accounting and financial records & the objective of this audit is to enable the auditors to express an op

What is Unrestricted Net Assets in your audited Financial Statement?

The difference between assets and liablities are net assets. Per new reporting requirements it is necessary to further distinguish this value. The new reporting standards requ