Auditors know that journal-entry testing is one of many procedures they can use in addressing client data completeness and, hence, audit risk (see AU-C Section 240, Consideration of Fraud in a ...

The income statement is one of the core financial statements for any business. Every daily operation that impacts cash flow has a direct impact on the income statement. If you understand what ...

Top-sided journal entries are nonroutine entries entered manually in bookkeeping journals. Companies enter financial transactions in journals to maintain a financial record of the company's day-to-day ...

The Public Company Accounting Oversight Board released a staff publication highlighting problems it's seeing with audits of journal entries. Processing Content The publication, Audit Focus: Journal ...

The top-side journal entry is most susceptible to fraud by management override. It’s possible to make adjustments in subledgers, but this requires collusion with other organizational departments, ...

Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more.