In the accounting profession, the concept of materiality in financial reporting comes from two distinct areas: Generally accepted accounting principles (GAAP), and generally accepted auditing ...

Even a small business makes transactions that are too trivial to bother accounting for. If the debit side of your trial balance is $5 more than the credit side, you might determine that this ...

The AICPA Auditing Standards Board (ASB) is proposing changes to the definition of materiality in its standards for auditors and attestation engagements to eliminate inconsistencies with the ...

The Federal Accounting Standards Advisory Board (FASAB) is asking for public comment on a proposal to clarify the implementation of materiality concepts in the issuance of federal financial statements ...

The American Institute of Certified Public Accountants (“AICPA”) Auditing Standards Board issued Statement on Auditing Standards No. 138 and Statement on Standards for Attestation Engagements No. 20 ...

Navigating the world of business finances can sometimes feel like wading through an alphabet soup of acronyms, jargon, and inscrutable terminology. This is especially true when it comes to the ...

Sustainable investors and sustainability-oriented issuers face an asset class data gap. Sustainability standards setters have designed frameworks for public equities because to date, most ESG data and ...

Forbes contributors publish independent expert analyses and insights. I am an attorney who writes about ESG policy, laws, and regulations. After two years of drafting and delays, the U.S. Securities ...

The definition of a business-critical risk or opportunity is changing, as corporate leaders grapple with a flow of disruptions - geopolitical, economic, supply chain, social, and public health. What ...

The term "forensic audit" has become commonplace with allegations of financial impropriety. That's too bad, because there's actually no such thing as a forensic audit. Processing Content How is that ...

Risks in accounting and audit firms are most often described by the audit risk model. This model describes how the responsibilities of management and auditors combine to determine the risk of the ...