There are many incorrect perceptions of internal auditors – myths that have developed over time about the profession and some, unfortunately, perpetuated by auditors themselves. #1 Internal auditors are accountants by training. This myth suggests that all internal auditors are accountants by training and are only interested in companies’ financial records. While training in accounting […]
Cloud computing, as defined by the National Institute of Standards and Technology (NIST), is “a model for enabling ubiquitous, convenient, on-demand network access to a shared pool of configurable computing resources (e., networks, servers, storage, applications, and services) that can be rapidly provisioned and released with minimal management effort or service provider interaction.” In essence, […]
Although it seemed like a rhetorical question in which every student who has taken their obligatory Audit course during university are able to answer this, it turns out that there has been a never-ending confusion about auditors responsibilities for detection of fraud. Commoners would think that it is the auditors job to be responsible for […]
The accounting profession is responsible for the accuracy in presenting financial statements and ensuring that the statements are free of any misrepresentation. To ensure accuracy is present, each year these numbers are reviewed and analyzed by an external auditor. An auditor also assesses the internal controls of an organization and its management and evaluates how […]
Beginning Audit was one of the oldest professions in the world, some archeologist found them in many cultures like the Egyptian and Greeks. Back then their job was to verify someone else’s report, and in ancient times they don’t have paper so they must listen to the report and verify it later. The first well-documented […]
AI is no longer a theoretical possibility, it’s here. Artificial intelligence is moving beyond the popular image of self-driving cars and smart homes to become a large part of everyday life. It will continue to evolve, presenting us with great opportunities, but also a whole new set of risks to consider. Over 60 years ago, […]
Just like a storm, big data is the new wave that is taking over company operations. Big data is a term that describes the large volume of data – both structured and unstructured – that inundates a business on a day-to-day basis. But it’s not the amount of data that is important. It is what […]
Emerging technology has brought a seemingly endless set of new risks to the clients that engage CPAs to perform audits. It is are altering the financial reporting environment substantially, and this change is accelerating. For example, artificial intelligence (AI), robotic process automation, and blockchain are changing the way business gets done, and auditors are leading […]
Auditing isn’t a very exciting career path If you’ve ever heard a joke about accounting or auditing, you know that the tagline is almost always about it being a boring profession. But this couldn’t be further from the truth. In fact, being an auditor gives you exposure to a very diverse range of industries and […]