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Audit Risk

   Also found in: Wikipedia 0.01 sec.
Audit Risk
The risk to a company or investor that an audit will not discover some accidental or intentional irregularity, either through negligence or mal intent. This may result in significant losses to the company and its investors once the irregularity is finally discovered. It could also result in a lawsuit against the auditing firm that conducted the audit.


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They explore such topics as earned versus unearned income, innocent and injured spouse issues, writing off job-hunting costs, increasing the home's tax basis, accounting for the kiddie tax, required minimum retirement distributions, the trouble with tax protests, and minimizing audit risks.
Peer review season is in high gear and there are lessons to be learned about implementing the new audit risk standards.
112, Communicating Internal Control Related Matters Identified in an Audit, the AICPA has developed an audit risk alert entitled Understanding SAS No.
 
 
 
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