Affluent Financial Services is a US Based CPA firm. Our core services include Financial Audits, CFO Services, Bookkeeping & Tax Services.
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Engagement letters often form the litmus test of Professional liability claims, where either the claims are accepted bona-fide or rejected altogether owing to the backend stress, time and effort and defense costs associated. In such scenarios, adopting and practicing strong…
Direct Examination Engagements (SSAE No. 21) focuses on non-financial subject matter reporting, where Practitioners can perform a direct client examination under AICPA Auditing Standards Board (ASB) guidelines. This engagement also allows a practitioner to evaluate underlying subject matter against defined…
The AICPA Auditing Standards Board issued a new standard (SSAE No. 22) which specifies a review engagement’s objective to obtain limited assurance on any material modifications (if any) to be made in accordance with set attestation criteria. This new standard…
FASB issued a proposal in December 2020 that is designed to reduce complexity and cost for certain private companies and not-for-profits related to goodwill assessments performed in response to triggering events. Private companies and NFPs that only report goodwill (or…
Who are Internal Auditors? This is a firm which assesses the activities and management system of an organization; checking for risks in their internal controls and comes up with recommendations on how to improve their overall performance and reduce risks. …
How to define the term Auditing? Auditing is the independent, careful and systematic examination of a business’ accounts, books, documents, statutory and financial records to confirm their accuracy and consistency with applicable laws, rules and regulations. These laws may be…
In the internal audit, there are two options that you can choose from. Outsourcing and Insourcing Internal Audit (outsourcing is the most recommended). Outsourcing Internal Audit means hiring independent auditors for internal audit process while insourcing internal auditing means hiring…
Difference between Internal vs External Auditing If you have been in the business world where companies and organizations are involved, you may have come across the terms, internal auditing or external auditing, but what is the meaning of the two…
Financial Statement Audit Process Financial statement audit is quite complicated- and stressful. Most of us may scratch our heads every time we hear this but a painless process of financial statement audit is possible. Here are 6 tips to help…
Audit Test Before conducting an audit test, you need to conduct an excellent audit plan, to begin with. That may possibly identify the business risk, materiality and asses the need to include an expert and in this case, the need…