Substantive Audit Procedures
Introduction: Auditing is considered as a very integral function of the business because it validates the extent to which operations and financial standing within the company have been taken care of. In this regard, it is increasingly important to recognize the fact...
Audit Procedures for Cash and Cash Equivalents
Introduction Audit procedures are considered integral in facilitating a smoothly conducted audit process that can deliver the required results. Given the high degree of importance that is tied with the audit process, it is imperative that planning within the audit...
What is the Board of Auditors and how was it established?
Board of auditor is responsible for external auditing UN’ accounts globally. Those accounts including the funds accounts, and programs expenses accounts. The board is also responsible for internal audit as well as Audit and Evaluation Advisory Committee (AEAC)...
INCOME STATEMENT PRESENT BY NATURE
The income statement of a business, also known as the statement of profit or loss. It is among the five key financial statements for businesses. The other four are the balance sheet (also known as the statement of financial position), the statement of owners’ equity...
INCOME STATEMENT PRESENT BY FUNCTION
Any business has 5 main financial statements. These are the Balance Sheet (Statement of Financial Position), the Income Statement (Statement of Profit or Loss), the Statement of Owner’s Equity (also known as the Statement of Changes in Equity), the Cash Flow Statement...
Types of Audit Opinion Letters
Auditor Opinion Auditor’s opinion forms part of the audit report and is a very critical part literally the crux of the audit report. The audit opinion letters are based on an audit of procedures and records used to produce the financial statements. The auditor then...
Why small businesses need auditors?
Small businesses tend to have multiple aspects to cover as well for better decision making. Among a few things, the most technical aspect for small businesses is book-keeping and other tax compliance. Small businesses ought to be audited too when they have business...
Are Fundraising Expenses Tax Deductible?
Introduction: Non-profit organizations are entities created for the sole purpose of providing social services to the society. Unlike for-profit organizations, NPO’s don’t aim to maximize profits, however, that doesn’t mean they generate no profits. It is a necessity...
KEY FINANCIAL STATEMENTS FOR NONPROFITS ORGANIZATION
Nonprofit organizations are institutions that exist for the welfare of society. The purpose of nonprofit organizations, as the name suggests, is not to make a profit but to assist individuals and communities in different ways. The goal of these nonprofit organizations...
