Internal Audit Plan Ultimate Guide: Step By Step On How To Prepare Internal Audit Plan

Audit, Audit Plan, Internal Audit

Whenever a business is set up, it set several rules, protocols, and SOPs. The business norms comply with every business entity to have an internal control system that regulates how the company will act. The internal control system comprises the set rules on how the...

Is Agreed Upon Procedures an assurance engagement?

Audit, Types of Audit

The audit process spreads on a vast range of activities. The external auditors conduct an audit in a business entity to safeguard the interests of the stakeholders. For instance, think of the shareholders, creditors, debtors, investors, governments, regulators, and...

What Are Audit Exemptions And Thresholds – Meaning, And Detail Explanation

Audit

The bookkeepers and accountants of a business entity are responsible for recording transactions and applying different formulas to prepare financial statements. The financial statements are viewed as a point of communication with the shareholders and other external...

What is An Audit Trail? Definition, Process, And Purpose

Audit, Types of Audit

The shareholders of a company are the owners, and they’re entitled to receive the profits of the business entity. However, the shareholders are not actively managing the business operations. Business management is performed by other individuals who get paid for the...

Due Diligence: Purpose, Purpose, Scope Benefit and More

Audit

What is Due diligence? Due diligence (DD) is research (comprehensive survey) or fact-finding of the Acquiring company for a targeted company. When the Acquiring company plans to buy the target company, the acquiring company will do DD to the target company. DD can be...

Risk of Material Misstatement for Cash

Audit Procedures

Risk of Material Misstatement for Cash Cash includes cash equivalents. Cash is shown under the “current assets” of the balance sheet. These are the liquid assets of the company. The most important component for any audit is checking cash. The inherent risk and control...