Audit

Auditing is the inspection that performance professional auditors to entity’s financial statements and others related financial records.

There are many topics that we covering related to auditing include:

  • Audit plan
  • Audit approaches
  • Audit reports
  • Audit opinion
  • Audit risks
  • Audit Procedures
  • Internal Audit
  • And many others importance topics related to auditing.

What Does the South African Institute of Chartered Accountants(SAICA) do?

Accounting Principle, Audit

Similar to the world, South Africa also has its own Institute of Chartered Accountants called the South African Institute of Chartered Accountants. Many people ask about the difference between chartered accountancy and the other accounting fields. It’s a commonly asked question what does the South African Institute of Chartered Accountants (SAICA) do? Before we get …

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What Are the Recalculation and Reperforming Procedures in An Audit?

Audit Procedures

Auditing is a process in which an auditor examines a subject matter. Usually, this subject matter is a client’s financial statements. The auditors can be internal or external to that client. However, they must be independent of the client’s management. The primary objective of this process is for the auditors to form an opinion based …

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What is the Scope of Audit Engagement? Explanation?

Audit

Stakeholders require information from a company to make various decisions. These decisions concern the relationship between them and the underlying company. Usually, companies use their annual reports to convey information. These reports also include the financial statements that play a significant role in meeting stakeholders’ needs. Usually, companies prepare four primary financial statements with notes. …

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What Are the Five Types of Audit Assertions? (The 5 Most Important)

Audit

Companies prepare financial statements to report their financial standing. These statements usually include the balance sheet and income statement. While these are the most prominent ones, companies also prepare the cash flow statement and statement of changes in equity. Usually, companies report financial information in their accounts at the end of each accounting period. This …

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What is Accepting Risk? (Explanation)

Audit, Financial Accounting

Companies and businesses face internal and external risks. These risks involve uncertainties that can impact a company’s operations adversely. For companies to ensure survival and profitability, managing these risks is highly crucial. Every company has a risk management strategy that can help mitigate those risks. However, the process usually includes several steps. Companies have several …

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What Is the Difference Between FCA and ACA? All You Need to Know

Audit, Finance

Accounting is a profession with a broad scope. Accountants work in all fields and industries. Since every company or organization deals with financial information, they need accountants to overlook their finances. Usually, accountants need to qualify and have a degree to get a job in any field. However, some fields do not require any specific …

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Positive Vs. Negative Assurance: What Are the Main Differences?

Audit

The term audit refers to examination or investigation. In practice, however, it is much more. An audit is a process through which independent auditors assess a subject matter. Usually, this subject matter includes financial statements. During the audit process, auditors collect audit evidence and evaluate the financial statements based on various criteria. The primary objective …

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Types of Audits: 14 Types of Audits and Level of Assurance (2021)

Audit, Types of Audit

Overview: The audit is an art of systematic and independent review and investigation on a certain subject matter, including financial statements, management accounts, management reports, accounting records, operational reports, revenues reports, expenses reports, etc. The result of reviewing and investigation will be reported to shareholders and other key internal stakeholders of the entity for their …

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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 company will act to safeguard the company’s interest, prepare true …

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