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...

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...

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,...

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....

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...