Audit Procedures

What is an audit procedure? Audit procedures also referred to as audit programs involve the procedures, methods, and strategies that auditors implement in order to achieve audit confirmation. It assists them to deduce if the audit objective was fulfilled according to the given data.  Auditing is carried out in three steps: Step 1 – Recognize the statement claim being […]

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 tied to the audit process, it is imperative that planning within the audit function is taken care of seriously so that planning and execution within the audit process are carried

Introduction Related Parties Transactions are transactions that take place within an organization that takes place with other organizations that are directly, or indirectly related to the organization in question. As a matter of fact, related party transactions might include transactions between a parent entity and its subsidiaries, subsidiaries of a common parent, an entity, and

Overview: To perform effective and sufficient testing on borrowings is not only focus on control testing but also focus on control validation by selecting some supporting document for vouching. The auditor could use different methods and amounts of sample to be vouched based on the risk assessment result. There is a good start for understanding

The cost of goods sold testing is conducted at the same time as inventory testing is carried out for purposes of the balance sheet. The cost of goods components can broadly be categorized into two major components. Firstly, the auditor is supposed to determine the overall amount of inventory sold. If the auditor has been

Audit procedures are mainly used by auditors in order to determine the overall quality of the financial information that is provided by their clients, subsequently resulting in the expression of an auditor’s opinion. As far as company expense reviews are concerned, it can be seen that auditors are supposed to evaluate the expenditures in order