Audit Procedures

Meaning of expenses Expenses are those transactions that result in decreases in the entity’s assets or increases in the entity’s liabilities which are normally decreasing in equity rather than those transactions that relate to distributions to holders of equity claims such as dividend distribution. Expenses are reduced from the total revenues to get net profit […]

Auditing Debt Debt is simply liabilities, the amount the company owes to someone. Auditing of debt requires an understanding of complex debt instruments, classification of debt as per covenants, and characteristics of debt. In the financial statements, the debit balance at the reporting date is reporting the balance sheet under current or non-current liabilities depending

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