Audit Expenses: Assertions, Risks and Procedures

Meaning of expenses Expenses depict a decrease in economic benefits for the accounting period. Expenses are in the form of outflows of assets or payments of operating liabilities which results in a decrease in equity. This is other than those relating to distributions...

Audit debt: Assertions, Risks, and Procedures

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...