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.

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

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

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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Is Agreed Upon Procedures an Assurance Engagement?

The audit process spreads over 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 other stakeholders. The fair and successful operations of a business entity and a transparent internal control …

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What Are Audit Exemptions And Thresholds – Meaning, And Detail Explanation

The bookkeepers and accountants of a business entity are responsible for recording transactions and applying different formulas to prepare financial statements. The financial statements are viewed as a point of communication with the shareholders and other external stakeholders. The information presented in the financial statements serves as a trigger for stakeholders’ different economic and financial …

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What is An Audit Trail? Definition, Process, And Purpose

The shareholders of a company are the owners, and they’re entitled to receive the profits of the business entity. However, the shareholders are not actively managing the business operations. Business management is performed by other individuals who get paid for the job. CEO and Directors are the top management who are chosen by the shareholders …

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Risk of material misstatement for accounts receivable

Meaning of Accounts receivables Accounts receivables generally mean Trade receivables in the financial statement of large listed public companies. Accounts receivables are disclosed under the headings “Current Assets”. These are trade or non-Trade receivables that have been specified by the company or regulations and meet the criteria of being classified separately. Accounts receivables are characterized …

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What is the risk of material misstatement?

Meaning of Risk of Material Misstatement The risk of material misstatement is the susceptibility of the financial statements, accounts, and assertions to material misstatement, and the risk that the client’s current internal controls would be ineffective in proactively identifying and correcting the misstatements. The inherent risk and control risk in the obligations form the risk …

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