Business organizations working in different industries need their processes, financials, databases, etc., to be examined and approved as satisfactory for long-term operations. The examination aims to avoid unethical practices, financial embezzlements, etc. The standard procedure for this purpose is an audit, and you must be a bit familiar with the concept. The audit is generally […]
What Is Technical Auditing? ( Explained) Read More »
Whether you are a CPA, finance, or accounting student, understanding the audit process, assurance engagement, and attestation is important for you. Besides, the businesses also need to understand the concept of audit and attestation. As a CPA accountant, you must know the difference between audit and attestation engagements to help your clients understand the meaning
What is the Difference Between an Audit and an Attestation? Read More »
If you have always heard of a principal regarding agency theory and partner regarding the partnerships in businesses, etc., you never had complete knowledge. Principal and partner are the terms that are used in several places for different meanings. If we talk about the education industry, a school or college principal is the managing director.
Principal Vs. Partner: What Are The Differences? Read More »
Computer and Information Technology have revolutionized every industry and field of life. The corporate world is no different as IT and computer is a necessity to keep hold of information, process large sets of data, and make decisions based on the information. It’s because of the capability of computers and technology to process the bulk
What Are Computer Assisted Audit Techniques (CAATs)? Advantages and Disadvantages Read More »
An accounting firm can help you keep your finances sorted and offer timely actionable advice. However, not all accountants are created equal. Choosing the accounting firm to entrust your personal or business finances with can be challenging. So in this article, we will help you decide by discussing the most important factors to look for
What to Look for in a CPA Accounting Firm? Read More »
Auditing is a process in which an auditor examines a subject matter. Usually, this subject matter is a client’s financial statements. The auditors can be internal or external to that client. However, they must be independent of the client’s management. The primary objective of this process is for the auditors to form an opinion based
What Are the Recalculation and Reperforming Procedures in An Audit? Read More »
Stakeholders require information from a company to make various decisions. These decisions concern the relationship between them and the underlying company. Usually, companies use their annual reports to convey information. These reports also include the financial statements that play a significant role in meeting stakeholders’ needs. Usually, companies prepare four primary financial statements with notes.
What is the Scope of Audit Engagement? Explanation? Read More »
Companies prepare financial statements to report their financial standing. These statements usually include the balance sheet and income statement. While these are the most prominent ones, companies also prepare the cash flow statement and statement of changes in equity. Usually, companies report financial information in their accounts at the end of each accounting period. This
What Are the Five Types of Audit Assertions? (The 5 Most Important) Read More »
Companies and businesses face internal and external risks. These risks involve uncertainties that can impact a company’s operations adversely. Managing these risks is crucial for companies to ensure survival and profitability. Every company has a risk management strategy that can help mitigate those risks. However, the process usually includes several steps. Companies have several options
What is Accepting Risk? (Explanation) Read More »
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 to get a job in any field. However, some fields do not require any specific
What Is the Difference Between FCA and ACA? All You Need to Know Read More »
