What is a Deviation From Internal Control?

Meaning of internal control Internal control refers to all of the policies and procedures management uses to achieve the organization’s objectives. Internal controls ensure timely, accurate, and complete information with respect to books of account to report...

How to Assess Materiality In An Audit?

Meaning of materiality There is no specific definition of materiality under U.S. Generally Accepted Accounting Principles (GAAP). However, the gist as per the Conceptual Framework for Financial Reporting under International Financial Reporting Standards states that...

Risks of Material Misstatement of Revenues

What is Revenue? Revenues that the entity recognizes in the income statement during the year are income that the entity sells the goods or services to its customers. These revenues are recognized when the control is passed from the entity to its customers. It is...