The horizontal audit is the performance of audit procedures or activities, processes, and evaluations to examine the different functions or departments. The purpose of performing a horizontal audit is to examine and observe whether the different departments have the same control standard. It is also called “Peer Audit.” It is very important for the auditor …
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 …
Types of Audits: 14 Types of Audits and Level of Assurance (2022) Read More »
The audit process spreads over a vast range of activities. External auditors conduct an audit of a business entity to safeguard the interests of the stakeholders. For instance, consider shareholders, creditors, debtors, investors, governments, regulators, and other stakeholders. A business entity’s fair and successful operations and a transparent internal control system guarantee that stakeholders’ interests …
Is Agreed Upon Procedures an Assurance Engagement? Read More »
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 …
What is An Audit Trail? Definition, Process, And Purpose Read More »
Introduction: Over time, there has been increasing pressure on organizations to ensure that they can operate legally to keep the interests of all the stakeholders intact. Therefore, they must hire a group of independent auditors that can report on various functions within the firm. These auditors are selected by the shareholders and have the immense …
What are the Auditor’s Responsibilities? (Importance Point You Should Know) Read More »
What is An Audit Report? An Audit Report can be defined as an opinion about the financial statements of the company. Issued by the auditors, the main purpose is to convey the overall opinion about the integrity, and completeness of the financial statements, of the engaging party. The Audit Report is supposed to be published …
General Contents of Audit Report – What Are the Main Element Of the Report? Read More »
Definition A Special Audit can be defined as a tightly defined type of audit that is conducted in order to probe into a specific area of the organization’s activities. As a matter of fact, it can be seen that this type of audit is mainly initiated by a third party, like a government agency or …
What is a Special Audit? Scope and Why is it required? Read More »
Overall: Formally, a tax audit is also called a “Correspondence audit.” A tax audit is the assessment to verify on the IRS “Internal Revenue Service” tax return to check whether the levies on revenue and the other tax deductions are appropriately imposed. A tax audit will be considered to conduct auditing when the IRS assigns …
Overall: Integrate audit is more than just an audit of financial statements. This type of audit normally includes a financial audit integrated with another non-financial information audit including operational, and information technology where the information throughout these areas are correlated. These include operational auditing, compliance audit, and other technical audits like IT audit as well …
Integrate Audit: Definition, Example, and Explanation Read More »
Definition: A tax audit is the official examination or audit of the tax department of the tax return that declares by taxpayers as required by law. Different countries and different jurisdictions may have different laws and requirements due to the tax audit process. In general, taxpayers declare their tax returns monthly and annually to the …
Tax Audit: Definition, Example, Explanation, and Types Read More »
