Overview: The internal Audit Department is the independent or non-operation department in the organization set up by the board of directors and audit committee to perform internal audit services in the company. It is part of the company’s risk management since part of the internal auditor’s responsibility is also to assess how the company’s risks […]
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Overview: Due Diligence is the reviewing engagement service that is normally performed in the investigation of the target business, or companies related to business performance, liabilities, assets, financial statements, and other subject matters. Due Diligence services vary depending on the nature of engagement; however, there are five types of Due Diligence. This article will explain the basic
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The Review Engagement or Limited Assurance: The review engagement or limited assurance is sometimes called negative assurance. This type of engagement is different from a reasonable assurance engagement. In other words, it is different from the audit. Normally, in this engagement, the auditor performs fewer procedures and reviews to support a conclusion on the financial
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Building Blocks is the theory developed by Fitzgerald and Moon which is related to performance management. Building Block is the performance management theory which is applied for the service industry and consider 3 importance blocks. They are Dimension, Standard, and Service. Dimension included in Building Blocks Competitiveness Finance Performance Quality of service Flexibility Resource Utilization Innovation Standard
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In this post, we will talk in detail about the major concept behind the performance pyramid philosophy in performance management. Performance Pyramid comes from the idea that an organization operates at a different level, each of which has a different concern which should nevertheless in achieving business objectives. This concept also believes that the business
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Overview: Before we start a step-by-step on how to write an audit program, we would like to start with the overview of internal audit along with some definitions and, more importantly, what you will get after reading this article. An internal audit is the independence department working and reporting directly to the audit committee. The
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Overview As an employee, one might be eligible for at least one of the two types of pension plans. Defined contribution plans and defined benefits are both types of pension plans. Both of the pension plan categories are employee-sponsored, and employees are eligible for it upon retirement. A defined benefit plan is traditionally known as
Defined Contribution Plan and Defined Benefit Plan: Explained Read More »
Fixed assets definition: Fixed assets normally refer to property, plant, and equipment held for use in the production or supply of goods or services, rental to others, or administrative purposes. They are expected to be used by an entity with more than one year accounting period. Those assets included land, building, machinery, cars, computers, and other
Definition: The definition of assets refers to the resource controlled by the entity as a result of past events and expected to have future economic benefits inflow to the entity. This is what Conceptual Framework said. The company’s assets, under the Conceptual Framework, could be range from tangible to intangible and from current assets to non-current assets.
What is asset? Definition, Explanation, Types, Classification, Formula, and Measurement Read More »
Overview: Depreciation and amortization methods are how an entity used to allocate or charge the expenses on fixed assets that the company use for their operational purpose into the financial statements, specifically, in the income statement, in systematic ways based on the method allowed by applicable accounting standards. As we all know, almost all of
Top 5 Depreciation and Amortization Methods (Explanation and Examples) Read More »