Internal Auditor’s Responsibilities on Fraud (Here is What PPIA Said)

Fraud, Internal Audit

Establishing the internal audit department is part of the organization’s internal control and risk management, which is why the internal audit department exists. The risks that internal auditors should oversee are limited to internal control, operational risks, compliance risks, financial risks, and the risk of fraud. In this article, we will discuss the role of an […]

Internal Auditor’s Responsibilities on Fraud (Here is What PPIA Said) Read More »

What is Internal Audit Department? (Responsibilities and More)

Audit, Internal Audit, Types of Audit

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

What is Internal Audit Department? (Responsibilities and More) Read More »

5 Types of Due Diligence Services, Benefits, And Limitations

Audit

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

5 Types of Due Diligence Services, Benefits, And Limitations Read More »

Review Engagement (Limited Assurance): Definition and Example

Audit

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

Review Engagement (Limited Assurance): Definition and Example Read More »

The Major Concept of Performance Pyramid: The Major Concept You Should Know

Business Strategy

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

The Major Concept of Performance Pyramid: The Major Concept You Should Know Read More »

Fixed Assets (IAS 16): Definition, Recognition, Measurement, Depreciation, and Disclosure

Fixed Assets

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

Fixed Assets (IAS 16): Definition, Recognition, Measurement, Depreciation, and Disclosure Read More »

What is asset? Definition, Explanation, Types, Classification, Formula, and Measurement

Financial Statements

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 »

Top 5 Depreciation and Amortization Methods (Explanation and Examples)

Fixed Assets

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 »

Depreciation Expenses: Definition, Methods, and Examples

Fixed Assets

Definition: Depreciation expenses are the expenses charged to fixed assets based on the portion of assets consumed during the accounting period based on the company’s fixed asset policy. The expenses that charge during the period (monthly or yearly) are recorded in the company’s income statement. The accumulation of it is recorded in the accumulated depreciation,

Depreciation Expenses: Definition, Methods, and Examples Read More »