Audit

This category covers all kinds of auditing topics including both internal audit and external audit. In addition, we will also cover all types of procedures including control and substantive procedures.

What is Significant Deficiency? How to Assess Significant Deficiencies of Internal Control of a Company?

Internal controls have become an area of high significance for organizations. It involves the control systems that companies or organizations put in place against risks. Therefore, it also links with the risk management systems that companies employ. Internal controls can be helpful in detecting, preventing, or controlling any significant risks within a company. Most companies …

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What is Material Weakness? How to Assess Material Weaknesses of Internal Control of a Company?

Companies employ internal controls to protect against any unwanted risks. In some cases, these may also help companies improve their operating efficiency. Either way, these controls are crucial for companies in the long run. The primary purpose of internal controls of a company is to prevent or detect and correct, any irregularities within a company’s …

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What is Audit Charter? 7 Components of Audit Charter and Why Is It Important?

Internal audit is a function within companies that involves risk management. Among other things, it deals with a company’s internal control systems and any deficiencies within these. An internal audit department is mandatory within public companies. This department plays a crucial role in the long-term growth and success of companies. Internal auditors follow internal auditing …

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Audit Program: What Is It and Why It is Importance?

Auditing is a process that involves the examination of a subject matter against specific criteria. The most prevalent type of audit is the external audit. This process involves external auditors examining a company’s financial statements. Similarly, internal audits include risk management, assessing internal control systems, ensuring compliance, etc. Regardless of the type of audit, it …

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What is a Representation Letter?

An auditor’s responsibility is to gather audit evidence regarding a subject matter. This evidence comes from several audit procedures. Based on this evidence, the auditor must conclude whether the subject matter meets specific criteria. In the case of external audits, it includes examining a client’s financial statements to establish whether they are free from material …

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Operational Audit in Internal Auditing: Why Do Companies Need It?

Internal controls are an area of high significance for all companies. These controls establish an effective and efficient base for a company’s operations. Through that, they also enhance the company’s financial reporting and other processes. Traditionally, companies did not focus on internal controls. Due to the emphasis on it, companies have now established departments to …

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Director Emolument: What Is It and How Important It Is?

Companies are complex business structures characterized by the issuance of shares to shareholders. These businesses differ from others in various regards, one of which includes directors. Directors are elected individuals in a company responsible for its corporate policies and operations. The number of directors will differ between companies. However, most companies will have at least …

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Financial Audit: What Is It and How to Perform in Internal Auditing?

The importance of internal auditing has significantly amplified over the years due to various high-profile scams. While external audits are substantially crucial for companies, internal audits also play a critical role in ensuring long-term success. Internal auditing deals with risk management and internal control systems. For that reason, it looks at various aspects of a …

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Best Value Audit: What Is It?

For companies, internal auditing is a crucial part of long-term success and ensuring effective and efficient operations. The internal auditing process involves looking at a company’s internal control systems and risk management. It also revolves around the company’s financial report and accounting systems. By streamlining these processes, companies can ensure the best possible operations. Internal …

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