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.
Risk management is an essential part of any company’s operations. The need for this process has increased due to the changes in the business world. Most companies now have many complex systems, which also increases their risks. Therefore, companies must have a robust risk management process to mitigate any risks. One area associated with risk […]
How Do You Evaluate Control Deficiencies of a Company Read More »
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
What is a Representation Letter? Read More »
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
Operational Audit in Internal Auditing: Why Do Companies Need It? Read More »
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
Director Emolument: What Is It and How Important It Is? Read More »
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
Financial Audit: What Is It and How to Perform in Internal Auditing? Read More »
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
Best Value Audit: What Is It? Read More »
Internal audits are crucial for many organizations and often a mandatory procedure. These audits seek to review a company’s processes and controls. Similarly, it also looks at the company’s financial systems to ensure proper bookkeeping and reporting. Once it examines all the processes, internal audits seek to identify weaknesses and recommend fixes. Internal audits are
What is Internal Audit Outsourcing? Advantages and Disadvantages Read More »
Assurance engagements may include various types or forms. These engagements involve examining a subject matter. Similarly, the subject matter may differ based on the type of engagement. The party making this examination is a practitioner. During this process, the practitioner is responsible for collecting evidence. This evidence must be sufficient and appropriate. The reason for
What is Direct Engagement? Read More »
Auditors examine a client’s financial statements to form an opinion on whether they are free from material misstatements. During this process, they need to gather audit evidence, which can help them support their conclusion. Auditing standards require the audit evidence to be sufficient and appropriate, which relates to its quantity and quality. Audit evidence may
What is Audit Documentation? Read More »
When people think of assurance engagements, they usually think of external audits. These are services provided by external auditors. With external audits, auditors aim to seek sufficient appropriate audit evidence. Based on this, they can provide an opinion related to whether the subject matter is free from material misstatement. The subject matter, in this case,
What is Attestation Engagement? Read More »
