Audit

An assurance engagement is a type of service provided by practitioners. These engagements involve examining a subject matter and providing an opinion about it. There are several parties involved in this engagement. However, the party is the user of the opinion or report provided by the practitioner. These users usually base their decisions based on […]

ISA 200 deals with external auditors’ responsibilities relating the conducting the audit of financial statements. There are several objectives this standard sets to follow during the process. Similarly, it seeks to explain the nature and scope of an audit designed to enable auditors to meet those responsibilities. Among these, ISA 200 sets out various other

During an audit engagement, auditors need to collect audit evidence that is sufficient and appropriate. For that, they need to apply various audit procedures. These audit procedures will depend on several factors. Regardless of the procedures used, it is crucial to ensure the quality and quantity of the obtained audit evidence. Obtaining and evaluating audit

During audit engagements, auditors perform various procedures. These procedures allow auditors to test these assertions made by the management. There are several types of audit procedures that auditors may use. The effectiveness and usage of these procedures may differ according to the audit’s requirements and the assertion in question. The primary objective of audit procedures

ISA 300 Planning an Audit of Financial Statements is an auditing standard that deals with audit planning. It defines auditors’ responsibility to plan an audit of financial statements. Audit planning involves various steps. This process usually occurs before the fieldwork starts. As a result, planning can significantly impact the work that auditors perform during their

Companies and businesses face various risks that dictate how they operate. Identifying and managing these risks is a critical function that companies perform. Usually, the audit committee and internal auditors are responsible for risk management. This process became more relevant due to some high-profile corporate failures in the past. The Turnbull Report on corporate governance

Every company has an internal control system that helps it in risk management. Internal controls have several purposes, including protecting assets, preventing frauds, ensuring the integrity of financial and accounting systems, promoting accountability, etc. Some companies assume internal controls are futile and costly. However, they can also improve a company’s operational efficiency and effectiveness. Like

The primary objective of an audit engagement is for auditors to form an opinion about the subject matter. This subject matter is usually the client’s financial statements. The auditor is responsible for ensuring that these statements are free from material misstatements. Once they do so, they can provide the client with assurance. Assurance engagements are

Under many jurisdictions, public companies have to perform external audits regularly. For other companies or organizations, these may be voluntary. However, a company’s stakeholder may request an audit report, which will compel it to perform an audit. These audits provide stakeholders with the confidence they need to make decisions based on the subject matter. External