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.

Professional Skepticism in Auditing

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 …

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Internal Audit Planning: What is It and How is It Importance?

Internal audits are one of the most critical factors that can contribute to a company’s success. In essence, it involves assessing a company’s risks and evaluating its internal control systems. These processes require professionals known as internal auditors. They are employees of a company and usually work with the audit committee. There are several tasks …

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Analytical Procedures in Auditing: Definition and Its Importance

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 …

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Audit Working Papers: Current Vs. Permanent Audit Files

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 …

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Audit Strategy: Why Is It Important?

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 …

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What is a Risk-Based Approach Audit? All You Need to Know!

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 …

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What is Internal Control Evaluation Questionnaire (ICEQs)? Advantages and Disadvantages

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 …

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Limitation of Internal Control Questionnaires (ICQs)

A company’s internal controls play a significant role in whether its financial information is reliable. For both external and internal auditors, these controls are highly critical. Before starting their audit process, auditors will assess the company’s internal controls. During this process, they aim to identify any weaknesses or deficiencies that may make the financial information …

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