Audit

Every company may have policies, rules, or principles which dictate how it functions. These policies differ for each company. However, there are some areas within companies that operate similarly. Furthermore, some areas within a company are critical and need proper attention. In this article, we cover the 8 importance of corporate governance. Before jumping into […]

There are several audit procedures that auditors can use to measure a client’s internal control efficiency. Once they do so, they can establish a level at which they can set the risk for the audit assignment. This process is crucial in saving the auditor’s time while also determining the level of substantive audit procedures to

During any audit assignment, an auditor will have several objectives. Usually, these goals come from the type and scope of the audit engagement. Both the client and the auditor agree to what the objectives for an audit engagement are. Based on that agreement, the auditor will perform procedures to ensure that they meet the objectives.

For companies and businesses, controls are necessary for safeguarding assets and mitigating risks. These are crucial as they dictate the efficiency of the effectiveness of the company’s operations. On top of that, internal controls also help in the financial reporting systems in a company. For companies, having a system of internal controls is highly crucial

For any company or business, having an internal control system is crucial in avoiding and eliminating risks. Internal controls are a set of instructions, rules, procedures, mechanisms, or processes that help in this regard. Internal control systems are also crucial for the financial reporting process that companies follow. There are several benefits of having an

What is an Audit? An audit is a term that refers to the process of auditors examining a company’s financial statements. Through this process, auditors aim to evaluate the financial statements to ensure accurate and fair presentation. Similarly, it seeks to ascertain that these statements meet the criteria set by the applicable financial reporting framework.

What is an Assurance Engagement? An assurance engagement is a type of assignment that professional practitioners undertake. It involves the expression of an opinion by the practitioner regarding a provided subject matter. Practitioners use suitable criteria to evaluate the subject matter. During this process, they collect sufficient and appropriate evidence. Once they have done so,