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.

The Audit Procedures for Expenses: Practical Guides to Audit Expenses

Introduction In this article, we will cover the audit procedures for expenses. This includes the objective, key assertions as well as the specific audit procedures for the audit of expenses. Audit of expenses is necessary to perform by testing various assertions including cut-off, completeness, accuracy and occurrence. Auditors should evaluate company expenditures to ensure they …

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Audit Procedures for Revenues: Practical Guides to Audit Revenues

Introduction In this article, we will cover the audit procedures for revenues. Auditors should place great attention on revenue audit because it is considered one of the most sensitive area. Revenues are sensitive as the most common inherent risk is the possibility of misstatement due to management’s intention to receive a certain level of sales. …

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Audit Procedures for Testing Impairment of Investment

Introduction In this article, we will cover the audit procedures for testing impairment of investment. This includes the objective of auditing the impairment testing, key assertions and then to the specific audit procedures for the audit of the impairment of investment.  The consolidation method records ‘investment in subsidiary’ in the parent company’s balances as an …

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Audit Procedures for Inventory

Introduction In this article, we will cover the substantive audit procedures for inventory. It is important to have a clear understanding of inventory audit which is one of the most essential parts of inventory management. An inventory audit is a process of estimating the inventory maintained in a company’s books and comparing it against the …

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