Audit

Introduction In this article, we will cover the audit procedures for goodwill. This includes the objective of the audit, key assertions as well as the specific procedures for the audit of goodwill. What is Goodwill? Goodwill is the value of the reputation of a company and it is considered as intangible non-current asset. Goodwill enables […]

Introduction In this article, we will cover the audit procedures for cash and bank. This includes the objective, key assertions as well as specific procedures for the audit of cash and bank. Usually the inherent risk of cash is high because cash has several risky elements. The auditor need to obtain reasonable assurance that the

Introduction In this article, we will cover the audit procedures for loan and advances. This includes the objective, key assertions as well as the specific audit procedures for the audit of loan and advances. The auditor should evaluate the client’s internal control system for loans and advances to determine the nature, timing and extent of

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

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.

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

Overview In this article, we will cover the accounts receivable confirmation. Before, we understand such confirmation, let’s get some overview about the auditing and why do we need to do the accounts receivable confirmation. Auditing is the process of reviewing and examining the financial statements of a business without any bias to express an opinion

Introduction In this article, we will cover the audit procedures for Accounts Payable. In most circumstances, we commonly call Accounts Payable as Trade Payable. It is really important to perform proper audit procedures for Accounts payable as this is a critical portion of financial records and considered to be one of the high-risk items in

In this article, we will cover the audit procedures for Property Plant and Equipment (PPE). This is also commonly called the audit procedures for Non-Current Assets or Fixed Assets. It is really important to perform proper audit procedures for Fixed Assets in order to obtain sufficient appropriate evidence. Property, Plant Equipment are material items on

Introduction In this article, we will cover the detailed audit procedures for accounts receivable. This includes the objectives, the key assertions as well as the audit procedures in response to those assertions. It is very essential to perform proper audit procedures for accounts receivable in order to obtain sufficient appropriate evidence. Accounts receivable are material