Audit Procedures for Legal Claims: Procedures, Risks, and Assertion

Legal claims can have a significant impact on a company’s financial position and financial performance. They can range from contract disputes, employment disputes, and environmental claims to product liability claims and intellectual property disputes. Therefore, it is critical for auditors to understand the accounting treatment and disclosure of legal claims in financial statements. The purpose …

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Enhancing Auditing Efficiency and Accuracy: A Guide to Audit Procedures for Leases

Leases are agreements that grant the right to use an asset, usually for a period of time, in exchange for payment. As a result of the lease agreement, lessees and lessors must recognize lease assets and liabilities on their balance sheets. In order to ensure that leases are accounted for correctly and in compliance with …

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Audit Procedures for Joint Ventures: Procedures, Risks, and More

Joint ventures are business arrangements where two or more entities come together to pool their resources, expertise, and knowledge to achieve a common objective. The structure of a joint venture can be in the form of a separate legal entity or as an unincorporated joint venture. Regardless of the structure, joint ventures must comply with …

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Exploring the Fundamentals of Joint Venture Accounting: A Comprehensive Technical Guide

Overview of Joint Ventures A joint venture (JV) is a type of business relationship in which two or more companies join forces to achieve a common objective. The participating companies, called joint venture partners, pool their resources, including finances, expertise, and manpower, to work together on a specific project or business opportunity. Joint ventures can …

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Auditing Insurance Industry: A Comprehensive Technical Article

The insurance industry is a critical component of the global financial sector, providing protection and security to individuals, businesses, and society as a whole. Insurance companies offer a wide range of products and services, including life insurance, health insurance, property and casualty insurance, and annuities. The industry is subject to complex regulatory and economic environments, …

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Audit Procedures for Insurance Claims: Risks, Procedures, and Assertion.

Insurance claims can have a significant impact on a company’s financial statements, and therefore, it is important that they are audited effectively. The International Financial Reporting Standards (IFRS) provides the basis for the recognition, measurement, and disclosure of insurance claims. In this article, we will discuss the accounting under IFRS for insurance claims and the …

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Auditing Investment in Subsidiary: A Comprehensive Technical Article

Investment in a subsidiary refers to the ownership interest held by one company in another company. This investment can take the form of stocks, bonds, or other securities. The purpose of this article is to discuss the audit procedures for investment in a subsidiary and provide a comprehensive understanding of the process. Accounting Under IFRS …

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Audit Procedures for Inventory Obsolescence: Risks, Procedures, and Assertion.

Inventory obsolescence refers to a situation where the inventory items held by a company have become outdated, unmarketable, or otherwise unusable. This can lead to a decrease in the value of the company’s assets and negatively impact its financial statements. To mitigate these risks, auditors must perform a thorough review of the company’s inventory valuation …

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Audit Procedures for Inventory Valuation: Risks and Procedures

Inventories are a crucial part of most businesses and play a significant role in the financial statements. It is crucial to ensure that the inventory is valued correctly, as overvaluation or undervaluation can lead to significant financial misstatements. In this article, we will discuss the audit procedures for inventory valuation and the inherent risks involved. …

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