Organizations spend significant money on purchasing goods and services from their vendors. These expenses should be monitored more closely, leading to overpayments, duplicate payments, and other financial discrepancies. A recovery audit is a systematic process that identifies and recovers vendor overpayments. In this article, we will discuss the benefits of a recovery audit. Definition A […]

A review engagement is an assurance engagement performed by a professional accountant in public practice. The objective of a review engagement is to provide limited assurance that the financial statements of an entity are plausible and free from material misstatement.  Unlike an audit engagement, a review engagement provides a lower level of assurance and does

The internal audit function is essential to any organization’s governance framework. It is responsible for evaluating and improving the effectiveness of the organization’s risk management, control, and governance processes. Internal auditors help organizations identify areas of improvement, identify potential risks, and assess the effectiveness of existing controls. Outsourcing the internal audit function can benefit organizations

External audits are an essential aspect of any organization’s financial management. They are conducted by independent professionals, who are not employed by the organization being audited. These professionals are known as external auditors.  The purpose of an external audit is to provide an unbiased evaluation of an organization’s financial statements. This article will discuss what

Definition: Forensic accounting investigations involve using accounting and investigative skills to examine financial transactions and identify evidence of financial crimes, such as fraud, embezzlement, and money laundering.  The term “forensic” refers to applying accounting and investigative techniques to legal issues and court proceedings. Forensic accountants may work in various contexts, including law enforcement agencies, accounting