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Audit Procedures for Marketing Expenses: Procedure, Risks, and Assertions

The objective of auditing marketing expenses is to obtain assurance that these expenses are accurately recorded and disclosed in the financial statements. Marketing expenses are typically one of the largest expenses for most companies, and they play a crucial role in the company’s overall financial performance. The accurate recording and disclosure of marketing expenses is […]

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Audit procedures for Management Override of Controls

Introduction Management override of controls is a significant risk in financial reporting, as it refers to the intentional circumvention or manipulation of internal controls by senior management for personal gain or to achieve desired financial results. In order to effectively detect and prevent this type of fraud, auditors must perform specific audit procedures to assess

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Audit Procedures for Motor Vehicles: Procedure, Risk and Assertion

Motor vehicles are a significant asset for many businesses, and their accurate and reliable financial reporting is essential for decision-making. This article provides a comprehensive technical overview of the audit procedures for motor vehicles, including accounting under IFRS, audit risks, audit assertions, walkthrough testing, a test of control, and substantive audit procedures. Accounting under IFRS

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Nature and Purposes of Audit Documentation under ISA 230

Audit documentation is an important aspect of the audit process and supports the auditor’s conclusions and decisions. The International Standard on Auditing (ISA) 230, Audit Documentation, guides the nature and purposes of audit documentation. Nature of Audit Documentation Audit documentation is a record of the audit work performed and the evidence obtained during an audit.

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List of Assets Items that Are not Financial Liabilities

Financial instruments are contracts or agreements between two parties that have financial value and can be traded or used for investment purposes. They can take many forms, including stocks, bonds, derivatives, currencies, and commodities. Financial instruments are used for a variety of purposes, including hedging risk, raising capital, and investing for the purpose of generating

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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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