Audit and Assurance

Audit and assurance refer to the independent examination of financial information, systems, and processes, to provide an assessment of accuracy, reliability, and compliance with relevant laws, regulations, and standards. The purpose of audit and assurance is to provide stakeholders with a level of confidence in the information being presented to them.

Audit is the process of performing a systematic review of financial statements and other financial information to determine whether it is accurate, complete, and in compliance with relevant laws, regulations, and standards. Auditors use a range of techniques and procedures, including testing, inspection, and observation, to gather evidence to support their opinions.

Assurance refers to the level of confidence that auditors provide to stakeholders in their assessment of financial information. This confidence is expressed through a written report, known as an audit report, which provides an opinion on the financial statements and other financial information. Assurance services can also include other activities, such as internal audit, risk management, and regulatory compliance.

The primary objective of audit and assurance is to provide stakeholders with a high degree of confidence in the financial information being presented to them, thereby helping to promote accountability and transparency in financial reporting.

Auditing Loans and Advances – Risk, Assertions, And Procedures

Overview: Loans and advances are other forms of financial liabilities with their accounting treatment scoped under IFRS 9 Financial Instruments. Auditors are very likely to come across Loans and Advances when auditing an entity as they are some standard instruments most businesses use to finance their new ventures or working capitals. Risks: Before we can

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Auditing Cash Disbursements – Risk, Assertions, And Procedures

Overview: Auditing Cash Disbursements is an important part of the work performed when auditing cash and cash equivalents. It allows the auditor to see how the entity pays its bills, whether it has been doing it in accordance with its internal policies and records it following the applicable accounting standards. Let us look into details

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Auditing Cash and Cash Equivalents – Risk, Assertions, And Procedures

Overview: Cash and Cash Equivalent is scoped under IAS 7, Statements of Cash Flows. In Cash and Cash Equivalents, there are two separate components. The first is cash which comprises cash on hand and at the bank. The second is Cash Equivalents which are investments that are short-term, highly liquid, and are readily convertible to

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Auditing Cash Receipts – Risk, Assertions, And Procedures

Overview: Every entity that operates some form of business will most likely have cash transactions in its day-to-day operation. This includes collections from its customers and payments to its suppliers. Collection from its customers, otherwise known as Cash Receipts, is the process where an entity makes the collection, issues a receipt, records the transaction in

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