Audit and Assurance

Overview: According to IAS 38, Intangible Assets are “resources controlled by the entity” which are expected to contribute future economic benefits to the entity, “lack physical substance and are identifiable”. Some examples of Intangible Assets are goodwill, development costs, copyrights, patents, trademarks, and long-term investments.  Except for Intangible Assets with indefinite useful lives, Intangible Assets […]

Overview: Fixed Assets are a type of tangible non-current assets. Typically, they are the assets with the largest balance on the balance sheet comparing to other assets held by an entity. Fixed Assets are categorised as non-current assets as they have useful lives of 12 months and above. There are many types of Fixed Assets,

When auditors perform an audit of an entity’s financial report, the most important thing that is needed to support the audit opinion is always sufficient appropriate evidence. We called this piece of evidence “audit evidence”. So, what exactly is audit evidence?  To understand this, we need to know what is the standard that auditors use

Overview During the course of the audit, auditors need to ensure that they are able to cover proper ground pertaining to all the elements that are included in the financial statements. This might include various different expenses that are disclosed by the organizations in their financial statements. From the perspective of the auditor, it tends

Overview The year-end audit is often considered to be one of the most cumbersome tasks within an organization. In this regard, it is important for organizations, as well as the auditors, to realize the expansive work involved so that they can prepare for it in an effective manner. When auditing financial statements, auditors are supposed

Overview When auditors begin the audit planning phase, it is important for them to consider the fact that there are several different phases that are included in order to properly execute the auditing process. Therefore, it is important for auditors to ensure that they are able to factor in all the elements within the financial

Overview There are numerous different expenses that are incurred by the company over the course of the year. It is important to ensure that all these expenses are properly accounted for in order to arrive at the correct figure for the profit for the particular year. Even during the year-end audit, it is important for

Overview Income Tax Audits are often challenging and time-consuming from the perspective of the organizations. This is primarily due to the fact that taxes tend to be increasingly complex for businesses because they need to ensure that they comply with all laws and regulations in order to avoid any penalties from taking place. In this

Overview: Year-end audits are considered to be one of the most important elements that highly impact the organization because they directly tend to impact the decision-making ability of the users of the financial statements. Therefore, in this regard, it is highly important to consider the fact that it is highly important to make sure that

Overview Auditing tends to be a significantly important task from the perspective of the organization, as well as from the perspective of the external stakeholders. In this regard, it is important for stakeholders to realize the fact that there are multiple different elements that need to be included during the auditing process, in order to