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.
Intangible assets are long-term assets that lack physical substance but provide economic benefits to the entity. They can include patents, trademarks, copyrights, customer lists, and trade secrets, among others. The audit of intangible assets can be complex, as they often require a higher degree of judgment and estimation. Accounting under IFRS: International Financial Reporting Standards …
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Human resources (HR) are a critical component of any organization, and auditing these processes is important to ensure that the HR function is operating effectively and efficiently. The following are audit risks and audit assertions that auditors should consider when auditing HR processes. Audit Risks Audit Assertions Audit assertions refer to the statements made by …
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Hospitals play a crucial role in providing health care services to the community and are a significant part of the economy. The hospital industry is complex and subject to a variety of risks that must be carefully considered by auditors to provide a useful and reliable audit. In this article, we will discuss the business …
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The hotel industry is a complex and dynamic business that requires a thorough and systematic approach to auditing. As an auditor, it is important to understand the business model and inherent risks of the hotel industry in order to conduct an effective audit. Business Model: The hotel industry is centered around the operation of a …
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Ghost employees are individuals who are recorded in an organization’s payroll as employees, but who do not actually work for the organization. This situation poses a significant risk to an organization, as it can result in financial losses due to fraudulent payroll disbursements. Audit Risks: Audit Assertions: Walkthrough Testing: Test of Control: Substantive Audit Procedures: …
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Government grants are financial contributions made by government entities to support specific projects or initiatives. The accounting treatment of government grants and the related audit procedures can be complex and challenging, and it is important for auditors to understand the key considerations and risks associated with this area. Accounting Treatment: Government grants are financial contributions …
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Going concern is a fundamental concept in accounting, which assumes that an entity will continue to operate for the foreseeable future and that it has the resources to meet its obligations as they come due. In an audit, the assessment of going concern is a critical component that determines the appropriate accounting treatment and the …
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Foreign currency translation is a process used to convert financial statements from one currency to another. It is a critical component of financial reporting for multinational companies that operate in multiple countries and require a consolidated view of their financial results. The accounting treatment for foreign currency translation involves the application of specific accounting standards …
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