Audit and Assurance

Other receivables refer to amounts owed to a company by its customers, vendors, or other third parties. These assets are typically recorded in the balance sheet as current assets and are essential to a company’s financial statements. The accuracy of these accounts is critical to the overall financial health of a company, making it essential […]

Oil and gas is a complex and dynamic industry that operates globally and requires significant exploration, production, and infrastructure investments. The audit of oil and gas companies requires a deep understanding of the industry and its specific risks. The nature of auditing oil and gas companies involves a focus on both financial and operational aspects,

Operating expenses refer to the costs incurred by a business in the company’s day-to-day operations. These expenses are a crucial part of the financial statements as they provide a picture of the company’s operational performance. This article will discuss the accounting treatment of operating expenses under IFRS, the audit risks associated with these expenses, audit

Opening balances refer to the amounts recorded in the accounts of a business at the beginning of an accounting period. The accuracy of these amounts is crucial for the financial statements to be reliable, and auditors play a critical role in verifying their accuracy. In this article, we will discuss the nature of opening balances

Nature of Mergers and Acquisitions (M&A): Mergers and Acquisitions (M&A) refers to consolidating two or more companies into a single entity. This can be done by purchasing one company from another (acquisition), merging two companies into a single entity, or consolidating multiple entities into a single entity. M&A is a complex and dynamic process that

Business Model: Mining companies extract valuable minerals and resources from the earth. The primary focus of a mining company is to extract and sell these minerals and resources at a profit. Mining companies typically operate through various stages, including exploration, development, production, and closure. The mining process involves significant equipment, infrastructure, and personnel investment, which

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

Business Model A manufacturing company is a business that produces goods by transforming raw materials into finished products. The business model of a manufacturing company is to produce goods in large quantities and sell them to customers at a profit. The production process typically involves the use of specialized machinery and equipment, a workforce, and

Money laundering is a serious global issue that affects businesses and economies worldwide. It involves disguising the proceeds of illegal activities as legitimate funds through various methods, such as transferring funds between different accounts or entities, converting cash into other assets, or hiding the true source of the funds. Auditors have a critical role in

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