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.
All of the companies want an unqualified audit opinion from their auditor on the Company’s financial statements. Not all companies get it. The auditor will give an opinion based on what they found out. The green opinion is technically called an unqualified or unmodified opinion. And auditor might modify its opinion if the issue they […]
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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
Audit Procedures for Motor Vehicles: Procedure, Risk and Assertion Read More »
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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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
Audit Procedures for Legal Claims: Procedures, Risks, and Assertion Read More »
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
Enhancing Auditing Efficiency and Accuracy: A Guide to Audit Procedures for Leases Read More »
Joint ventures are business arrangements where two or more entities come together to pool their resources, expertise, and knowledge to achieve a common objective. The structure of a joint venture can be in the form of a separate legal entity or as an unincorporated joint venture. Regardless of the structure, joint ventures must comply with
Audit Procedures for Joint Ventures: Procedures, Risks, and More Read More »
The insurance industry is a critical component of the global financial sector, providing protection and security to individuals, businesses, and society as a whole. Insurance companies offer a wide range of products and services, including life insurance, health insurance, property and casualty insurance, and annuities. The industry is subject to complex regulatory and economic environments,
Auditing Insurance Industry: A Comprehensive Technical Article Read More »
Insurance claims can have a significant impact on a company’s financial statements, and therefore, it is important that they are audited effectively. The International Financial Reporting Standards (IFRS) provides the basis for the recognition, measurement, and disclosure of insurance claims. In this article, we will discuss the accounting under IFRS for insurance claims and the
Audit Procedures for Insurance Claims: Risks, Procedures, and Assertion. Read More »
Investment in a subsidiary refers to the ownership interest held by one company in another company. This investment can take the form of stocks, bonds, or other securities. The purpose of this article is to discuss the audit procedures for investment in a subsidiary and provide a comprehensive understanding of the process. Accounting Under IFRS
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Inventory obsolescence refers to a situation where the inventory items held by a company have become outdated, unmarketable, or otherwise unusable. This can lead to a decrease in the value of the company’s assets and negatively impact its financial statements. To mitigate these risks, auditors must perform a thorough review of the company’s inventory valuation
Audit Procedures for Inventory Obsolescence: Risks, Procedures, and Assertion. Read More »
