Audit and Assurance

Investment property is defined by the International Financial Reporting Standards (IFRS) as property (land or a building or part of a building) held (by the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both, rather than for use in the production or supply of goods or […]

Inventories are a crucial part of most businesses and play a significant role in the financial statements. It is crucial to ensure that the inventory is valued correctly, as overvaluation or undervaluation can lead to significant financial misstatements. In this article, we will discuss the audit procedures for inventory valuation and the inherent risks involved.

Auditing investment activities is an important part of a financial audit. The auditor must evaluate the accuracy and reliability of the information reported by the entity regarding its investments and ensure that the entity has followed applicable accounting standards and regulatory requirements. This article will provide a comprehensive overview of audit procedures for investments, including

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

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

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

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

Auditing of general and administrative expenses (G&A) is a critical aspect of financial statement audits. G&A expenses are typically one of the largest line items in an organization’s income statement and, as such, can have a significant impact on the overall financial performance of the organization. The purpose of auditing G&A expenses is to provide

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:

Goods in transit refer to goods that are physically in transit from one location to another but have not yet been received by the buyer. They are recorded as an asset on the balance sheet, as they are considered to be owned by the company but not yet received. The accounting treatment for goods in