Trade and other payables represent a significant part of a company’s liabilities. An audit of trade and other payables is designed to ensure that the financial statements accurately reflect the organization’s obligations to its suppliers and other parties.  This article will provide a comprehensive guide to audit procedures for trade and other payables, covering accounting […]

Trade creditors refer to businesses or individuals that provide goods or services to another company, expecting to receive payment later. Trade creditors are an essential source of financing for many companies, and it is crucial to ensure that the trade creditor balances are accurately reported in the financial statements. An audit of trade creditors is

Fixed assets are an essential component of the financial statements of any business, and their proper accounting and reporting are crucial to ensure the accuracy and reliability of the financial statements. As such, conducting thorough audit procedures for fixed assets is a critical part of the audit process. In this article, we will discuss the

Audit procedures for travel expenses are crucial to ensure compliance with internal policies, as well as regulations and legal requirements. These procedures help to prevent financial irregularities, reduce the risk of fraud, and ensure accurate financial reporting. This article outlines the best practices for conducting audit procedures for travel expenses, covering accounting under IFRS, audit

Segment reporting is a critical aspect of a company’s financial reporting as it provides information about the company’s operations and financial performance.  This information is used by investors, analysts, and other stakeholders to assess the company’s financial health and performance.  As a result, auditors must conduct thorough audit procedures to ensure that the segment reporting

Salaries and wages are a significant expense for many organizations. Conducting a thorough audit of these accounts is essential to ensure the accuracy of the financial statements. This article outlines best practices for conducting audit procedures for salaries and wages. Accounting Under IFRS: Under International Financial Reporting Standards (IFRS), the recognition, measurement, and disclosure of

Under International Financial Reporting Standards (IFRS), share-based payments are required to be recognized as an expense in the income statement based on their fair value at the grant date.  The fair value of share-based payments is determined using an appropriate pricing model. Measurement of the expense is adjusted over the vesting period to reflect any

Short-term investments are financial assets that companies hold for a short period and are readily marketable, and they play an essential role in a company’s financial statements.  As such, auditors must perform effective audit procedures to ensure the accuracy and reliability of the financial information disclosed in the company’s financial statements. This article will discuss

Sales revenue is a critical component of a company’s financial statements, and as such, auditors must perform effective audit procedures to ensure that the information reported is accurate and reliable. This article will discuss the best practices for conducting audit procedures for sales revenue, including the nature of sales revenue, audit risks, audit assertions, and

Nature:  Subsequent events are significant transactions or events that occur after the balance sheet date but before the financial statements are issued.  The audit procedures for following events are critical to ensure that the financial statements reflect all relevant information about the company’s financial position, results of operations, and cash flows. Audit Risks: Audit Assertions: