Audit Procedures for Investments: Risks, Assertions, and Procedures

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 …

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Audit Procedures For Intangible Assets: Risks, Assertion and Procedures

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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International Standard On Auditing 315 (Revised 2019) – Identifying And Assessing The Risks Of Material Misstatement

The International Standard on Auditing (ISA) 315, revised in 2019, outlines the requirements for auditors to identify and assess the risks of material misstatement in a financial statement audit. This standard is an important part of the auditing process as it helps auditors to focus their efforts on the areas of the financial statements that …

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Audit Procedures for General and Administrative Expenses: Risks, Assertions, and Procedures

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 …

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Audit Procedures for Ghost Employees: Risks, Assertions, and Procedures

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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Audit Procedures for Government Grants: A Comprehensive Technical Article

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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