What is an Assurance Engagement? In business practices, assurance engagements are meant to execute the same task that their name expresses. It is an assurance meant to generate confidence in an individual about a theory generated by a consultant or practitioner. In simple words, it is used to assure an individual about an outcome generated […]
What Are The Objectives Of An Assurance Engagement? (Guidance) Read More »
Did you know that there are two different types of assurance engagements? According to how much assurance the practitioners are giving, the two types of assurance engagements are reasonable and limited assurance engagements. We will discuss the two types of assurance engagements below. 1) Reasonable assurance engagements Reasonable assurance engagements are where the practitioners give
Types of Assurance Engagement (Under Auditing Standard) You Need to Know Read More »
Definition An audit engagement letter or EL is a written agreement required by auditing standards that signifies the business relationship between two parties. These two parties are the auditor and the client. This letter must be signed before the start of all audit engagements. In the letter, the parties will set out their expectations so
Audit Engagement Letter Definition and Content of the Engagement Letter Read More »
The entity engages auditors to review the entity’s financial statements based on a scope agreed with the entity’s management. The auditors have many rights and duties due to the level of assurance they are providing and the performance of an external audit. We will be discussing these rights and duties in detail in this article.
What are the Auditor Rights and Duties And Why They are so Important Read More »
An assurance engagement is a type of project carried out by accounting professionals. It will usually end with a report being issued. The report contains the professionals’ opinions on a subject matter based on a certain set of criteria. This opinion enables the users to read the report with confidence and base their own decisions
5 Elements of Assurance Engagement All You Should Know Read More »
An internal audit is a type of internal control process designed to examine and evaluate the effectiveness of other controls within an organisation. Its main objective is to safeguard the organisation’s assets and properties from loss, waste as well as fraud. An internal auditor takes place within a company, as the name implies working only
What are the Scope and Objectives of Internal Audit? Read More »
Significant deficiency as defined by, the Public Company Accounting Oversight Board (PCAOB, is a deficiency alone, or a combination of them, in internal control over financial reporting (ICFR) of the entity. However, it is less severe to the company than a material weakness on the financial reporting of the company. Yet, the weakness should also
How Do You Assess Significant Deficiencies of Internal Control of the Company Read More »
A material weakness, according to the Public Company Accounting Oversight Board (“PCAOB”), is a deficiency, or a group of deficiencies, in a company’s internal control over financial reporting (“ICFR”), that makes it reasonably likely that a material misstatement cannot be avoided or identified in the financial statements of the company promptly. Deficiencies in one or
How Do You Assess Material Weaknesses of Internal Control of the Company? Read More »
The audit committee is set up to oversee a company’s financial accounts and reporting. It is made up of independent members of the board of directors. In order to produce reports that are accurate and have high integrity, the audit committee must include at least one board member that has knowledge in finance or accounting.
What are the Key Roles of Audit Committee in Corporate Governance? Read More »
The Audit of Financial Statements is one of the most critical factors during the ordinary course of business. This is primarily because it helps the financial statement users get reasonable assurance that financial statements have been prepared accurately. The main objective of a financial audit is to ensure that all the respective checks have been
Downsides and Limitations of External Audit – All you need to know! Read More »
