Nature:  Rental income is a significant source of revenue for many companies, and it’s crucial to have an effective system to accurately manage and account for these transactions.  A rental income audit is a process that evaluates the company’s management and accounting practices to ensure that the rental income is accurately recorded and reported. Audit […]

Prepayments are payments made in advance for goods or services that will be received or performed in the future.  The purpose of an audit of prepayments is to evaluate the accuracy and completeness of these transactions and to ensure that they are recorded and accounted for following generally accepted accounting principles (GAAP) and company policies.

Payroll management is one of the most crucial and sensitive areas of a company’s finance and accounting. It involves paying employees for their work, ensuring that the correct amounts are paid, and maintaining accurate records of all payroll transactions.  Given the importance and complexity of payroll management, it is essential to conduct regular audits to

Nature: Purchasing is one of the most critical functions in an organization, as it directly affects the company’s bottom line by controlling the cost of goods and services.  An effective purchasing process helps a company to purchase goods and services at the best price, quality, and delivery time.  An internal audit of the purchasing process

Other receivables refer to amounts owed to a company by its customers, vendors, or other third parties. These assets are typically recorded in the balance sheet as current assets and are essential to a company’s financial statements. The accuracy of these accounts is critical to the overall financial health of a company, making it essential

Oil and gas is a complex and dynamic industry that operates globally and requires significant exploration, production, and infrastructure investments. The audit of oil and gas companies requires a deep understanding of the industry and its specific risks. The nature of auditing oil and gas companies involves a focus on both financial and operational aspects,

Operating expenses refer to the costs incurred by a business in the company’s day-to-day operations. These expenses are a crucial part of the financial statements as they provide a picture of the company’s operational performance. This article will discuss the accounting treatment of operating expenses under IFRS, the audit risks associated with these expenses, audit

Opening balances refer to the amounts recorded in the accounts of a business at the beginning of an accounting period. The accuracy of these amounts is crucial for the financial statements to be reliable, and auditors play a critical role in verifying their accuracy. In this article, we will discuss the nature of opening balances

Nature of Mergers and Acquisitions (M&A): Mergers and Acquisitions (M&A) refers to consolidating two or more companies into a single entity. This can be done by purchasing one company from another (acquisition), merging two companies into a single entity, or consolidating multiple entities into a single entity. M&A is a complex and dynamic process that

Business Model: Mining companies extract valuable minerals and resources from the earth. The primary focus of a mining company is to extract and sell these minerals and resources at a profit. Mining companies typically operate through various stages, including exploration, development, production, and closure. The mining process involves significant equipment, infrastructure, and personnel investment, which