Overview There are numerous different expenses that are incurred by the company over the course of the year. It is important to ensure that all these expenses are properly accounted for in order to arrive at the correct figure for the profit for the particular year. Even during the year-end audit, it is important for […]

Overview Income Tax Audits are often challenging and time-consuming from the perspective of the organizations. This is primarily due to the fact that taxes tend to be increasingly complex for businesses because they need to ensure that they comply with all laws and regulations in order to avoid any penalties from taking place. In this

Overview: Year-end audits are considered to be one of the most important elements that highly impact the organization because they directly tend to impact the decision-making ability of the users of the financial statements. Therefore, in this regard, it is highly important to consider the fact that it is highly important to make sure that

Overview Auditing tends to be a significantly important task from the perspective of the organization, as well as from the perspective of the external stakeholders. In this regard, it is important for stakeholders to realize the fact that there are multiple different elements that need to be included during the auditing process, in order to

Overview: Cost of Goods Sold is considered to be one of the most important cost components when it comes to financial statements. This is because this is perhaps the most impactful line item that greatly influences the overall profitability of the company. Additionally, it can also be seen that cost of goods sold, in itself,

Overview: Audit tends to be a process spread across numerous different aspects that need to be inculcated by the auditors to ensure that they can gain the required evidence. This involves testing various assertions on several different grounds to get reasonable assurance on several grounds. In this regard, audit planning tends to play a very

Overview The audit is defined as one of the most cumbersome tasks during a financial year-end. It includes a wide variety of tasks that need to be included in terms of ensuring that proper auditing inventories are duly maintained. As a matter of fact, it can be seen that auditing inventory is referred to as

Definition The process of audit is considered one of the most important aspects of an organization. Auditing financial statements are required by law, and therefore, companies have to hire an independent external lawyer that can help them comply with the required rules and regulations. It is then the responsibility of the external auditor to make

Definition The process of audit is considered to be one of the most cumbersome processes and tasks over the course of time. In this regard, it is important to consider the fact that there are numerous risks that are involved during the audit process. They are referred to as audit risks. Audit risks can be

Introduction Financial Statement Audit is considered to be one of the most important steps that are undertaken by listed companies in order to establish their compliance with the regulatory bodies. The main reason audits are performed two-fold. Firstly, they help companies realize the shortcomings of their internal functions and how these can be subsequently improved