The objective of auditing marketing expenses is to obtain assurance that these expenses are accurately recorded and disclosed in the financial statements. Marketing expenses are typically one of the largest expenses for most companies, and they play a crucial role in the company’s overall financial performance. The accurate recording and disclosure of marketing expenses is […]

Business Model A manufacturing company is a business that produces goods by transforming raw materials into finished products. The business model of a manufacturing company is to produce goods in large quantities and sell them to customers at a profit. The production process typically involves the use of specialized machinery and equipment, a workforce, and

Money laundering is a serious global issue that affects businesses and economies worldwide. It involves disguising the proceeds of illegal activities as legitimate funds through various methods, such as transferring funds between different accounts or entities, converting cash into other assets, or hiding the true source of the funds. Auditors have a critical role in

Introduction Management override of controls is a significant risk in financial reporting, as it refers to the intentional circumvention or manipulation of internal controls by senior management for personal gain or to achieve desired financial results. In order to effectively detect and prevent this type of fraud, auditors must perform specific audit procedures to assess

All of the companies want an unqualified audit opinion from their auditor on the Company’s financial statements. Not all companies get it. The auditor will give an opinion based on what they found out. The green opinion is technically called an unqualified or unmodified opinion. And auditor might modify its opinion if the issue they

Motor vehicles are a significant asset for many businesses, and their accurate and reliable financial reporting is essential for decision-making. This article provides a comprehensive technical overview of the audit procedures for motor vehicles, including accounting under IFRS, audit risks, audit assertions, walkthrough testing, a test of control, and substantive audit procedures. Accounting under IFRS

Legal claims can have a significant impact on a company’s financial position and financial performance. They can range from contract disputes, employment disputes, and environmental claims to product liability claims and intellectual property disputes. Therefore, it is critical for auditors to understand the accounting treatment and disclosure of legal claims in financial statements. The purpose

Leases are agreements that grant the right to use an asset, usually for a period of time, in exchange for payment. As a result of the lease agreement, lessees and lessors must recognize lease assets and liabilities on their balance sheets. In order to ensure that leases are accounted for correctly and in compliance with