Bank reconciliation is an important aspect of the financial reporting process and plays a critical role in ensuring the accuracy of a company’s financial statements. The objective of the bank reconciliation process is to identify and reconcile any discrepancies between a company’s internal records and its bank statements. In the context of auditing, bank reconciliation […]

Accrued expenses are expenses that have been incurred but have not yet been recorded in the financial statements. In accounting, they are recognized as liabilities on the balance sheet. Accrued expenses are also known as accruals. Under Generally Accepted Accounting Principles (GAAP), accruals are recognized when the liability has been incurred and can be reliably

Corporate Governance refers to the systems, principles, and processes by which a company is directed and controlled, and it is a crucial aspect of the internal control system of a company. Corporate governance has a direct impact on the long-term success of a company and its stakeholders, including shareholders, management, and employees. Effective corporate governance

Auditing of cash and cash equivalents is a critical aspect of an audit as it involves verifying the accuracy and completeness of one of the most liquid assets on the balance sheet. The following are the steps involved in auditing cash and cash equivalents: Accounting Treatment: Cash and cash equivalents are current assets that are

Accounts Receivable refer to the amounts owed to a company by its customers for goods or services that have been delivered but not yet paid for. In this article, we will cover the accounting treatment, audit risks, audit assertions, and audit procedures for auditing accounts receivable. Accounting Treatment: Accounts receivable are recorded as an asset

Accounts payable refer to the amount a company owes to its suppliers for goods or services it has received but has not yet paid for. In this article, we will cover the accounting treatment, audit risks, audit assertions, and audit procedures for auditing accounts payable. Accounting Treatment: Accounts payable are recorded as a liability in

Overview of the Casino Business Model A casino business model is based on generating revenue from various gaming activities, such as slot machines, table games, sports betting, and lottery. Casinos typically offer a wide range of entertainment and dining options, as well as accommodations, to attract and retain customers. The main goal of a casino

The banking sector plays a critical role in the financial stability of a country. Banks are responsible for safeguarding the deposits of individuals and businesses and providing loans and other financial services. However, the nature of the banking business model, combined with the complex regulatory environment, creates inherent risks that must be carefully managed and

Procedures: The audit procedure for reviewing expected credit losses (ECL) typically involves the following steps: By following these steps, auditors can provide reasonable assurance that the entity’s expected credit losses are calculated accurately and recorded appropriately in the financial statements. This helps to ensure that the financial statements provide a fair representation of the entity’s