An audit report is a document that presents the findings of an audit. Audits are conducted to assess the accuracy and compliance of financial statements and records and an audit report is the written documentation of the auditor's findings and conclusions.
The new way of conducting the business has forced auditors to adopt new thinking, new multi-dimensional approach and new tools to conduct the audit of financial statement.
A statutory audit is an independent examination of an organization's financial records and statements by an external auditor.
Materiality is a Benchmark used to obtain reasonable assurance that an audit does not detect any material misstatement that can significantly impact the usability of financial statements.
Debits and credits are twins of Accounting, On which depend the efficacy of Accounts.
In this article author has tried to simplify the procedure to be followed while conducting audit of the Debtors in a brief manner
The Heart Of Audit - Professional Skepticism simply means having a questioning mind. It means being aware and alert of anything and everything, that may indicate possible misstatement due to error or fraud.
Integrated reporting is founded on integrated thinking which helps to demonstrate the interconnectivity (co-creation) of strategy, strategic objectives, performance, risk and incentives which further helps to identify the sources of value creation.
It was observed that the separate section on going concern was not reported by the auditor as required by SA 570 (Revised)
The government has started relying on the professional and has given certain certification powers to the professionals who are being regulated by the professional Institutes.
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