Audit Procedures For Segment Reporting Segment reporting is an important part of a company’s financial statement. It allows for a more accurate representation of the company’s financial performance and enables them to make better decisions. Audit procedures for segment reporting need to be taken seriously, as they are a key component in ensuring that all … Read more
Audit Procedures For Short-Term Investments Short-term investments are a type of financial instrument that are typically held for a period of less than five years and are intended to be converted to cash in the near future. These investments are also known as marketable securities or temporary investments and are often used by companies to … Read more
Audit Procedures For Share-Based Payments Share-based payments involve the issuance of equity or rights to equity in exchange for services or goods and are subject to the accounting requirements outlined in IFRS 2. They are a form of payment that goes beyond just employee share options and can take the form of cash, equity instruments, … Read more
Audit Procedures For Sales Revenue Sales revenue is an important indicator of the overall health of the business, and thus an audit of sales revenue is necessary to ensure its accuracy and validity. For this reason, a thorough audit of sales revenue should include an examination of the company’s sales records, including sales contracts, invoices, … Read more
Audit Procedures For Subsequent Events Subsequent events are events that occur after a company’s year-end period but before the release of financial statements, and may need to be disclosed in the financial statements. These events take place between the cut-off date and the date of financial statement issuance and can have a significant impact on … Read more
Audit Procedures For Prepayment Prepayment is a financial tool that can be used strategically to reduce expenses and improve cash flow. This refers to settling a debt or loan before its official due date. It can be used to pay bills or expenses in advance and can apply to both operating and non-operating expenses. To … Read more
Audit Procedures For Purchasing Purchasing is a critical activity for businesses, as it enables the acquisition of goods and services in a timely and cost-efficient manner. It involves the organized acquisition of goods and services on behalf of the buying entity. To ensure that needed items are obtained in a timely manner and at a … Read more
Audit Procedures For Oil And Gas Industry The oil and gas industry is a complex network of interrelated companies operating across three distinct segments to locate, extract, transport, refine, and sell crude oil and natural gas. Upstream companies focus primarily on exploration and production, searching for reservoirs and drilling wells. Midstream companies are responsible for … Read more
Audit Procedures For Operating Expenses Operating Expense Operating expenses are a necessary component of any successful business, as they are essential for the business to cover the costs of operating. They can include rent, equipment, inventory costs, marketing, payroll, insurance, step costs, and research and development. When businesses are filing taxes, they are allowed to … Read more
Audit Procedures For Opening Balances Analyzing the opening balances of an entity is a fundamental step in the audit process to identify any discrepancies or irregularities in the financial statements. Opening balance includes assets, liabilities, and equity accounts and is the ending balance of the prior year’s account. For each account, auditors should verify that … Read more