Audit Procedures for Legal Claims Legal claims present a variety of financial and regulatory risks that must be addressed in order to ensure accurate financial reporting and compliance. These risks include potential for significant losses due to settlement or judgments, as well as the potential for non-compliance with applicable laws and regulations. Moreover, legal claims … Read more
Audit Insurance Industry The insurance industry is a complex system of players and regulations, with the primary objective of providing financial protection to those who purchase insurance products. Different types of insurers operate in the space, including life, health, property, and casualty insurers. Life insurers focus on legacy planning and replacing human capital value, while … Read more
Audit Procedures for Insurance Claims The evaluation and validation of insurance claims is a fundamental part of an insurer’s risk management process. Insurance companies must assess the validity of claims made by policyholders in order to ensure that they are paying out the correct amount of compensation for the covered losses or events. This includes … Read more
Audit Procedures For Joint Ventures Joint Ventures are collaborations between two or more entities that combine resources and expertise to achieve a specific goal. JV’s can have various legal structures and are often used as a way for companies to enter foreign markets. It is essential that an audit procedure is in place to ensure … Read more
Audit Procedure For Human Resource Department The Human Resources Department plays an important role in the overall functioning of the organization by supporting, developing, and managing its employees. It is responsible for the employee life cycle, which includes recruitment, hiring, onboarding, training, and termination. Furthermore, the HR department administers employee benefits, being a resource for … Read more
Audit Intangible Assets Intangible assets can provide a competitive advantage to businesses by providing an exclusive right to use certain assets that can be essential to a company’s success. These assets can be either created internally or acquired from another company. Intangible assets include patents, brands, trademarks, and copyrights. These assets can be indefinite, such … Read more
Audit Procedures For Investments Investment is the act of utilizing capital in the anticipation of a greater future payoff. This includes using resources such as time, money, and effort, to increase the value of the capital over time. Different types of investments can be made, including bonds, stocks, real estate, and alternative investments. All of … Read more
Audit Procedures For Investment In Subsidiary Investment in a subsidiary is a complex financial transaction that requires the consideration of multiple factors. The investment can take various forms such as stocks, bonds, or other securities. As per IFRS 9 Financial Instruments, investments resulting in control are treated as subsidiaries, while investments not resulting in control … Read more
Audit Hotel Industry The hotel industry is characterized by a highly competitive environment, where maintaining quality accommodations and services while managing costs efficiently are essential for success. Hotels generate revenue from guest rooms, food and beverage sales, event space rentals, and other services. Room rates are determined by location, service level, and amenities. Distribution channels … Read more
Audit Procedures For General And Administrative Expenses Reviewing general and administrative expenses is important for an audit as it allows for a comprehensive assessment of the organization’s financial health. These expenses are listed on the income statement below the cost of goods sold (COGS). They are typically divided into fixed and variable components. Fixed expenses … Read more