Audit Procedures For Accounting Estimates Accounting estimates are used to approximate the value of a transaction or event and often require the application of an accountant’s judgment in order to create reliable and accurate estimates. Estimates are used in accrual basis accounting to make financial statements more complete and to anticipate probable future events. Changes … Read more
Audit Procedures For Employee Benefits Employee benefits are a form of compensation that, when offered to employees, can create a feeling of value and appreciation, ultimately increasing motivation and performance in the workplace. These benefits are not limited to a salary, but include other forms of compensation such as health, dental, and vision insurance, retirement … Read more
Audit Procedures For Equity The equity of an organization is the total of its assets minus its liabilities. As such, any business needs to have a sound audit procedure in place to ensure that its equity is tracked and accounted for. In this article, we will explore the fundamentals of audit procedures for equity, including … Read more
Audit Procedures for Educational Sector The educational sector encompasses a wide range of organizations and businesses that strive to improve the quality of education in society. This includes schools, colleges, universities, and private institutions that provide lifelong learning opportunities and prepare students for a changing work environment. Education can be categorized into primary, secondary, higher, … Read more
Audit Procedures for Dividend Income Dividend income is the monetary reward provided to shareholders for their investment in a company. The payment is usually made in the form of cash, stocks or property, and is usually set at regular intervals. Dividend income is subject to taxation, meaning that shareholders must declare the income to Revenue … Read more
Audit Procedures For Development Costs Development cost refers to the costs incurred by a company in researching and developing a new product or service. Generally, such expenses are to be immediately expensed when incurred. However, if the project is successful, these costs can be capitalized as intangible assets. For this to be done, there must … Read more
Audit Procedures For Disposal of Subsidiary A subsidiary company is a separate legal entity that is partially owned by a parent company and has limited shared liabilities. It is usually used by domestic and international corporations in order to establish a presence in other countries or bring together companies in one sector within a corporate … Read more
Audit Procedures For Deferred Tax Deferred tax is a concept whereby a liability is recognized in the financial statement due to the difference between the carrying amount of an asset or liability in the financial statement and its tax base. This difference is referred to as a temporary difference. This results in a deferred tax … Read more
Audit Procedures For Current Assets Have you ever wondered how businesses keep track of their current assets? Auditing current assets is a complex process that requires a great deal of expertise and accuracy. From tracking inventory to monitoring accounts receivable, it’s essential for businesses to have an effective audit procedure in place to ensure the … Read more
Audit Procedures For Deposits Cash deposit refers to the money placed into a bank account for safekeeping until it is withdrawn. This deposit could include money transfers, cheques, or physical cash. The bank considers the account receiving the deposit a liability, as they are responsible for ensuring the money is secure. To audit the deposits, … Read more