Ledger scrutiny is an internal check and part of audit process. The focus is to find any How to Perform Ledger Scrutiny? The Process starts by scrutinizing each GL Account by considering the guidelines below. Check if the Current Year's Opening balance agrees … [Read more...] about What is Ledger Scrutiny ?
Management Override of Controls is bypassing the rules/steps established by the company for achieving its business objectives. This override of controls can be harmful to the business. In other words, it's a part of fraudulent activities. Lets understand the concept of … [Read more...] about Management Override of Controls
Misstatements are inappropriate data in the books of accounts or entirely wrong information. Hence it is an error. Example: Recording personal expenditure in company books of accounts. That's a Misstatement in the books, and it is improper recording of the transaction in the … [Read more...] about Misstatements
Risk Assessment involves: How is Risk Assessment performed ? Before deep diving into this concept, lets focus on understanding the risk assessment definition. Risk assessment is an iterative process that occurs throughout the audit period. So, this process is dynamic. … [Read more...] about Audit Risk Assessment Process
Vouching and Tracing are auditing techniques Whats the purpose? Vouching begins by taking a sample of transactions and examining their supporting documents to confirm they are genuine. Tracing, however, tracks transactions from their source documents through accounting … [Read more...] about Vouching Vs Tracing