The most frequent question that arises is What is an Interim Audit. Lets understand this concept in detail. What is an Interim Audit Interim means a period that is not a full 12 months. For example, any period like 3 months, 4 months, or 7 months will be the Interim … [Read more...] about What is an interim audit
Audit
Physical Verification of Stock
Stock audits are to verify the existence, completeness and rights of an entity's goods. Most of the times, Stock Audits are associated with physical verification of stock. What's the testing approach for the Inventory Audit? The audit team performs substantive audit … [Read more...] about Physical Verification of Stock
Audit Materiality (with Examples)
Audit Materiality means a quantitative value used to verify if an account balance or transaction is worth performing testing procedures in an audit context. There is no specific formula for arriving at the Materiality numbers, and it depends on who are the users of the financial … [Read more...] about Audit Materiality (with Examples)
Audit Expenses: Meaning, Audit Assertions, Risks & Substantive Procedures
Are you wondering how to perform the audit of expenses ?. The topic "Audit expenses" lists out audit procedures for testing the expenses. Expenses can be Operating and Non-Operating in nature. Operating Expenses are the expenses that help in the effective and efficient operations … [Read more...] about Audit Expenses: Meaning, Audit Assertions, Risks & Substantive Procedures
Permanent Audit File
The permanent audit file (Perm File) consists of documents or contracts of audit significance beyond the current audit period. Audit documentation is a crucial aspect of planning and performing audits. There is a saying that if the work is not documented, it's called as not done … [Read more...] about Permanent Audit File
