Concurrent Audit of Banks mean verifying the transactions without any time gap. That's one of the most frequently heard term in context of bank audits. Isn't Banking system is crucial for survival of any economy? The answer will be an obvious yes. There is much need … [Read more...] about Guide to Concurrent Audit of Banks
Audit documentation deals with the questions What needs to be documented?Quantum and Extent of documentation requiredHow to add documentation? Audit documentation means the context of how the auditor and their team rationalize the testing performed. Work not documented … [Read more...] about What does Audit Documentation Deals with?
Journal Entry testing ensures that all the financial transactions recorded in the books of accounts represent a valid business transaction, and there isn't any recording of inappropriate entries. So, its a kind of GL dump with all entries for a specific period. How about an … [Read more...] about Journal Entry Testing
Any Business exists to achieve its primary objective. Such objectives can be Profit or Service Oriented. Each organization comprises various departments, and each department can function effectively only if there is a proper establishment of controls. Here controls are specific … [Read more...] about Advantages of Internal Control System in Auditing
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