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 Audit documentation means the context of how the auditor and their team rationalize the testing performed. Work not documented means work not performed. So, such documentation shall be robust, and there should not be any scope … [Read more...] about What does Audit Documentation Deals with?
Journal Entry testing is a financial check point. What's the purpose of this test? In other words, its a kind of testing the GL dump with all entries for a specific period. How about an example to understand the purpose? Consider an entity that is majorly financed … [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. Each department can function effectively only if Here controls are specific rules or standards. Each … [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