Auditing Cash Balance is probably one of the quick audit procedures. The Major Audit procedures for Cash are as simple as sending confirmations. Before understanding the substantive audit procedures for cash, lets have a look into the risk relating to cash … [Read more...] about Audit Procedures for Cash
Audit
Auditing Debt (or) Loan Auditing Procedures:
Introduction: Auditing Debt or Loan auditing are not two different aspects. They are the same. That's all about auditing the financial obligation and obtaining audit evidence to confirm that the Debt GL balance is complete and accurate. Lets understand the basic concepts in … [Read more...] about Auditing Debt (or) Loan Auditing Procedures:
Trade Payable vs Non Trade Payable
Payables are debts which needs to be settled in a year or more depending on their nature. Business thrive through trading of goods or offering services. Such operations require support from suppliers or service providers. Raw materials or any business inputs are obtained on … [Read more...] about Trade Payable vs Non Trade Payable
Fictitious Assets
Fictitious assets are expenses presented as asset. Preliminary expenses is example of this asset. Presentation is for disclosure purpose. What's the Fictitious definition? Fictitious means unreal or not true Fictitious assets are So, we can infer those as fake … [Read more...] about Fictitious Assets
Test of Details
Definition: Test of details is a substantive procedure. It's a response to the risk assessment. Substantive procedures help Auditor to Test of details is testing the financial information by diving into the details of Here, we perform testing by verifying all the underlying … [Read more...] about Test of Details