Accounts Payable Audit procedures are quite different from the testing of other liability account balances. The population is from the period outside the period under audit. Interesting, right? Read on further to understand those procedures. Accounts Payable is a … [Read more...] about Accounts Payable Audit Procedures
Audit
Audit Procedures for Cash
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
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 that must be settled in a year or more depending on their nature. Businesses thrive through the 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 assets. Preliminary expenses are an example of this asset. The presentation is for disclosure purposes. What's the Fictitious definition? Fictitious means unreal or not true Fictitious assets are So, we can infer … [Read more...] about Fictitious Assets