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, the name itself … [Read more...] about Fictitious Assets
Audit
Test of Details
Definition: Test of details is a substantive procedure. It's a response to the risk assessment. Substantive procedures help the auditors to Test of details is testing the financial information by diving into the details of Here, we perform testing by verifying all the … [Read more...] about Test of Details
Ultimate Guide to Auditor’s Performance Materiality
Definition: Performance materiality (PM) Refer below to understand this statement with an example. Factors Considered for Calculating Performance Materiality: Performance Materiality (PM) is calculated as a percentage of materiality. The Percentage is … [Read more...] about Ultimate Guide to Auditor’s Performance Materiality
Another word for Auditing
What is another word for "auditing"? Read on to find out more. Auditing means verification of the books of accounts. So, the auditor verifies if the financials are free from errors. You can use the following words as synonyms for "audit." The above terms fall … [Read more...] about Another word for Auditing