The permanent audit file (Perm File) consists of documents or contracts of audit significance beyond the current audit period. Audit documentation is a crucial aspect of planning and performing audits. There is a saying that if the work is not documented, it's called not done at … [Read more...] about Permanent Audit File
Tds receivable journal entry
Pat on your back. You have landed on a comprehensive blog relating to journal entries. Before moving onto the main topic of "TDS Receivable Journal Entry", let's understand some basic concepts. Accounts Receivable is a current asset to the entity. This is recorded to account … [Read more...] about Tds receivable journal entry
Accounts Payable Audit Procedures
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 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, let's examine the cash balance risks. Cash balance is … [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. Let's understand the basic concepts in … [Read more...] about Auditing Debt (or) Loan Auditing Procedures: