How to Audit Accounts Receivable?
Accounts receivable are a crucial component of a successful business. It’s essential to keep a close watch over the accounts that your customers owe to you and audit them regularly …
Audit
What do You need to Know About Computer-Assisted Audit Techniques (CAATs)?
As technology continues to play a larger role in our everyday lives, it’s no surprise that businesses are turning to computer-assisted audit techniques (CAATs) to help them properly audit their …
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Understanding the Basics of Performance Materiality in Audit
According to the Institute of Internal Auditors (IIA), performance materiality is “the amount or magnitude of an item or misstatement that could influence the decisions of users relying on the …
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What is a Walkthrough Test in an Audit?
Blog Introduction: A walkthrough test is an audit procedure used to understand a company’s internal control structure and operations. It tests the effectiveness of the internal controls in place and …
How To Calculate Variable Overhead Rate Variance?
In order to calculate the variable overhead rate variance, you will need to determine the total variable overhead for the period and then compare that amount to the budgeted variable …
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An Overview of Attestation Engagement
Attestation engagement is a type of audit where a third party provides an opinion on assertions made by management in the company’s financial statements. Although it is not required by …
Audit Procedures for Accounts Payable (Step by Step)
When it comes to auditing accounts payable, there are a few essential procedures that you’ll want to follow to ensure that all the bases are covered. Here, we’ll outline some …
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Audit Procedures for Inventory
Inventory management is a critical part of any business operation. An effective inventory management system helps ensure that a company has the right products to meet customer demand. A well-run …
Types of Assurance Engagement: Guidance
An assurance engagement aims to provide independent assurance over an entity’s financial statements or specific aspects of its financial reporting. This type of engagement is typically performed by a certified …
What are The Most Important Types of Audit Procedures? (Explanation and More)
Auditing is vital to ensuring the accuracy of financial statements. Without auditing, investors would have no way of knowing if a company accurately represents its financial position. There are many …
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