Audits & Auditors
The best accounting firms in the Philippines, the "Big Five" auditing firms, are listed in this article. The top CPA firms and major accounting firms in the world have always been popular in the business...
Audits are of two types namely optional or private audits and statutory or compulsory audits. Basis for this classification is legal requirements with regard to conduction of audit.
This hub features 10 of the well - known accounting scandals in the world, scandals that led to permanent and lasting changes to the accounting world.
The liabilities of auditor can be classified as liability under optional audits and liability under statutory audits.
For a better understanding we could classify the objective of audit as: 1. Primary Objectives 2. Secondary Objectives. Primary Objectives: To determine and judge the reliability of the financial statement...
The word 'Audit' is originated from the Latin word 'audire' which means 'to hear'. In the earlier days, whenever there is suspected fraud in a business organization, the owner of the business would appoint a...
Preliminary steps before commencing a Company Audit; Verification of Appointment, Verification of Memorandum, Verification of Articles, Verification of Prospectus, etc.
Vouching of cash transactions After preparing Audit note book, audit planning, auditing working papers, audit preparations etc., the next step is to proceed with the examination of accounting entries passed in the...
Difference between Internal Audit and Statutory Audit. In case of internal audit, the audit work takes place continuously. In Statutory Audit, audit work takes place generally periodically.
Advantages of Auditing It is compulsory for all the organizations registered under the companies act must be audited. There are advantages in auditing the accounts even when there is no legal obligation for...
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