Materiality is a Benchmark used to obtain reasonable assurance that an audit does not detect any material misstatement that can significantly impact the usability of financial statements.
Debits and credits are twins of Accounting, On which depend the efficacy of Accounts.
In this article author has tried to simplify the procedure to be followed while conducting audit of the Debtors in a brief manner
The Heart Of Audit - Professional Skepticism simply means having a questioning mind. It means being aware and alert of anything and everything, that may indicate possible misstatement due to error or fraud.
Integrated reporting is founded on integrated thinking which helps to demonstrate the interconnectivity (co-creation) of strategy, strategic objectives, performance, risk and incentives which further helps to identify the sources of value creation.
It was observed that the separate section on going concern was not reported by the auditor as required by SA 570 (Revised)
The government has started relying on the professional and has given certain certification powers to the professionals who are being regulated by the professional Institutes.
For the purpose of recapitulation of some of the important aspects, an effort is made to undertake objective review of the various aspects of modern CG which might also serve as a checklist.
In this article author has tried to brief the procedures to be followed while conducting a statutory audit in a brief manner.
In this article, the author has shared the format of the Management Representation Letter or Written Representation (MRL/WR) to be obtained from the management during various professional engagements
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