Audit is cool!!!

An audit is designed to evaluate and verify the effectiveness of company’s financial operations. It can also help the management or owne...

Liability is defined in Conceptual Framework of International Financial Reporting Standards as “ a present obligation of the entity ari...

ISA 570 requires an auditor to obtain and evaluate management’s assessment of the entity’s ability to continue as a going concern. Iss...

Accounting estimate as defined in ISA 540 – “An approximation of a monetary amount in the absence of a precise means of measurement. Th...

Interim financial information or statement as defined in ISAs’ is “ Financial information (which may be less than a complete set of fina...

The Oil & Gas Industry comprises of three sectors: The Upstream sector : This is also called the exploration and production secto...

Media and Entertainment business include companies for movie studios, TV station groups, Cable distribution companies, Radio broadcas...

As per the requirements of ISA 501, if inventory is material to the financial statements, the auditor shall obtain sufficient appropriat...

The concept of materiality is applied by the auditor both in planning and performing the audit, and in evaluating the effect of identi...

Control activities are the policies and procedures that help ensure that management directives are carried out. Control activities, whe...

The spaceship of an auditor from Earth landed on the green field of the planet Kepler-3571c. The auditor had a task to participate in a ...

In July the International Auditing and Assurance Standards Board (IAASB) issued revised international auditing standards focusing on discl...

The substantive analytical procedures (SAP) are one of the weakest points in audit program when it is come to execution. The authorities...

A list of information requests (LIR) is method to establish common understanding with audit client: what documents need to be prepared i...

Some of my readers have shown their interest to the assurance services in BRIC in the comments to the last post . And guess what? The recen...