Audit is cool!!!

ISA 220 , deals with quality control for an audit of financial statements. Engagement teams have a responsibility to implement quality ...

Auditors should consider the implications of BREXIT? The  EU referendum is carried out today and tomorrow by 9:00 AM Greenwich time we shou...

ISA 610 explains the relationship between internal audit function and the external auditor. Internal audit function is an appraisal act...

Subsequent Events as defined in ISA 560 are “ Events occurring between the date of the financial statements and the date of the auditor...

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...

Audit-is-cool continues to supply auditors with information on different topics of audit methodology. This week we provide most popular ...

Audit sampling as defined by ISA 530 is “ The application of audit procedures to less than 100% of items within a population of audit r...

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

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

A written statement by management provided to the auditor to confirm certain matters or to support other audit evidence. Written represe...

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...