Accounting Tools

OCTOBER 25, 2023

Interim Financial Statements vs. Annual Financial Financial Statements Interim financial statements contain the same documents as will be found in annual financial statements - that is, the income statement , balance sheet, and statement of cash flows. Auditing Differences Interim financial statements are not usually audited.

Financial Statements 75

Financial Statements Auditing Accounting Accounting 75

Accounting Tools

JULY 30, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What are Audit Procedures? Audit procedures are used by auditors to determine the quality of the financial information being provided by their clients, resulting in the expression of an auditor’s opinion.

Auditing 75

Auditing Financial Statements Invoicing Accounting 75

Accounting Tools

DECEMBER 18, 2023

Substantive testing is an audit procedure that examines the financial statements and supporting documentation to see if they contain errors. If substantive testing turns up errors or misstatements, additional audit testing may be required. What is Substantive Testing? There are many substantive tests that an auditor can use.

Auditing 75

Auditing Financial Statements Financial Records Accounts Payable 75

Nolan Accounting Center

SEPTEMBER 15, 2023

Most of the time, small business returns are not audited. In November 2021, the IRS announced that audits would increase by 50% in 2021. If you are audited, we will have all the paperwork that you need to get through it. Most of the time, audits are fairly routine. Never ignore an audit notice.

Auditing 95

Auditing Tax Accounting Accounting 95

Accounting Tools

MAY 12, 2024

Related AccountingTools Courses Accounting for Inventory How to Audit Inventory Advantages of FIFO There are several advantages to using FIFO, which are as follows: Layer usage. Also, it does require the maintenance of some cost layers, which will need to be documented for the year-end audit. In March, it sells ten widgets.

Auditing 72

Auditing Financial Reporting Tax Accounting 72

Accounting Tools

APRIL 18, 2024

A walk-through test will only work if the documented procedure in which it is based is up-to-date. Verify documentation. Verify that the documentation associated with the test has been properly completed, authorized, and recorded in the accounting system.

Purchase Order 40

Purchase Order Data Entry Auditing Payroll 40

Accounting Tools

OCTOBER 25, 2023

Related Courses Guide to Audit Sampling How to Conduct an Audit Engagement What is Attribute Sampling? The concept is frequently used by auditors to test a population for certain characteristics, such as the presence of an authorizing signature or approval stamp on a document.

Auditing 75

Auditing Invoicing Financial Statements Accounting 75

Accounting Tools

JUNE 12, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is a Financial Statement Audit? A financial statement audit is the examination of an entity's financial statements and accompanying disclosures by an independent auditor. Fixed assets.

Financial Statements 76

Financial Statements Auditing General Ledger Bank Reconciliation 76

oAppsNet

MARCH 12, 2024

Going paperless involves digitizing manual, paper-based processes and transitioning to electronic alternatives, such as digital documents, electronic signatures, and cloud-based storage solutions. Paper-based processes incur printing, storage, and document management expenses, which can quickly add up.

Data Entry 52

Data Entry Record Keeping Auditing Customer Service 52

Accounting Tools

JUNE 8, 2023

Related Courses Guide to Audit Working Papers How to Conduct an Audit Engagement What is Audit Documentation? Audit documentation is the record of procedures performed, evidence obtained, and conclusions reached as part of an audit. It represents a better level of quality control over an audit.

Auditing 40

Auditing 40

Accounting Tools

OCTOBER 4, 2023

Related Courses How to Audit Procurement Purchasing Guidebook What is a Purchases Journal? The journal also includes the recordation date, the name of the supplier being paid, a source document reference, and the invoice number. Related Articles Purchases Day Book Purchasing System Spend Management

General Ledger 75

General Ledger Purchase Order Accounts Payable Accounts Payable 75

Accounting Tools

JULY 8, 2023

A voucher is an internal document describing and authorizing the payment of a liability to a supplier. It is stamped "paid" when a check or electronic payment is made to a supplier and is then archived, along with any supporting documents. It is most commonly used in a manual payment system, where it is part of the system of controls.

Accounts Payable 75

Accounts Payable Accounts Payable Purchase Order Accruals 75

Accounting Tools

DECEMBER 18, 2023

What is Audit Failure? An audit failure occurs when an auditor deviates from the applicable professional standards in such a way that the opinion contained in his or her audit report is false. Independence Issues A particularly concerning cause of audit failures arises when the auditor is not independent of the client.

Auditing 40

Auditing Financial Statements Accounting Accounting 40

Accounting Tools

JULY 30, 2023

Records management is an organized approach to the administration of documents throughout their life cycle. The documents administered through records management include anything produced as the result of a business transaction. These activities address the creation, classification, storage, and disposition of records.

Financial Records 40

Financial Records Auditing Record Keeping 40

Counto

MAY 4, 2024

Certification Audit and Ongoing Inspections Post-application submission and fee payment, a certification audit will be conducted at your premises by MUIS. Upon passing this audit and settling the balance of the certification fees, your Halal certificate will be issued.

Corporation Tax 97

Corporation Tax Auditing Bookkeeping Computation 97

Accounting Tools

SEPTEMBER 6, 2023

Related Courses How to Conduct an Audit Engagement What is Verifiability in Accounting? The Need for Assumption Testing and Documentation Verifiability cannot be achieved without knowing the assumptions used by a business in the construction of its financial statements.

Financial Statements 40

Financial Statements Accounting Accounting Auditing 40

Accounting Tools

JANUARY 18, 2024

A journal voucher is a document on which is stored the essential information about an accounting transaction. Given this authorization aspect of journal vouchers, they are a key document that is routinely examined by auditors as part of their audit procedures. What is a Journal Voucher?

Bookkeeping 40

Bookkeeping Auditing Accounting Accounting 40

Accounting Tools

DECEMBER 12, 2023

What is Audit Evidence? Audit evidence is the documentation collected by an auditor as part of his or her review of the financial accounts, internal controls , and other matters needed to certify a client’s financial statements. The types of audit evidence gathered usually encompasses the items noted below.

Auditing 40

Auditing Collections Financial Statements Financial Records 40

Nanonets

JUNE 19, 2023

Accounts payable audits play a crucial role in the financial health of businesses. This article covers why accounts payable audits are important to maintain financial health and the steps in an AP audit process. We will also cover how automation helps to streamline the AP audit procedure. What is an AP Audit?

Accounts Payable 52

Accounts Payable Accounts Payable Auditing General Ledger 52

Accounting Tools

APRIL 17, 2023

Related Courses Guide to Audit Working Papers How to Conduct an Audit Engagement What is a Permanent File? The information in the file is intended to be accessed repeatedly in successive audits to assist the audit team in the conduct of their tasks.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

JUNE 9, 2023

Related Courses Guide to Audit Working Papers How to Conduct an Audit Engagement What is a Lead Schedule? A lead schedule is quite useful for giving structure to audit documentation, making it easier to read.

General Ledger 40

General Ledger Financial Statements Auditing Accounting 40

Accounting Tools

MAY 7, 2024

Financial Statements May Not Have Been Verified If the financial statements have not been audited, this means that no one has examined the accounting policies , practices, and controls of the issuer to ensure that it has created accurate financial statements.

Financial Statements 75

Financial Statements Auditing Accounting Accounting 75

Accounting Tools

NOVEMBER 24, 2023

A negative confirmation is a document issued by an auditor to the customers of a client company. The Difference Between a Negative Confirmation and a Positive Confirmation A positive confirmation is one in which the customer is required to send back a document, either confirming or disputing the account information sent to it by the auditor.

Auditing 40

Auditing Accounts Receivable Accounts Receivable Account Receivables 40

Accounting Tools

JANUARY 18, 2024

A judgment sample is a selection of documents that is based on the opinion of the auditor , rather than a statistical sampling technique that uses random selections. What is a Judgment Sample? The resulting selection may reflect the biases of the person making the selection, and so could yield unreliable results.

Auditing 40

Auditing 40

Nanonets

MAY 22, 2023

In this article, we will walk through the necessary steps to set up effective financial controls at a startup and how automation and technology can help. These documents provide a holistic view of your business's performance and operations. These should then be clearly documented and communicated to all relevant staff.

Budgeting 98

Budgeting Invoicing Auditing Financial Operations 98

Accounting Tools

JULY 16, 2023

Related Courses Forensic Analytics Guide to Analytical Procedures Guide to Audit Sampling Guide to Data Analytics for Audits How to Conduct an Audit Engagement What are Analytical Procedures? Analytical procedures are a type of evidence used during an audit.

Auditing 75

Auditing Financial Records Accounts Payable Accounts Payable 75

Accounting Tools

SEPTEMBER 29, 2023

Related Courses How to Conduct an Audit Engagement What are Assurance Services? Assurance services are provided by an independent third party to verify that financial transactions or documents are correct. Assurance services are a core activity for certified public accountants , primarily through their auditing activities.

Financial Statements 40

Financial Statements Auditing Accounting Accounting 40

Accounting Tools

JUNE 8, 2023

Related Courses Accountants' Guidebook Bookkeeper Education Bundle Bookkeeping Guidebook How to Conduct an Audit Engagement Records Management What are Source Documents? Source documents are the physical basis upon which business transactions are recorded. A source document does not have to be a paper document.

Petty cash 75

Petty cash Invoicing Bookkeeping Reconciling 75

Accounting Tools

JUNE 10, 2023

Related Courses Auditing State and Local Governments Governmental Accounting The Green Book Explained The Yellow Book Explained What is the Yellow Book? The Yellow Book contains the complete set of Generally Accepted Government Auditing Standards. The name comes from the yellow cover of the document.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

OCTOBER 23, 2023

Related Courses Guide to Audit Sampling How to Conduct an Audit Engagement What is Block Sampling? Block sampling is a sampling technique used in auditing, where a sequential series of selections is made. This approach is very efficient , since a large cluster of documents can be pulled from one location.

Auditing 40

Auditing Invoicing 40

Accounting Tools

OCTOBER 5, 2023

Related Courses 7 Habits of Effective Auditors Internal Auditing Guidebook A field auditor is responsible for traveling to off-site locations, investigating areas of concern, and formulating risk assessments. A field auditor is more likely to have a specific area of expertise, such as auditing inventory or examining fraud issues.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

JUNE 14, 2023

These documents are used by the investment community, lenders, creditors, and management to evaluate an entity. This is a key document, and so is included in most issuances of the financial statements. This document can be difficult to assemble, and so is more commonly issued only to outside parties.

Financial Statements 75

Financial Statements Budgeting Auditing Accounting 75

Accounting Tools

FEBRUARY 8, 2024

A cash voucher is a standard form used to document a petty cash payment. The internal audit staff may schedule a review of cash vouchers, to see if the items reimbursed comply with the company's policy for petty cash use. What is a Cash Voucher? Who Reviews Cash Vouchers?

Petty cash 75

Petty cash Reconciling Financial Statements Bookkeeping 75

Accounting Tools

JULY 26, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is Vouching? For example, an auditor is engaged in vouching when examining a shipping document to see if it supports the amount of a sale recorded in the sales journal. Vouching can work in two directions.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

MAY 16, 2024

A time ticket is a document used by an employee to record hours worked. Related Articles Time Sheet Timekeeping by Telephone (podcast) What is a Time Ticket? The purpose of a time ticket is to accumulate the hours that an employee will be paid in the next payroll.

Payroll 40

Payroll Computation Auditing Accounting 40

Accounting Tools

JULY 9, 2023

Related Courses How to Conduct an Audit Engagement What is Verification? For example, auditors may compare source documents to a balance recorded in a company's general ledger to verify that the balance is correct and recorded within the correct date range.

General Ledger 40

General Ledger Auditing 40

Counto

MARCH 19, 2024

Proper record-keeping is crucial for accurate tax reporting and to navigate audits or inquiries by the Inland Revenue Authority of Singapore (IRAS). Organised Records: Use accounting software, maintain a filing system for physical documents, and regularly reconcile bank statements.

Record Keeping 52

Record Keeping Financial Records Accruals Corporation Tax 52