Xero

JANUARY 29, 2024

Our teams have big plans to add even more value to the new version of invoicing in the future, including features that we know are important to you. We’ll also share support articles in Xero Central , as well as how-to videos and other resources to help you. That’s why we’re giving you plenty of time to make the switch.

XERO 279

XERO Invoicing Tax Auditing 279

Accounting Tools

SEPTEMBER 29, 2023

Related Courses How to Conduct an Audit Engagement What is an Audit Plan? An audit plan states the overall strategy and detailed steps to be followed in the conduct of an audit. The contents and timing of the plan will vary from year to year, depending on changes in the circumstances of the client.

Auditing 40

Auditing 40

Accounting Tools

SEPTEMBER 22, 2023

Related Courses Guide to Audit Sampling How to Conduct an Audit Engagement The Audit Risk Model What is Planned Detection Risk? Planned detection risk is the risk that audit evidence will fail to detect misstatements that exceed a tolerable amount.

Auditing 40

Auditing Collections 40

Accounting Tools

MARCH 22, 2024

What is Audit Risk? Audit risk is the risk that an auditor will not detect errors or fraud while examining the financial statements of a client. Auditors can increase the number of audit procedures in order to reduce the level of audit risk.

Auditing 40

Auditing Financial Statements 40

Accounting Tools

NOVEMBER 5, 2023

Outside auditors may rely upon a company’s system of internal controls when planning an audit. If the firm has a robust system of internal controls, then the auditors will test the reliability of those controls, and then reduce their other audit activities. The result is a more efficient and less expensive audit.

Bank Reconciliation 75

Bank Reconciliation Auditing Financial Statements Accounting 75

Accounting Tools

DECEMBER 12, 2023

What is the Audit Process? The audit process is the series of steps followed by an auditor in order to conduct an audit engagement with a client. The exact steps followed will depend on the nature of the audit engagement, but typically follow the general steps noted below.

Auditing 40

Auditing 40

Accounting Tools

SEPTEMBER 18, 2023

Related Courses Guide to Audit Sampling How to Conduct an Audit Engagement The Audit Risk Model What is Nonsampling Risk? Nonsampling risk includes all audit risks other than sampling risk. Related Articles Detection Risk Engagement Risk Planned Detection Risk Sampling Risk

Auditing 40

Auditing 40

Accounting Tools

SEPTEMBER 29, 2023

Related Courses Guide to Audit Working Papers How to Conduct an Audit Engagement Internal Auditing Guidebook What is an Audit Program? An audit program is a checklist of the audit procedures that must be followed by an auditor in order to complete an audit.

Auditing 40

Auditing 40

Accounting Tools

MAY 7, 2024

This situation can arise when there is undue pressure to report excellent results, such as when a bonus plan calls for payouts only if the reported sales level increases. Financial Statements Could be Wrong Due to Fraud The management team of a company may deliberately skew the results presented.

Financial Statements 75

Financial Statements Auditing Accounting Accounting 75

Accounting Tools

AUGUST 4, 2023

The group can also engage in tax planning, with the intent of deferring or eliminating tax payments. Internal Auditing The internal auditing group examines company processes and controls to spot control weaknesses, fraud, waste, and mismanagement. Their primary beneficiary is the management team.

Accounting 75

Accounting Accounting Financial Statements Auditing 75

Counto

MAY 1, 2024

Eligibility Criteria To qualify for an EntrePass, applicants must: Plan to start, or have recently started, a private limited company registered with the Accounting and Corporate Regulatory Authority (ACRA) in Singapore. Own at least 30% of the company, which should not be older than six months at the time of the EntrePass application.

Financial Statements 52

Financial Statements Collections Auditing Accounting 52

Accounting Tools

MAY 19, 2023

Related Courses Going Concern Audit Issues How to Conduct an Audit Engagement What is the Going Concern Qualification? Instead, this information is derived from the sum total of all other audit procedures performed. Indicators of a potential going concern problem are noted below.

Financial Statements 75

Financial Statements Record Keeping Auditing Accounting 75

Accounting Tools

JULY 15, 2023

Related Courses Guide to Audit Sampling How to Conduct an Audit Engagement The Audit Risk Model What is a Tolerable Misstatement? The concept is used by auditors when designing audit procedures to examine the financial statements of a client.

Financial Statements 40

Financial Statements Auditing 40

Accounting Tools

DECEMBER 23, 2023

What are Audit Objectives? Audit objectives are associated with the audit of financial statements. Audit objectives are intended to obtain reasonable assurance that the financial statements are free of material misstatements , and to issue a report on those financial statements based on the findings resulting from the audit.

Auditing 40

Auditing Financial Statements Financial Reporting 40

Accounting Tools

SEPTEMBER 29, 2023

Related Courses How to Conduct an Audit Engagement What is the Audit Cycle? The audit cycle is the period of time during which auditors may engage in auditing activities as part of their audit of a client’s financial statements. Components of the Audit Cycle There are several distinct stages in the audit cycle.

Auditing 40

Auditing Financial Statements Collections Accounting 40

Accounting Tools

NOVEMBER 2, 2023

Related Courses Forensic Analytics Fraud Examination Fraud Schemes How to Audit for Fraud What is a Forensic Audit? A forensic audit involves the examination of a firm’s financial records for evidence to be used in a legal proceeding. The key activities included in a forensic audit are noted below.

Auditing 40

Auditing Financial Statements Financial Records Payroll 40

Accounting Tools

OCTOBER 24, 2023

Related Courses Guide to Audit Sampling How to Conduct an Audit Engagement The Audit Risk Model What is Detection Risk? Detection risk is the possibility that an auditor will not locate a material misstatement in a client's financial statements via audit procedures. Related Articles Planned Detection Risk

Financial Statements 40

Financial Statements Auditing 40

Accounting Tools

JULY 9, 2023

Related Courses How to Conduct an Audit Engagement What is Verification? Related Articles Analytical Procedures Analytical Review Audit Approach Audit Plan Audit Program Audit Strategy Verification is the use of various procedures to ensure the accuracy or truth of information.

General Ledger 40

General Ledger Auditing 40

Counto

MAY 3, 2024

Choosing the right Fiscal Year-End (FYE) is more than just a date on the calendar—it’s a strategic decision that affects everything from compliance and tax planning to operational effectiveness. Check out Counto’s accounting plans that take care of your business finances effectively. What is the Fiscal Year-End (FYE)?

Financial Reporting 52

Financial Reporting AR Accruals Tax 52

Accounting Tools

JUNE 14, 2023

Related Courses How to Audit Cash How to Audit Equity How to Audit Fixed Assets How to Audit Inventory How to Audit Liabilities How to Audit Receivables How to Conduct an Audit Engagement What are Substantive Procedures?

Auditing 40

Auditing Financial Statements Purchase Order Accounts Payable 40

Accounting Tools

JULY 17, 2023

Related Courses Mergers and Acquisitions New Manager Guidebook What is a Management Audit? A management audit is an assessment of the capabilities of the management team of an organization. The audit may address strategic and tactical planning, decision making, the financial and operational results of the business, and risk management.

Auditing 40

Auditing Financial Statements 40

Future Firm

APRIL 18, 2023

How to Get Started With Accounting Intelligence How AI Was Used to Write This Article What is AI in Accounting? This includes tasks such as financial reporting, audit and compliance, fraud detection, and data analysis. Artificial intelligence in accounting is currently transforming the industry. Can AI Replace Accountants?

Data Entry 96

Data Entry Accounting Accounting Invoice Processing 96

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.

Financial Statements 76

Financial Statements Auditing General Ledger Bank Reconciliation 76

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 21, 2023

Related Courses Bookkeeping Guidebook How to Audit Revenue Revenue Recognition What is Deferred Gross Profit? Related Articles Deferred Credit Deferred Revenue Unearned Revenue Unrecorded Revenue The deferred gross profit concept is when a business uses the installment sales approach to recognize its sales transactions.

Accounts Receivable 74

Accounts Receivable Accounts Receivable Account Receivables Bookkeeping 74

Accounting Tools

JUNE 20, 2023

There are several types of accounting that range from auditing to the preparation of tax returns. The career track here is to progress through various audit staff positions to become an audit partner. The career track progresses from various internal auditor positions to the manager of internal audit.

Accounting 75

Accounting Accounting Financial Statements CPA 75

Counto

APRIL 7, 2024

Ensure compliance with tax laws and regulations to avoid penalties or audits. Remember, informed decisions and proactive planning are the keys to success in business ownership. Get accounting plans that combine bookkeeping with corporate tax filing to help you stay compliant at an affordable price.

Corporation Tax 52

Corporation Tax Tax Payroll Bookkeeping 52

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 AP 52

Accounting Tools

JULY 15, 2023

Related Courses Contract Management How to Audit Procurement Purchasing Guidebook What is Purchasing? An enterprise resources planning system will include a purchasing module. Related Articles Contract Auditing Purchase Order Purchases Day Book Purchases Journal Purchasing System Spend Management

Purchase Order 74

Purchase Order Accounts Payable Accounts Payable Auditing 74

Accounting Tools

MAY 21, 2023

Discharging one’s responsibilities to the best of one’s abilities means being diligent during an engagement , so that services are rendered to a client promptly, activities are planned and supervised adequately, and work is completed both carefully and thoroughly, while observing the relevant technical and ethical standards.

Auditing 40

Auditing Accounting Accounting 40

Accounting Tools

OCTOBER 5, 2023

Related Courses Internal Auditing Guidebook An internal auditor is responsible for reviewing a company’s processes, identifying anomalies, and reporting any issues found to management. Create an audit plan. Conduct follow-up audits. Related Articles External Auditor Field Auditor Staff Auditor Traveling Auditor

Auditing 40

Auditing Accounting Accounting 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

SEPTEMBER 11, 2023

Related Courses Auditing State and Local Governments Governmental Accounting The Green Book Explained The Yellow Book Explained What is a Fiduciary Fund? Used to report on assets held in trust for pension plans, other post-employment benefit plans, and employee benefit plans. Pension and employee benefit trust funds.

Accruals 40

Accruals Financial Statements Auditing Accounting 40

Accounting Tools

JULY 12, 2023

Related Courses How to Conduct an Audit Engagement What is an Audit Approach? An audit approach is the strategy used by an auditor to conduct an audit. This is a more efficient audit approach. Related Articles Audit Plan Audit Program Audit Strategy Tests of Controls Tests of Details

Auditing 40

Auditing Financial Reporting 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

Accounting Tools

JUNE 16, 2023

Related Courses Guide to Audit Sampling How to Conduct an Audit Engagement The Audit Risk Model What is Sequential Sampling? Consequently, sequential sampling plans work best when few deviations are expected. A sequential sample is usually comprised of anywhere from two to four groups of sampling units.

Auditing 40

Auditing Computation 40

Accounting Tools

JUNE 14, 2023

Related Courses Forensic Analytics Guide to Data Analytics for Audits  How to Conduct an Audit Engagement What is Audit Data Analytics? Audit data analytics involves the analysis of complete sets of data to identify anomalies and trends for further investigation, as well as to provide audit evidence.

Auditing 40

Auditing 40