Accounting Services in Johor Bahru
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admin When an auditor from an audit firm in Johor Bahru performs an audit for the revenue cycle, as part of the financial audit, they should examine the inherent risk related to that revenue cycle before conducting tests to identify whether it is free from fraud and error. Its inherent risks are associated with the pressures … Read moreAuditing a Revenue Cycle
Every accountant in the accounting firm in Johor Bahru has most probably heard of the dual aspect concept. This concept states that there must be recordation in two separate accounts for every transaction and it is the foundation for double-entry accounting. For the companies to generate accurate financial statements, all accounting frameworks have stated that … Read moreUnderstanding Dual Aspect Concept
If you want to analyse the financial statements of your business efficiently, you need to have an in-depth understanding of the relationship between different financial statements. However, it may be challenging for you to discover those relationships. In the annual financial report of your company, you will see every financial statement on a different page, … Read moreWhat is the Relationship between the Profit and Loss Statement and the Balance Sheet?
Deferred assets (Also see Accounting – Accrual and Deferral) are the expenditures that the company has made ahead of time, but it has not consumed the expenses. Two situations that cause this to happen are: Long consumption period The company has paid for the expenditure ahead of time, and it expects that it will consume … Read moreWhat You Need to Know About Deferred Asset
The external auditor refers to the Certified Public Accountant (CPA) firms or individuals who work in those firms which offers audit services to their customers. Usually, these firms operate independently from their customers whom they provide the audit services for. Typically, entities will engage external audit firms (Also see Introduction to Audit Engagement) to audit … Read moreWhat is an External Audit?
When the auditors from an audit firm in Johor Bahru are performing audits (Also see What is an External Audit?), besides following the audit principles, excellent auditors should possess some characteristics so that they may accomplish their tasks. Auditors Must Be Trained This is among the most basic requirement that the auditors need to satisfy. … Read moreCharacteristics of an Excellent Auditor