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Guidelines on Auditing a Corporate Department

When the audit firms in Johor Bahru have an engagement to audit a corporate department, the auditors should acquire audit evidence (Also see Types of Audit Evidence), detect financial frauds and errors, as well as determine the exposure to risks of that department. They should apply their independence as auditors and present the department’s financial … Read moreGuidelines on Auditing a Corporate Department

Audit Committee – Its Definition, Responsibilities and Requirements

An audit committee of a company refers to a group of non-executive directors that the board of directors has set up and is responsible for supervising it. This committee has a very close relationship with the structure of a company’s board of directors. Typically, the board of director will set up many distinct sub-committees with … Read moreAudit Committee – Its Definition, Responsibilities and Requirements

Audit – Introduction to Unqualified Opinion

Definition: An unqualified opinion is an opinion which the auditors (Also see Characteristics of an Excellent Auditor) will give to their clients after performing the testing on the audited financial statements. If an auditor provides an unqualified opinion, it means that there is no material misstatement and the client has prepared and presented those statements … Read moreAudit – Introduction to Unqualified Opinion

The Differences Between the Single Entry System and Double Entry System

A business could keep records of its financial transactions ( Also see Lesson for Financial Accounting ) using a single entry system or double entry system. The former is less work and less time consuming while the latter requires more effort and time. The single entry system is the earliest method to keep monetary records. … Read moreThe Differences Between the Single Entry System and Double Entry System