What Is Know Your Client In Audit? Know Your Client (KYC) is a process in audit that requires firms to perform due diligence on customers to identify risk and verify their financial information. KYC is used to collect and analyze information related to the customer’s identity, financial history, and risk profile. It includes a customer … Read more
Quality Control Review Quality Control in Auditing is a process of objectively evaluating and verifying the accuracy of accounting and auditing practices to ensure compliance with professional standards and the firm’s own quality standards. Quality Control Reviews (QCRs) assess the effectiveness of a firm’s system of quality control, and are designed to determine if personnel … Read more
Accounting Entries For Value-Added Tax Value-added tax is a consumption tax on goods and services that is levied at each stage of the supply chain, based on the value added to the product. This means that VAT is calculated by subtracting the already taxed materials cost from the total cost of the product, and then … Read more
What Is Throughput Accounting? Accounting is the systematic recording, classifying, and summarizing of financial transactions for the purpose of providing stakeholders with financial information. It is an important tool used to track a company’s financial performance and generate insights to make informed decisions. Accounting involves collecting, analyzing, and reporting financial data in the form of … Read more
What Are Audit Assertions? A thorough audit is a systematic examination of an organization’s financial statements and records to assess the reliability and accuracy of the data. An audit can be performed internally, by company employees, or externally, by an independent auditing firm. The objective of the audit is to provide assurance that the records … Read more
Accounting Conventions What is accounting? Accounting is the process of documenting and analyzing financial transactions in order to provide stakeholders with a concise summary of a company’s financial and operational performance. This process involves summarizing, analyzing, and reporting financial transactions for a business. Through this analysis, financial statements are created that reflect a concise summary … Read more
What Is A Nominal Ledger? A nominal ledger is a comprehensive set of financial transactions that reflect the financial position of a business and is used to create financial statements. It is also known as a general ledger. All company transactions are recorded in the chart of accounts, which are sub-ledgers. Combining these sub-ledgers creates … Read more
Bank Signature Card Are you looking for a secure and convenient way to manage your bank accounts? If so, then a bank signature card could be the perfect solution for you. A bank signature card is an important document that allows customers to access their funds, make payments, and perform other banking activities. It also … Read more
Steps To Perform An External Audit External Audit An external audit is an independent assessment of a company’s financial performance, conducted by an external auditor appointed by the shareholders. The auditor’s role is to provide an opinion on whether the financial statements are accurate and reflect the true state of the company’s affairs. An external … Read more
Accounting For Property Plant And Equipment (PPE) If you’re a business owner, you know how important it is to have accurate financial records. Accounting for property, plant and equipment (PPE) is one of the most important aspects of financial reporting. It’s essential to understand the accounting principles that apply to PPE so you can ensure … Read more