Regular internal audits of a company help the business understand its internal operations, specific product/ project financials and help prevent financial fraud or mismanagement.(Read all the importance of internal audit) In this article, we’ll look at the Internal audit plan, its conduction and its various processes. The Annual Internal Audit Plan The annual internal audit plan is the […]
Association of two or more people to carry out business for profit-making purpose is termed as Company. The Company got a separate legal identity in the eyes of the law but cannot perform the business activity on its own, to carry out business processes Company needs a group of people. Setting up of Company is […]
The Audit of a company will provide a comprehensive picture to the investors about the business. To properly prepare the audit reports, the auditors are required to find the relevant data. This in a nutshell is an Audit Evidence gathering procedure. Audit procedures for obtaining audit evidence are an essential part of an auditor’s arsenal. […]
A company’s financial statement analyzes a company’s finances over time. A country’s law requires companies to keep records of their economic activity to track their finances and prevent financial mismanagement. Financial Statement Analysis Financial statement analysis involves analysing a company’s financial statements to make business decisions. External investors and stakeholders use it to understand the […]
Every business requires to have capital in hand so that it can perform the daily business activities. This fund or capital for daily use is known as the working capital. This Working Capital needs to be managed properly as if the working capital is affected, and the business activities could be hampered, which will, in […]
A scheduled internal audit allows you to gauge the effectiveness of your business’s internal control system. An internal audit occurs once or twice every year. An internal audit helps uncover internal control weaknesses and evidence of fraud, wastage or abuse of company resources. Internal audits also help in effective risk management (Read all about Importance of […]
The goal of every taxpayer is to attenuate Tax Liability. To accomplish this objective taxpayer may resort to the following Three Methods : 1. Tax Planning 2. Tax Avoidance 3. Tax Evasion Now let us discuss the essential method to manage tax liability i:e Tax Planning Tax planning Tax planning is all about analyzing the […]
An organizations financial reporting standard determines the transparency that the company maintains with its board members and primary shareholders, but what it lacks to determine is the crucial intricacies in outlining the cashflows both in terms of influx and outflow of capital. Such a form of detailing can only be generated from close analysis and […]
The dawn of the world of the internet and technology has opened many doors to others, making things easier. The emergence of freelancing gave people the ability to work at home’s comfort, or wherever they were, without even having to move to an office. As a result, the hustle and struggle of going to work every day are scraped […]
Be it a small mom and pop business, a retail chain, a Fortune 500 company, a government programme or a financial agency, all of them require regular, strategic, and comprehensive audits to track an organisation’s financials. Below are the major differences between regulatory audit, statutory audit & performance audit: Regulatory Audit A regulatory audit aims to […]
