A vendor is a faction in the supply chain that makes goods and services accessible to organizations or consumers. The phrase “vendor” is habitually used to explain the entity that is paid for goods and services. Normally, vendor evaluation is crucial as it can reduce supply chain costs and enhances the quality and timeliness of…
Before accepting a new client, a chartered accountant firm in practice shall determine whether the acceptance would create any threats to compliance with the fundamental principles. This means that when accepting to take on a new client, the proper investigation should be donein this regarding also its owners and business activities toensure the integrity of…
The sales and collections cycle in a business refers to the set of processes that begin when a customer purchases goods or services and ends when business receives payment in full. As part of the year-end audit of your financial statements, external accountants test sales transactions and the internal controls over those transactions to ensure…
As per SA 501 “Audit Evidence – Specific Consideration for Selected Items”auditor is required to conduct Physical Inventory at least once a year. Due to coronavirus pandemic auditors could not attend Physical Inventory at the year end thus posing a threat to integrity of Financial Statements and audit credibility. Conducting Physical Verification There are two…
In this dynamic business environment, the real market value of the assets that a business presents in its financial statements does not stay intact. The market value of the assets might be different as compared to their carrying amount. If there are some indications about the permanent downside in the market value of the assets…
