If you are not adequately managing your inventory or not managing at all, your business will suffer as a result. There are so many benefits of inventory management, which can help both your customer and employees. Benefits of Inventory Management:…
Importance of Fixed Asset Register and Timely Physical Verification
Managing and Maintaining the Fixed Asset Register is a very crucial part of all types of organizations. It helps the organization know the total number of assets they have. Many times we have found that the small business is not…
Relevance of Standard Operating Procedures in an organization
A standard operating procedure (SOPs) is a set of step-by-step guidelines gathered by an organization to support its employees to carry out regular operations. SOPs Objective is to achieve consistency of productivity, value output, and performance while reducing failure to…
Importance Of Vendor Evaluation
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…
Impact of Covid 19 on Audit of Financial Statements and Audit Report
Effects on auditing financial statements Standard on Auditing are required to be complied in full even in the present time of pressure under changed timelines. Auditors should carefully assess the situation and prepare appropriate responses to the challenges that Coronavirus…
Points to consider before accepting the Audit
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…
REVENUE PROCESS AUDIT
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…
How Auditors Can Test Inventory in the Coronavirus Times
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…
Impairment of Assets
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…