Information technology (IT) is essential to any business in today’s digital age. IT systems are crucial to a company’s success, from managing customer data to optimizing operations. However, operating IT systems can be challenging, and ensuring their efficiency and security can be even more difficult. That’s where IT audits come in. In this blog post,…
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…
