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different types of audit

Different Types of Audit for Non-Profit Organizations

How to define the term Auditing? Auditing is the independent, careful and systematic examination of a business’ accounts, books, documents, statutory and financial records to confirm their accuracy and consistency with applicable laws, rules and regulations. These laws may...
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Internal Audit Process

How does Internal Audit Process Works?

In the internal audit, there are two options that you can choose from. Outsourcing and Insourcing Internal Audit (outsourcing is the most recommended). Outsourcing Internal Audit means hiring independent auditors for internal audit process while insourcing internal auditing means...
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Internal vs External Auditing

How Internal Auditing is better than External Auditing?

Difference between Internal vs External Auditing If you have been in the business world where companies and organizations are involved, you may have come across the terms, internal auditing or external auditing, but what is the meaning of the two terms and what is the difference...
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Financial Statement Audit

6 tips to help you in Financial Statement Audit

Financial Statement Audit Process Financial statement audit is quite complicated- and stressful. Most of us may scratch our heads every time we hear this but a painless process of financial statement audit is possible. Here are 6 tips to help you in financial statement audit so...
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Audit Test

Five forms of Audit Tests that you should be aware of

Audit Test Before conducting an audit test, you need to conduct an excellent audit plan, to begin with. That may possibly identify the business risk, materiality and asses the need to include an expert and in this case, the need to include an external auditor. Generally, Audit...
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Types of Audit

Types of Audits that are performed in an Organization

What is Auditing Process? According to Lawrence, Auditing is the process of examination of the books of accounts of a business with the aim of giving a clear view of the financial position of the business within a given period of time. The scrutinizing process is usually...
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Auditing

Auditing: Understanding the Process of Audit Validation

Audit validation is an important process that ensures the different variables that determine the audit process, method and materials used in the process of auditing process are well sourced and they are the true ones that have been used in the conduction of the business deals....
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IT Audit

What are the benefits of IT Auditing?

With the current digitized word, the use of computers has become prevalent in almost all sectors of our life and economy to begin with. With this comes voluminous problems in that cybercrimes have taken advantage of the prevalence in the use of computers to enrich themselves with...
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steps of accounting cycle

Reason Why Stakeholders trust Financial Auditor more than Accountants?

The sole reason for the conduction of a financial audit is to check on whether the financial statements are recorded based on a given and approved criteria. Most at times, the criteria are based on a given set of rules of international standards for a given accounting body. Thus,...
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Good Governance

5 Reasons Why Companies prefer to hire the Big Four Firms to perform their Audits

There are a lot of auditing firms which operate globally both in large or small scale version. However, there are the big four auditing firms which have gained positive rapport from a lot of people firms and companies globally. The Big four comprises a different set of companies...
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