January 2025

Provisions and contingencies represent potential obligations or future expenses that may arise depending on specific events or circumstances. Provisions are recognized liabilities where the timing or amount is uncertain but measurable, while contingencies refer to possible obligations that depend on future events. Auditing these elements is critical to ensuring the accuracy, completeness, and transparency of financial statements.…

Non-current liabilities represent an organization’s long-term financial obligations that are not due within the current accounting period, typically extending beyond one year. These liabilities include long-term debt, bonds payable, lease obligations, deferred tax liabilities, and pension obligations. Auditing non-current liabilities is crucial for verifying the accuracy and completeness of financial statements, ensuring compliance with accounting standards, and assessing the organization’s long-term financial health.…

Confirmation of trade payables is a critical audit procedure used to verify the completeness, existence, and accuracy of an organization’s obligations to its suppliers. By directly communicating with suppliers, auditors can obtain independent evidence that supports or contradicts the information recorded in the client’s financial statements.…

Confirmation of trade payables is a critical audit procedure used to verify the completeness, existence, and accuracy of an organization’s obligations to its suppliers. By directly communicating with suppliers, auditors can obtain independent evidence that supports or contradicts the information recorded in the client’s financial statements.…

Auditing trade payables, accruals, and expenses is a critical aspect of the financial audit process, ensuring that liabilities and expenses are accurately recorded and fairly presented in the financial statements. Proper audit procedures help detect errors, omissions, and fraudulent transactions, ensuring compliance with accounting standards such as IFRS and GAAP.…

Internal controls over accounts payable are critical for ensuring the accuracy, completeness, and validity of an organization’s liabilities. Effective controls help prevent errors, fraud, and unauthorized payments, while ensuring that obligations are recorded in the correct accounting period. Strong internal controls also contribute to efficient cash management, timely payments to vendors, and accurate financial reporting.…

Auditing liabilities, capital, and directors’ emoluments is a critical aspect of financial audits, as these components significantly impact an organization’s financial position and compliance with regulatory requirements. Liabilities reflect an entity’s obligations, capital represents the financial resources provided by owners or shareholders, and directors’ emoluments pertain to compensation and benefits provided to the company’s leadership.…

The cash count is a fundamental procedure in auditing, aimed at verifying the existence and accuracy of an organization’s cash holdings. Given the high liquidity and susceptibility of cash to theft, misappropriation, and errors, performing a thorough cash count is critical for ensuring reliable financial reporting.…

Planning the cash count is a critical component of the audit process that ensures the accuracy, existence, and completeness of an organization’s cash holdings. Cash is one of the most liquid and vulnerable assets, making it susceptible to misappropriation, theft, and errors. An effectively planned cash count not only verifies the reported cash balances but also helps identify weaknesses in internal controls.…

Cash balances are among the most liquid and vulnerable assets in an organization’s financial statements, making them a critical focus area during audits. Due to their susceptibility to misappropriation, errors, and fraud, auditing cash balances requires meticulous attention to detail and robust verification procedures.…