AUDIT ASSERTIONS

What are audit assertions?

Definition Audit assertions are claims made by management that financial statements are accurate and do not contain any errors. Here, auditors’ work begins and they … Read more

audit procedures

What are the audit procedures?

Definition Auditors perform audit procedures to obtain sufficient and appropriate audit evidence on the identified risks. Generally, auditors understand business, assess the risk of material … Read more

audit scoping

What is audit scoping?

Definition Audit scoping refers to the process of setting extent, nature, and timing of audit procedures to be performed. The scope of auditing is dependent … Read more

target costing

What is target costing?

Definition Target costing is a systematic way to set product price. It considers the current market price and desired profit to set production cost.  It … Read more

What Is Operational Audit

An operational audit is conducted to evaluate the performance of a company’s operations. It includes both day-to-day activities and broader-scale activities. This type of audit … Read more

Economy Pricing Strategy

What Is Economy Pricing Strategy? Economy pricing strategy is one of the four pricing strategies that a company might choose depending on its needs, goals, … Read more

Company Infrastructure

Definition Company infrastructure refers to the structure of services, facilities, and procedures/policies used by a business. In fact, the foundation of business is based on … Read more

What is Feedback Control?

Definition Feedback control is a control system that relies on feedback for analyzing the discrepancy between actual and desired performance so that improvements can be … Read more

What is a Compliance Audit?

Definition A compliance audit is an assessment carried out, mostly by third party auditors, to examine the extent to which a company’s internal policies, procedures … Read more