Hasaan Fazal
What is the difference between Internal Audit Function and Internal Control System?
Let’s refresh some important areas before we get to the answer to this question so that no room is left for confusions. I will be having a quick go through each topic that is relevant. Users require financial statements to fulfill their information needs and in order to reach good decisions they must have accurate […]
Which auditing standards are part of ACCA F8 syllabus in 2011?
F8 paper in ACCA course is the very first to deal with auditing and assurance matters and examines a great deal of auditing standards knowledge. To know which auditing standards are part of ACCA F8 syllabus and are examinable, students can refer to the examinable document on ACCA’s website under paper F8 section. Examinable document […]
What is Audit Evidence?
IAASB auditing standards use professional code of ethics issued by International Ethical Standards Board of Accountants (IESBA) to describe the ethical requirements for conducting an audit. However, accountancy bodies all over the world have their own ethical standards for their members working as accounting and auditors. One common requirement in every ethical standard is that […]
How to prepare ACCA 2011 exams? - POWER POINTS
We have received numerous requests for writing about How to prepare for ACCA exams? And few subjects are requested many times. Even though there is no particular success policy that can ensure pass in an exam still doing the right thing at the right time and considering experience of teachers and students will definitely put […]
What is Matrix Organization?
There are many ways in which organizations reporting lines can be structured. Matrix organization is an organization which basically employs matrix management in its core structure. However, students must not confuse matrix organizations with matrix management as organizations can have matrix management system in place even if the organizational structure is not matrix based. The […]
What is the difference between Cost and Expense?
Most of the time the difference between the terms Cost and Expense is ignored and are used interchangeably. However, the difference is significant from accounting perspective and being an accountant it is good if we keep these two terms separate to cause lesser confusion and clearer communication of financial information. Cost can be defined as […]
How sequentially numbered vouchers help auditors?
First of all let’s clear our confusions about the term Voucher itself. Voucher is any document on which an information about the business activity is recorded and the same is approved/authenticated/authorized by the relevant person in the management. Thus voucher is any document that proves that a particular transaction did happened and the person responsible […]
What is Contra account?
Accounts in any business hold important information regarding different aspects of the entity and its operations. And to keep the information relevant and reliable these accounts needs to be updated to record all such transactions that relates to particular account. For example, funds deposited in the bank account and withdrawn are recorded in the Bank […]
What is Sampling risk in auditing?
In order to express an opinion, auditor needs sufficient appropriate audit evidence. To obtain audit evidence, auditor applies range of audit procedures. But due to limited time and resources and also to conduct audit efficiently, auditor does not apply audit procedures to the whole population in consideration. Instead, he carefully selects reasonably small proportion, which […]
What is Non-sampling Risk?
Before we look at the definition of non-sampling risk, let’s understand the background why we are even discussing this question i.e. why we even have something with the name “non-sampling risk” In order to express an opinion, auditor needs sufficient appropriate audit evidence. To obtain audit evidence, auditor applies range of audit procedures. But due […]
