See the reason for deposit.
Then how Deposit was created and check relevant agreement/support that the deposit is long-term or short term... Be Alert for Related Party Transaction.
Audit risk assessment procedures for assets involve identifying and evaluating risks related to asset valuation, existence, and ownership. Auditors typically perform inquiries, analytical procedures, and substantive testing, such as physical inspection of assets and reviewing supporting documentation. They also assess internal controls related to asset management to determine the likelihood of misstatements. By understanding the client's operations and industry, auditors can tailor their procedures to address specific risks associated with assets.
Internal audit reveals to management whether internal control procedures are duly followed or not.
Main purpose of internal audit is to establish internal control system as well as procedures which ensures that all departments works as per policies and procedures established by management of business as well as to help external auditors in conducting external audit.
Professional standards require auditors to perform a variety of procedures to ensure the accuracy and reliability of financial statements. These include risk assessment procedures, tests of controls, substantive testing, and analytical procedures. Additionally, auditors must gather sufficient and appropriate evidence to support their conclusions and express an opinion on the financial statements. Compliance with ethical standards and maintaining professional skepticism throughout the audit process is also essential.
In an operational audit, the management of an organization asserts that the operations of the organization are being conducted in accordance with management's established policies and procedures.
Substantive procedures performed by the auditor during the substantive testing stage of the audit that gather evidence as to the completeness, validity and/or accuracy of account balances and underlying classes of transactions.
Mostly Analytical procedures are performed when verifying Sales / Revenue
The primary purpose of substantive analytical procedures is to evaluate the relationships and trends within financial information to identify any discrepancies or anomalies that may indicate potential misstatements or errors in the financial statements. This helps auditors assess the reasonableness of account balances and gather evidence to support their audit conclusions.
When there is material misstatement
Yes, I can help with audit procedures, which involve examining financial records and processes to ensure accuracy and compliance with regulations.
Under HR Audit, audit of HR procedures and process is done while in financial audit, audit of finance related matters are done.
No
examples of audit procedures for share based options
Audit procedure is the process followed while auditing an entity which may include:Confirm the audit assignmentComplete appropriate planningExecute actual internal audit workDevelop a report
The audit procedure for letter of credit ensures the compliance of sanctions and post sanction procedures.
Internal audit reveals to management whether internal control procedures are duly followed or not.
A survelliance audit is a process where current procedures are checked and verified against the company's quality management system.