Anti Money Laundering

What is Money Laundering? Money laundering, a sophisticated process, involves making illegally-gained proceeds, such as funds from criminal activities, appear legal or “clean.” It involves transactions intended to obscure the origin of funds, making them appear to come from a legitimate source. Money laundering typically involves three key stages: 1. Placement: Illicit funds are introduced …

Top Excel Financial Formulas

Here are the top excel financial formulas that will help you productively use the office application (i) XNPV: The XNPV function in Excel calculates the net present value of a series of cash flows at irregular intervals. It requires three arguments: the discount rate, an array of cash flows, and an array of corresponding dates. …

What is Financial Audit?

What is a financial audit? A financial audit is an independent review and examination of a company’s financial statements and records. The purpose is to provide assurance that the financial statements accurately reflect the financial position. This is typically done by an independent accountant or firm and is required by law for publicly-traded companies. The …

Specific sector: Hospitals

Things to remember while auditing a hospital 1. Compliance: Ensure the hospital follows all relevant healthcare regulations and standards. 2. Patient Records: Verify the accuracy, confidentiality, and security of patient records. 3. Staff Credentials: Confirm that all healthcare professionals have proper licenses and certifications. 4. Infection Control: Assess the hospital’s protocols for infection prevention and …

Audit of Cash and Bank Balances

What are Cash and bank balances? Cash and bank balances refer to the amount of money that a person or company has on hand in the form of physical cash, as well as the amount of money that is held in checking, savings, and other types of bank accounts. The term “cash and bank balances” …

Audit of Receivables

What are Receivables? Receivables are amounts of money that are owed to a person or company by customers or clients for goods or services that have been provided. In other words, receivables are amounts that are expected to be paid in the future as a result of transactions that have already taken place. As a …

Audit of Payables

What are Payables? Payables are amounts of money that a person or company owes to suppliers, vendors, or other creditors for goods or services that have been received. In other words, payables are amounts that are due in the future as a result of transactions that have already taken place. These amounts may be due …

Top Excel General Formulas

What are excel formulas? Excel formulas are expressions that perform calculations or manipulate data in Microsoft Excel. They are entered into cells and can range from simple arithmetic operations to complex functions. Here are some common types of Excel formulas: Formulas enable users to automate calculations, analyze data, and create dynamic and interactive spreadsheets in …