Category: Audit & Assurance

What are Sales? Sales is the process of exchanging goods or services for money. It is a common commercial activity that is essential for the success of most businesses. Sales typically involve a seller offering a product or service to a buyer in exchange for payment. The seller may be an individual, a company, or […]

What are Purchases? Purchases are the acquisition of goods or services for personal or business use. In a business context, purchases are transactions in which a company acquires goods or services from another company or individual in order to produce or resell the goods or services. Purchases are typically made with the intention of generating […]

Auditing accounts involves reviewing and verifying the accuracy of a company’s financial records. This is typically done by an independent accountant or firm to ensure that the financial statements accurately reflect the financial position of the company. The process typically involves a detailed review of the company’s financial records, including its income statements, balance sheets, […]

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 […]

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 […]

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” […]

Audits of hospitals are to be done considering these points in mind. (i) Verify the register of patients (ii) Collection of cash (iii) Income from investment, rent, etc. (iv) Legacies and Donations (v) Reconciliation of subscriptions (vi) Authorization and sanctions (vii) Grant (viii) Tax Deducted at Source (ix) Budgets (x) Internal Check (xi) Depreciation (xii) […]

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 […]