This topic explains the concept of professional skepticism and its importance during review and audit processes, in addition to the importance of documenting professional skepticism as part of the evaluation and decision-making process. It also explains the concept of professional judgment and why applying professional judgment during an audit is necessary.
Read more...The objectives of investors and creditors vary from those of management in companies. For instance, management often prefers high salaries and benefits (expenses afford by the company), whereas investors seek high profits and returns on their investments. Both investors and creditors rely on the report’s fairness in financial statements to achieve their respective goals. To instill confidence in these financial statements, independent auditors provide their expert opinion on their fairness
Read more...Engagement terms represent a set of standards and controls that auditors and institutions must adhere to during the audit process. These terms ensure the integrity and objectivity of the process, as well as transparency and independent assessment of the outcomes. In this article, we will review engagement terms in the audit process and their significance.
Read more...The auditor’s profession plays a vital role in ensuring transparency and reliability of financial and accounting processes within institutions and companies. Auditors are considered an important reference for both management and investors to provide an independent assessment of the financial situation and performance.
In this article, we will explore the pivotal role of auditors and their significance in enhancing transparency and financial oversight.
