Ethics lies at the heart of the auditing profession, playing a pivotal role in maintaining the integrity of financial reporting and upholding public trust. However, audit engagements are not immune to ethical challenges that can compromise the objectivity, independence, and professionalism of auditors. These ethical threats, if not recognized and…
Ethical principles are the foundation of any profession, and their significance is particularly profound in the realm of audit engagements. Auditors are tasked with the responsibility of examining and verifying financial information to ensure its accuracy and reliability. This role demands unwavering adherence to ethical principles to maintain the integrity…
Value Added vat is imposed on the supply of goods and services for consideration during the course of business by any person within the country, provided that the supply is not exempt from tax. Supply, its types and conditions were specified in Title Three of Federal Decree-Law No. 8 of…
Materiality is a fundamental concept in auditing that plays a crucial role in determining the scope and focus of an audit engagement. It involves the evaluation of the impact of misstatements, omissions, or errors in financial statements on users’ decision-making. Materiality influences the auditor’s assessment of risks, the extent of…
The evaluation and conclusion stage is the final phase of an audit engagement, where auditors assess the results of their audit procedures, draw conclusions based on the evidence obtained, and form an opinion on the fairness and reliability of the financial statements. This stage is critical in ensuring the audit’s…
The audit execution stage(or so called “Field Work”) is a critical phase in the audit engagement process, following the planning phase. During this stage, auditors perform substantive testing, evaluate internal controls, and gather sufficient audit evidence to form an opinion on the financial statements’ fairness and compliance with accounting principles.…
Audit planning is a critical aspect of the auditing process that lays the foundation for a successful and efficient audit. It involves comprehensive preparation, understanding the client’s business, and assessing risk factors to develop a well-thought-out strategy. The goal of audit planning is to ensure accuracy and compliance with financial…
An audit is a systematic and independent examination of an organization’s financial records, processes, and activities to ensure accuracy, reliability, compliance, and transparency. It involves evaluating financial statements, internal controls, and operational practices to assess the organization’s financial health, risk management, and overall performance. Its play a crucial role in…
Audit evidence plays a critical role in providing assurance to stakeholders regarding the accuracy and reliability of financial statements. As technology advances and business practices evolve, new trends in audit evidence are emerging, transforming the way auditors obtain and evaluate evidence. This part explores some of the key emerging trends…