Test of Detail Vs Analytical Procedures Test of detail is the audit procedure used to collect the audit evidence to evaluate the financial assertion of the accounts. The form of test of detail will be changed depending on the nature of accounts and the financial assertion that auditor wants to ...

What is An Interim Audit? Interim audit is the part of the auditor testing procedure that conduct before the financial year-end of the client. Usually, the auditor fieldwork will separate into the interim and final audits. The interim audit will perform before year-end while the final audit will be performed ...

What is a Non-statutory Audit? The non-statutory audit is the audit that not required by the law or regulation and it is conducted to check internal control compliance and efficiency. Management wants to check the efficiency level base on company policy and rules. The entity is exempt from the law ...

Journal Entry Testing Journal Entry Testing is one of the significant audit testings as it can affect many financial line items in both income statement and balance sheet. Journal Entry refers to the adjustments transactions which outside of the normal recording process. Financial statements are the result of the recording ...

What is an Unmodified Audit Report? An unmodified audit report is the audited financial statement in which an independent external auditor expresses the opinion that reporting prepared, in all material aspects, in accordance with the applicable reporting framework. It simply means the auditors do not found any material misstatement in ...

What is Bank Confirmation Letter? Bank Confirmation is the audit procedure perform by the external auditor to test cash balance at bank. Auditor simply sends a letter request for the client’s bank information such as balance, interest and so on. It is the most reliable audit documents as it is ...