Month: January 2022

Provides assurance and credibility to the accounts for the benefit of potential investors. Used for detection of errors and frauds which could lead to the failure of an organization. Audited accounts are used by the organization to raise finance from Read More …

There are three qualities necessary for an independent auditor. These are: Competence Independence and Integrity Competence Any person who intends to practice as an audit must be thoroughly trained and must prove his/her competence. In Kenya only members of ICPAK Read More …

The auditor can from time to time provide other services other the auditing. These services may include:  Writing up the books of account Balancing books of accounting Setting up accounting systems Computerizing manual accounting systems Financial advise Mergers and take Read More …

There are two main objectives of auditing: Primary objective and Subsidiary objective. The primary objective of any audit is to produce a report regarding the truth and fairness of the company’s financial statements so that any users of these statements Read More …

When the managers report to the owners or shareholders and stakeholders there is the likelihood that they will try to paint a picture that they delivered as agreed with the stakeholders or shareholders. The reports are likely to: Have misstatements Read More …

Financial statements usually three forms namely: Income statement, Cash flow statement and Statement of financial position. The financial statements may be produced quarterly, semi – annually or annually. The company’s Act recommends that they must be produced annually. There are Read More …