Accounting Tools

JUNE 14, 2023

Related Courses The Balance Sheet The Income Statement The Statement of Cash Flows What are the Types of Financial Statements? Financial statements provide a picture of the performance, financial position, and cash flows of a business.

Financial Statements 75

Financial Statements Budgeting Auditing Accounting 75

Accounting Tools

OCTOBER 8, 2023

Related Courses Auditing Nonprofit Entities Nonprofit Accounting What are the Key Financial Statements for a Nonprofit? A nonprofit entity issues a somewhat different set of financial statements than the statements produced by a for-profit entity. One of the statements is entirely unique to nonprofits.

Financial Statements 75

Financial Statements Auditing Accounting Accounting 75

Accounting Tools

JULY 24, 2023

Related Courses The Balance Sheet The Income Statement The Statement of Cash Flows The key components of the financial statements are the income statement , balance sheet , and statement of cash flows. The key points favoring each of these financial statements as being the most important are noted below.

Financial Statements 75

Financial Statements Accruals Auditing Accounting 75

Counto

JANUARY 11, 2025

The return must include up-to-date details such as the companys financial statements, directors, and shareholders. These standards ensure your financial statements are in line with industry regulations and recognised globally. However, they must still prepare financial statements in line with the SFRS.

Financial Statements 52

Financial Statements Financial Records Record Keeping Auditing 52

Accounting Tools

JUNE 9, 2024

What are General Purpose Financial Statements? General purpose financial statements are those financial statements released to a broad group of users. These statements include the following: Income statement. Who Receives General Purpose Financial Statements?

Financial Statements 52

Financial Statements Expense Reports Auditing Financial Reporting 52

Accounting Tools

OCTOBER 21, 2023

Related Courses How to Conduct an Audit Engagement The purpose of an audit is for an independent third party to examine the financial statements of an entity. This opinion greatly enhances the credibility of the financial statements with users, such as lenders , creditors , and investors.

Auditing 75

Auditing Financial Statements Accounting Accounting 75

Accounting Tools

SEPTEMBER 19, 2023

Related Courses How to Conduct an Audit Engagement What is an Operational Audit? An operational audit is an examination of the manner in which an organization conducts business, with the objective of pointing out improvements that will increase its efficiency and effectiveness.

Auditing 75

Auditing Financial Statements 75

Accounting Tools

MAY 21, 2023

Related Courses How to Audit Cash How to Audit Fixed Assets How to Audit Inventory How to Audit Receivables How to Conduct an Audit Engagement What are Management Assertions? The auditors test the validity of these assertions by conducting a number of audit tests.

Auditing 75

Auditing Financial Statements General Ledger Accounting 75

Accounting Tools

SEPTEMBER 24, 2023

Related Courses How to Conduct an Audit Engagement The Balance Sheet The Income Statement The Statement of Cash Flows What are Audited Financial Statements? Audited financial statements are the financial statements of an organization that have been examined by a certified public accountant (CPA).

Financial Statements 40

Financial Statements Auditing CPA Financial Reporting 40

Accounting Tools

JULY 30, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What are Audit Procedures? Audit procedures are used by auditors to determine the quality of the financial information being provided by their clients, resulting in the expression of an auditor’s opinion.

Auditing 75

Auditing Financial Statements Invoicing Accounting 75

Accounting Tools

OCTOBER 20, 2023

Related Courses How to Conduct an Audit Engagement Internal Auditing Guidebook What is an Internal Audit? Internal audit refers to the department located within a business that monitors the efficacy of its processes and controls. What is an External Audit?

Auditing 75

Auditing Financial Statements Financial Records CPA 75

Accounting Tools

FEBRUARY 25, 2024

What is an Audit? In general, an audit is an investigation of an existing system, report, or entity. There are many types of audits that can be conducted, as noted below. This audit is most commonly used in regulated industries or educational institutions.

Auditing 75

Auditing Payroll Financial Statements Computation 75

Accounting Tools

JULY 14, 2024

What is a Financial Statement Compilation? A financial statement compilation is a service to assist the management of a business in presenting its financial statements. When completed, the accountant provides a written report that should accompany the compiled financial statements.

Financial Statements 40

Financial Statements Auditing Financial Reporting Accounting 40

Accounting Tools

OCTOBER 19, 2023

What are Unaudited Financial Statements? An unaudited statement is a financial statement that has been prepared by an auditor , but for which a standard set of audit procedures have not been performed. In addition, the statement must be labeled as unaudited.

Financial Statements 40

Financial Statements Auditing Accounting Accounting 40

Counto

FEBRUARY 22, 2025

These standards align with international financial reporting norms, ensuring consistency and transparency in financial statements. Real-time financial reporting ensures businesses stay compliant without manual intervention. Reduces errors in financial statements, improving audit readiness.

Accounting 52

Accounting Accounting Financial Statements Financial Reporting 52

Accounting Tools

DECEMBER 19, 2023

What are Financial Statement Footnotes? Financial statement footnotes are explanatory and supplemental notes that accompany a firm’s financial statements. The exact nature of these footnotes varies, depending upon the accounting framework used to construct the financial statements (such as GAAP or IFRS ).

Financial Statements 40

Financial Statements Reconciling Auditing Accounting 40

Accounting Tools

DECEMBER 23, 2024

A virtual close involves the use of fully integrated company-wide accounting systems to produce financial statements at any time, on demand. Otherwise, there are too many problems with the virtual close financial statements to place much reliance on them. What is the Virtual Close? Error tracking.

Financial Statements 40

Financial Statements Accruals Accounting Software Auditing 40

Counto

NOVEMBER 3, 2024

This approach offers a complete and accurate financial picture, showing outstanding receivables, payables, and overall performance, making it invaluable for business planning and compliance. Legal Compliance In Singapore, maintaining financial records on an accrual basis is mandatory.

Accruals 52

Accruals Accounting Accounting Auditing 52

Counto

DECEMBER 16, 2024

Heres a quick overview of the primary accounting services: Bookkeeping : Recording daily financial transactions, such as sales and expenses. Financial Statement Preparation : Creating essential financial reports like income statements, balance sheets, and cash flow statements.

Financial Records 52

Financial Records Budgeting Accounting Accounting 52

Counto

SEPTEMBER 7, 2024

Understanding Audit Requirements for Private Limited Companies in Singapore As a private limited company in Singapore, understanding audit requirements is crucial for maintaining financial transparency and compliance. What is an Audit? Purpose: Verify that the financial statements present a true and fair view.

Auditing 52

Auditing Financial Statements Tax Budgeting 52

Accounting Tools

JULY 8, 2024

An example of the presentation of payroll taxes in an income statement appears in the following exhibit. Thus, the employee-paid portions of Social Security and Medicare taxes are not an expense to the company (and so do not appear on the income statement), but they are a liability (and so will appear on the balance sheet).

Payroll 52

Payroll Financial Statements Tax Auditing 52

Accounting Tools

JUNE 9, 2024

What is an Audit Report? An audit report is a written opinion of an auditor regarding an entity's financial statements. The report is written in a standard format, as mandated by generally accepted auditing standards ( GAAS ). The different types of audit reports are noted below. The scope of the audit.

Auditing 40

Auditing Financial Statements Financial Records 40

Counto

MARCH 23, 2025

Statutory Reporting Financial statements must comply with the Charities Accounting Standard (CAS) or Singapore Financial Reporting Standards, depending on the organisations structure. Internal Controls and Audits Specialised services help implement robust financial controls, reducing the risk of mismanagement or fraud.

Accounting 52

Accounting Accounting Financial Reporting Budgeting 52

Accounting Tools

JULY 14, 2023

Related Courses How to Conduct a Compilation Engagement How to Conduct a Review Engagement How to Conduct an Audit Engagement What is an Adverse Opinion? An adverse opinion is a statement made by an entity’s outside auditor , that the entity’s financial statements do not fairly represent its results, financial position , and cash flows.

Financial Statements 75

Financial Statements Auditing Accounting Accounting 75

Counto

FEBRUARY 23, 2025

Appoint an auditor within three months if your company is not exempt from audit requirements. Ensure compliance with Singapore Financial Reporting Standards (SFRS) for financial statements. Our expert team streamlines your business journey, from company incorporation to tax filing.

Financial Statements 52

Financial Statements Financial Reporting Tax Bookkeeping 52

Accounting Tools

JANUARY 2, 2024

More commonly, accounting reports are considered to be equivalent to the financial statements. These statements include the following reports: Income Statement The income statement states the sales earned during a period, less expenses, to arrive at a profit or loss.

Financial Statements 75

Financial Statements Accounting Accounting Budgeting 75

Accounting Tools

SEPTEMBER 27, 2023

Related Courses How to Conduct an Audit Engagement What is an Audit? An audit is the examination of an entity's accounting records , as well as the physical inspection of its assets. If performed by a certified public accountant (CPA), the CPA can express an opinion on the fairness of the entity's financial statements.

Auditing 40

Auditing Financial Statements CPA Accounting 40

Accounting Tools

DECEMBER 10, 2023

What is a Group Audit? A group audit involves the audit of group financial statements. Group financial statements are financial statements that include the financial information for more than one component. A group audit is conducted by the auditor of the parent company.

Auditing 40

Auditing Financial Statements Budgeting Accounting 40

Accounting Tools

MARCH 22, 2024

What is Audit Risk? Audit risk is the risk that an auditor will not detect errors or fraud while examining the financial statements of a client. Auditors can increase the number of audit procedures in order to reduce the level of audit risk.

Auditing 40

Auditing Financial Statements 40

Accounting Tools

APRIL 29, 2024

What is a Statutory Audit? A statutory audit is an examination of an entity's financial records in accordance with the requirements of a government agency. A number of organizations must undergo statutory audits, including banks, brokerage firms, insurance companies, and municipalities.

Auditing 40

Auditing Financial Statements Financial Records Bookkeeping 40

Accounting Tools

DECEMBER 23, 2023

What are Audit Objectives? Audit objectives are associated with the audit of financial statements. The primary objectives associated with an audit fall into these classifications: Assess the client’s internal controls. Develop an audit opinion. Detect fraud and errors. Detect fraud and errors.

Auditing 40

Auditing Financial Statements Financial Reporting 40

Gaviti

JANUARY 20, 2025

One cornerstone of accurate financial reporting is the matching principle in accounting, a concept that ensures revenues and expenses are recorded in the same period. This article dives into the intricacies of the matching principle and explores best practices for integrating it with A/R automation tools for optimal financial accuracy.

AR 52

AR Financial Statements Invoicing Collections 52

Counto

MARCH 23, 2025

Regulatory Requirements Some businesses, especially those near audit thresholds, need additional financial statements or management reports, which can also affect pricing. Multiple Revenue Streams Companies with diverse income sources or operating in multiple jurisdictions may need customised reporting, increasing service costs.

Bookkeeping 52

Bookkeeping Accounting Accounting Payroll 52

Accounting Tools

AUGUST 2, 2024

What are Audit Working Papers? Audit working papers are used to document the information gathered during an audit. They provide evidence that sufficient information was obtained by an auditor to support his or her opinion regarding the underlying financial statements. Who Prepares Audit Working Papers?

Auditing 40

Auditing Financial Statements Computation Budgeting 40

Accounting Tools

SEPTEMBER 25, 2023

Related Courses How to Audit for Fraud How to Conduct an Audit Engagement What is an External Audit? An external audit is an examination that is conducted by an independent accountant. This type of audit is most commonly intended to result in a certification of the financial statements of an entity.

Auditing 40

Auditing Financial Statements Accounting Accounting 40

Accounting Tools

OCTOBER 6, 2023

Related Courses How to Conduct an Audit Engagement What is a Disclaimer of Opinion? A disclaimer of opinion is a statement made by an auditor that no opinion is being given regarding the financial statements of a client. This disclaimer may be given for several reasons.

Financial Statements 75

Financial Statements Auditing 75

Accounting Tools

MAY 24, 2023

By using a soft close, the accounting department can issue financial statements very quickly and then return to its normal day-to-day activities. The reduced accuracy level makes the soft close impractical for reviewed or audited financial statements that are read by outsiders.

Accruals 75

Accruals Financial Statements Account Reconciliation Auditing 75