Difference between Statement of Affairs and Balance Sheet

Both the Statement of Affairs and the Balance Sheet represent the assets and liabilities of a business entity as of a specific date. However, there are some significant differences between the two. Let’s find them out in the discussion below. The main difference between the two (Statement of Affairs and Balance Sheet) In contrast to…

Audit Working Papers and SA 230

What are audit working papers? Audit working papers refer to the documentation of the planning and execution of an audit engagement. They are essentially a record of audit procedures performed by the auditor while auditing his client’s books, relevant audit evidence obtained, and the conclusions reached by him. They may include information such as details…

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Board Resolution for Appointment of Internal Auditor: A Draft

What is this resolution for? The specimen of board resolution provided in this blog is for the appointment of an internal auditor in a company. An internal audit is a controlling tool in the hands of a company that measures and evaluates the effectiveness of its affairs primarily in accounting, operational, and financial matters. The…