What is sample and process to calculate the number of samples in audit ?

access_time 2023-01-28T18:35:37.549Z face Tushar Makkar
What is sample and process to calculate the number of samples in audit ? The sample size in an audit refers to the number of items or transactions that are selected from the population for examination. The process for determining the sample size typically involves the following steps: Define the pop...

What is materiality and steps in calculation and use of materiality?

access_time 2023-01-28T18:20:55.151Z face Tushar Makkar
What is materiality and steps in calculation and use of materiality? Materiality refers to the threshold or cutoff point at which an item or issue becomes significant enough to warrant attention from the auditor or financial statement preparer. In other words, it is the level of significance at whic...

Why audit is conducted in any company in India?

access_time 2023-01-28T17:52:26.133Z face Tushar Makkar
Why audit is conducted in any company in India? Auditing is a crucial process for any company in India, as it helps to ensure the accuracy and integrity of financial statements and records. The primary purpose of an audit is to provide assurance that the financial statements of a company are free fr...