International trade can be defined as the exchange of goods and services across international boundaries. The theories of International trade can be classified into two main categories: Country-based Theories View trade in a macro perspective from the point of view of a country or nation and focus on trading phenomenon, particularly exports and imports Are … Read more
Globalization-Global Economic Systems For a firm to go global, it is imperative to study and understand the geography, economic development, market characteristics culture, and politics of the countries in which it wants to expand. To understand global economics, we need to know that the economic systems in the world can be classified into three … Read more
Earlier article describe what’s International Business, its purposes and challenges, below article looks at globalization: Globalization: The International Monetary Fund(IMF) defined globalization as a growing economic interdependence of countries worldwide through the increasing volume and variety of cross-border transactions in goods and services, free international capital laws and more rapid and widespread diffusion of technology. … Read more
Globalization is a theme in International Business for many local organization who wish to expand overseas whether regionwise or worldwide. Below explains what is International business, its purposes and some of the major challenges: International Business: Defined as a transaction across international borders, where business is conducted between countries. Purposes of International Business: Firms and … Read more
Append below is a table of glossary in alphabetically sequence. A B C D E F G H I J K L M N O P Q R S T U V W – Z Alphabet A: Absense of causal connection: An auditor’s legal defense under which the auditor contends that the damages claimed by … Read more
Append below is a table of glossary in alphabetically sequence. A B C D E F G H I J K L M N O P Q R S T U V W – Z ALPHABET C: Compliance audit: a review of an organization’s financial records performed to determine whether the organization is following specific … Read more
Whether you are an internal or external auditor, vouching and verification is must for substantive audit procedures. By performing vouching and verification, the auditor is able to ensure the adequacy of the internal controls and accounting systems and finally accuracy, existence, completeness,etc of the end balances in the financial statments hence able to form an … Read more
Append below a snapshot of audit work to be performed on Trade Debtors/Accounts Receivable: Audit Work On Trade Debtors 1.0 The Ascertainment Of Sound Accounting Systems & Inherent Internal Controls On Sales 2.0 Year End Audit Work On Trade Debtors/Accounts Receivables 3.0 Trade Debtors Circularization 4.0 Ascertainment Of Correct Cut Off 5.0 Ascertainment … Read more
The auditor will need to be satisfied that the figure appearing in the balance sheet for trade debtors is all receivable. The auditor will have to be satisfied that an adequate provision had been made for all debts. 1. Obtain a detailed age analysis of the year end of debtors and test the analysis for … Read more
The auditor will need to be satisfied of correct cut-off. Without a correct cut-of, sales can be overstated hence the need to perform the following cut off tests: 1.0 For the last invoices issued during the year and which have been included in the debtors; the goods have been despatched; the goods are not included … Read more