Audit and closing the books

Audit & assurance How a financial statement audit works The ISA audit lifecycle from acceptance to opinion: risk assessment under ISA 315, materiality, ISA 330 responses, evidence, completion and the four opinions. 11 min read Audit & assurance Audit materiality and sampling Set overall and performance materiality and the clearly trivial threshold, choose a sampling method, size an MUS sample and evaluate the misstatements you find. 10 min read Audit & assurance Preparing for an external audit A practical audit-readiness plan: the PBC list by area, lead schedules with tick-marks, cut-off, reconciliations, ERP extracts and a year-end timeline. 9 min read Audit & assurance Journal entry testing and fraud red flags How auditors test journals under ISA 240: population completeness, risk-based selection criteria, a worked filtering funnel, Benford's law and fraud red flags. 9 min read Professional practice Finding and correcting accounting errors The error types a trial balance misses, the divisible-by-9 check, clearing a suspense account, correcting entries and IAS 8 restatement, with worked examples. 9 min read Professional practice Bank reconciliation step by step A full worked bank reconciliation: deposits in transit, unpresented cheques, charges, dishonoured cheques and errors, plus the journals to fix the cash book. 9 min read Controls Balance sheet reconciliation What reconciled means for each balance sheet account class, the evidence supporting each one, and which reconciliations are really a rolled-forward guess. 19 min read Period close The month-end close, in order A month-end close in the order the steps must happen: cut-off, accruals, bank and subledger reconciliation, intercompany, FX, suspense accounts and the lock. 19 min read