Audit and Auditing:

Of the audit and auditing tools the notes system is relevant. On certain versions there are data analysis tools and in the future these should be available for both verticals and general versions of the software.

Audit notes may be added in the cubit reporting system concerning the following topics (These notes may be edited and viewed at any time):

  • Complex/unusual transactions.
  • Significant estimates.
  • Period-end adjustments.
  • Past misstatements.
  • Differences not reconciled.
  • Information or Adjustments provided late during auditing.
  • Items not in line with expectations.
  • Unnecessary complexity.
  • Management overrides.
  • Revenue recognition.
  • Conflicting or missing evidence.
  • Unsupported transactions.
  • Frequent changes in accounting estimates.
  • Strange accounting policies.
  • Identified fraud opportunities.
  • Non reconciling suspense accounts.
  • Reconciliation variations (Bank, Debtor, Creditor).
  • Incomplete or late transactions.

What is an audit?

Auditing is defined as a systematic and independent examination of data, statements, records, operations and performance of a business for a certain purpose. In any auditing the auditor sees and examines the data he has been given, collects evidence, evaluates and then he would calculate a judgment based on different factors. The audit report is written out to the business the auditor has visited.

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