Companies Act

Introduction In today’s digital era, starting a business independently has become significantly easier. At the same time, many entrepreneurs not only desire complete control but also require legal protection and enhanced credibility. In this context, the concept of a One Person Company (OPC) has emerged as a highly effective solution. It enables a single individual […]

Introduction SA 560 – Subsequent Events is the events which explains the auditor’s responsibility for events that occur after the balance sheet date but before the auditor signs the audit report. but in reality, the auditor must evaluate whether any significant event occurring after the reporting date affects the financial statements and whether the entity […]

Introduction SA 550 – Related Parties explains the auditor’s responsibilities for identifying and evaluating related party relationships and transactions during an audit of financial statements. In many businesses, companies enter into transactions with parties that maintain a close relationship with the entity. However, these dealings may not occur at arm’s length. As a result, they […]

Introduction Financial statements often contain amounts that management cannot measure precisely. Therefore, management uses accounting estimates based on judgment, assumptions, and past experience. For instance, companies estimate bad debts, depreciation, warranty expenses, and fair value of assets. To guide auditors in examining such estimates, the SA 540 – Auditing Accounting Estimates, Including Fair Value Accounting […]

Introduction Audit sampling means selecting and examining less than 100% of items in a population to obtain audit evidence. The auditor uses the results of the selected sample to form a conclusion about the entire population. Objective of Audit Sampling The auditor uses audit sampling to obtain a reasonable basis for drawing conclusions about the […]