{"id":1548,"date":"2023-09-09T03:39:25","date_gmt":"2023-09-09T03:39:25","guid":{"rendered":"https:\/\/elucidationacc.com\/?page_id=1548"},"modified":"2024-03-03T18:43:06","modified_gmt":"2024-03-03T18:43:06","slug":"external-audit","status":"publish","type":"page","link":"https:\/\/elucidationacc.com\/index.php\/external-audit\/","title":{"rendered":"External Audit"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1548\" class=\"elementor elementor-1548\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4cf007d elementor-section-boxed elementor-section-height-default elementor-section-height-default tf-sticky-section tf-sticky-no exad-glass-effect-no exad-sticky-section-no\" data-id=\"4cf007d\" data-element_type=\"section\" data-settings=\"{&quot;tf_sticky&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-253b71c exad-glass-effect-no exad-sticky-section-no\" data-id=\"253b71c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-07a647e de_scroll_animation_no exad-sticky-section-no exad-glass-effect-no elementor-widget elementor-widget-spacer\" data-id=\"07a647e\" data-element_type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-column .elementor-spacer-inner{height:var(--spacer-size)}.e-con{--container-widget-width:100%}.e-con-inner>.elementor-widget-spacer,.e-con>.elementor-widget-spacer{width:var(--container-widget-width,var(--spacer-size));--align-self:var(--container-widget-align-self,initial);--flex-shrink:0}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container,.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer,.e-con>.elementor-widget-spacer>.elementor-widget-container,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer{height:100%}.e-con-inner>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner,.e-con>.elementor-widget-spacer>.elementor-widget-container>.elementor-spacer>.elementor-spacer-inner{height:var(--container-widget-height,var(--spacer-size))}<\/style>\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c63939b elementor-section-boxed elementor-section-height-default elementor-section-height-default tf-sticky-section tf-sticky-no exad-glass-effect-no exad-sticky-section-no\" data-id=\"c63939b\" data-element_type=\"section\" data-settings=\"{&quot;tf_sticky&quot;:&quot;no&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-a0f21d0 exad-glass-effect-no exad-sticky-section-no\" data-id=\"a0f21d0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-eec6dd6 de_scroll_animation_no exad-sticky-section-no exad-glass-effect-no elementor-widget elementor-widget-text-editor\" data-id=\"eec6dd6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p class=\"MsoNormal\" style=\"text-align: justify; line-height: normal; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\"><span lang=\"en-AE\" style=\"font-size: 10pt; font-family: Helvetica, sans-serif;\">Entities conduct<br \/>external audits to obtain an independent, third-party perspective or assurance<br \/>on their financial position and performance. The objective of the external<br \/>audit at Virtual Accountants LLC is to provide reasonable assurance to the<br \/>stakeholders based on the evidence garnered by the engagement team during the<br \/>phases of planning, execution, and completion. Auditors are required to apply<br \/>the International Standards on Auditing (ISAs) issued by the International<br \/>Accounting and Auditing Standard Board (IAASB), as well as the pronouncements and<br \/>regulatory guidance provided from time to time by the local standard setting<br \/>bodies and authorities.<\/span><\/p><p class=\"MsoNormal\" style=\"text-align: justify; line-height: normal; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\"><span lang=\"en-AE\" style=\"font-size: 10pt; font-family: Helvetica, sans-serif;\">At Elucidation for<br \/>Accounting (ElucidationAcc), our audit methodology or approach is risk-based,<br \/>which means that the scope of procedures required depends on the type and level<br \/>of risk to which an entity is exposed. We implement Test of Controls (TOCs)<br \/>during the preliminary phases of the engagement and use the results to<br \/>determine the timing and scope of Substantive procedures. The relationship<br \/>between the two quantities is inversely proportional, or i-e. The greater the<br \/>controls, the lower the risk, and the fewer substantive tests will be required.<br \/>This methodology implies that the Risk factor is of utmost importance in<br \/>deriving the entire engagement and that controls play a crucial role in<br \/>mitigating the risks to which the entities are exposed.<\/span><\/p><p class=\"MsoNormal\" style=\"text-align: justify; line-height: normal; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;\"><span lang=\"en-AE\" style=\"font-size: 10pt; font-family: Helvetica, sans-serif;\">External factors<br \/>(Political, Economic, Social, Technological, Environmental, and Legal) and<br \/>internal factors (non-systematic risk) influence the risks to which an organization<br \/>is exposed. Our substantive testing consists of Analytical Procedures (AP) and<br \/>Test of Details (TOC). The conclusion reached always reflects the collected<br \/>evidence and is always supported by ISA guidance, local laws and regulations,<br \/>and international practices. Our findings, which comprise a portion of the<br \/>deliverables we issue, are approved by the entity&#8217;s upper and lower management<br \/>at appropriate stages. We regard value addition as one of the most essential<br \/>facets of the engagement, and we always strive to provide it to our esteemed<br \/>clients within the confines of our professional standards and international<br \/>practices.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-e0c35d8 exad-glass-effect-no exad-sticky-section-no\" data-id=\"e0c35d8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2a63037 de_scroll_animation_no exad-sticky-section-no exad-glass-effect-no elementor-widget elementor-widget-image\" data-id=\"2a63037\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" loading=\"lazy\" width=\"500\" height=\"500\" src=\"https:\/\/elucidationacc.com\/wp-content\/uploads\/2024\/03\/Untitled-design-30.png\" class=\"attachment-large size-large wp-image-3836\" alt=\"\" srcset=\"https:\/\/elucidationacc.com\/wp-content\/uploads\/2024\/03\/Untitled-design-30.png 500w, https:\/\/elucidationacc.com\/wp-content\/uploads\/2024\/03\/Untitled-design-30-180x180.png 180w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Entities conductexternal audits to obtain an independent, third-party perspective or assuranceon their financial position and performance. The objective of the externalaudit at Virtual Accountants LLC is to provide reasonable assurance to thestakeholders based on the evidence garnered by the engagement team during thephases of planning, execution, and completion. Auditors are required to applythe International Standards [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"_links":{"self":[{"href":"https:\/\/elucidationacc.com\/index.php\/wp-json\/wp\/v2\/pages\/1548"}],"collection":[{"href":"https:\/\/elucidationacc.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/elucidationacc.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/elucidationacc.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/elucidationacc.com\/index.php\/wp-json\/wp\/v2\/comments?post=1548"}],"version-history":[{"count":11,"href":"https:\/\/elucidationacc.com\/index.php\/wp-json\/wp\/v2\/pages\/1548\/revisions"}],"predecessor-version":[{"id":3839,"href":"https:\/\/elucidationacc.com\/index.php\/wp-json\/wp\/v2\/pages\/1548\/revisions\/3839"}],"wp:attachment":[{"href":"https:\/\/elucidationacc.com\/index.php\/wp-json\/wp\/v2\/media?parent=1548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}