In a bid to be part of the month long celebration of Internal auditors globally in this month of May, I recently attended a function where I was asked to give an impromptu talk clearly stating the difference between internal control and internal … [Continue reading]
Sample of Internal Audit Charter with Free Downloadable Attachment
I decided to share this sample of internal audit charter as part of my way of giving back to the society in this month of May – my month of birth. Feel free to adopt this free internal audit charter and use it in your audit engagement as desired. … [Continue reading]
What is an Accounting Standard? Uses and Importance of Accounting Standards
To properly answer the question ‘what is an accounting standard?’ in such a way that managers from and those from non-financial background can understand it, we need to firstly refresh our mind on the importance of accounting. You can refer to the … [Continue reading]
Strategy Map Excel Template for Small Businesses
In this article is attached an excel strategy map template designed by hybrid accountant for small business owners and modern business managers. I am basically writing this article just to share the template with readers of my accounting blog – so … [Continue reading]
Qualities of a good company | Seven (7) Soft Business Valuation Aspects
Business valuation is not all about the figures in the financial statements as many people erroneously think. My many years of experience in business analysis has taught me that it is some times more important to look out for qualities of a good … [Continue reading]
What is journal entry? | How to make a journal entry | Meaning, Uses and Fundamentals
Journal entries are the foundational building block that makes accounting what it is today – the language of business. Business managers are faced with tough decisions on a daily basis ranging from making long term capital investment to making … [Continue reading]
Audit process | What is analytical procedure in audit?
Audit is all about giving opinion that is backed up by relevant adequate audit evidence. Sufficient audit evidence doesn’t just appear out of thin air; analytical procedure is one of the many veritable audit evidence gathering techniques that an … [Continue reading]
What is ISO 27001? | Information Security Management guide for small businesses and Fintech Startups
As a careered Internal Auditor and an IS/IT auditor, I can tell you with high level of assurance that many Fintech start-ups fail because of so many reasons but one of the main reasons for Fintech start-ups failure is the fact that they take their … [Continue reading]
How to select and design test of controls in internal auditing
An organization should have controls in place that operates with the sole aim of preventing, detecting and correcting accounting misstatements caused by either accounting fraud or errors. It is our job as internal auditors to test those controls in … [Continue reading]
Studying accountancy can take you far | just be a future ready accountant
This article is written to not only give assurance to students who are planning to study accountancy but to also provide some tips of what they must do to stand out from the crowd. I overheard two teenagers during the just concluded Easter … [Continue reading]
How to perform AIS Audit | Accounting information systems auditing Basics
I have been getting a lot of requests from my readers and followers asking questions on how to audit an AIS (Accounting Information Systems). In my continuous bid to share knowledge from my many years of experience in accounting, finance, internal … [Continue reading]
Bank reconciliation using Microsoft Excel IF function and COUNTIF function formulas
Bank reconciliation using Microsoft Excel IF function and COUNTIF function formulas How to perform bank reconciliation using Microsoft excel IF function and COUNTIF function formulas in order to improve efficiency is the theme of this post. I … [Continue reading]
Fraud prevention strategies | 21 most effective ways of preventing fraud
Statistics has over time shown that fraud has no clear winner. All we have is collateral loss – the only winner in fraudulent situation is Waste! Fraud prevention strategies is the best bet that businesses have to ensure that the business always … [Continue reading]
Psychology of poverty | Avoid Poverty to Embrace Wealth
One unfortunate thing about being poor is that it deprives an individual of so many privileges that seems to be exclusively reserved for the rich elites in the society. This is one of those posts where I simply express my displeasure to what the … [Continue reading]
Accounting and Politics | Role of Accountants in Political Economy
The fact that accountancy is the universal language of money means that politics cannot thrive without having people who fluently speak the language of money play a key part in the political economy. Accountants no matter how hard they try to keep … [Continue reading]
Internal Auditor Job Description | Internal Audit Roles and Functions
Unlike the job description for accountants that are fairly standardized, every company is free to set whatever they like and call it Internal auditor job description so long as it meets the company’s unique business need. However, there are internal … [Continue reading]
Financial health check | Tips for Healthy Finance
Financial health check is a task that must be performed by every individual on a more regular basis if one truly desires to attain financial independence. Today in this piece, I will be focusing on tips for healthy finance that will not only help you … [Continue reading]
Accountants vs Auditors | Should I become an Accountant or an Auditor?
This article on Accountants Vs Auditors is written specifically with young people who are at the point of making a choice in the world of noble accountancy profession in mind. Just a little background checks to make sure that I am qualified to … [Continue reading]
Who is an auditor? | How can I become an auditor?
I have spent reasonable part of my working career being a professional auditor (both internal and external). And this has made a lot of people ask me the following questions; ‘who is an auditor?’ and ‘how can I become an auditor?’. So, in this … [Continue reading]
What are the differences between mission statement, corporate objectives and business strategy? | Tabulated.
Today, I will be talking about the differences between mission statements, corporate objectives and business strategy. This article is part of the series on ‘what is strategy formulation’ where I also talked about how to build a profitable business … [Continue reading]
10 Uses of Budget to Fintech Start-Ups
It is not enough for a fintech entrepreneur to have coding skills and brilliant ideas in order to succeed in business. Some form of business lessons needs to be picked up along the way. Uses of budget to fintech start-ups is not fully grasped by … [Continue reading]
