Audit

401(k) Plan

What is 401(k) Plan and What kind of Common behavioural mistake of employee which will not serve the very purpose of Retirement benefits?

A 401(k) is a retirement saving and investing plan that employers offer. A 401(k) plan gives employees a tax break on the money they contribute. Contributions are automatically withdrawn from employee paychecks and invested in funds of the employee’s choosing (from a list of available offerings). Also, when an employee retires and wants to withdraw …

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What is Journaling Entry Testing? Why Is It Important?

What is Journal Entry Testing? Why Is It Important?

Journal entry testing: Journal entry testing has to be done to recognize the risk of material misstatement in financial transactions due to fraud. The auditor has to test the nature, timing and extent of Journal entries whenever there is an instance of fraud. Journal entry testing can be done by the auditors who audit the …

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