Audit Plan refers to the scheme formulated by the auditor that comprises of strategy or approach, that is followed for carrying out audit. On the other hand, audit programme implies a range of verification procedures, which are applied to the final accounts, to acquire audit evidence, and thus helping auditor in providing an informed opinion. While conducting the audit, the auditor requires evidence, in support of his opinion. A collection of evidence is the beginning of the auditing process. … [Read more...]

Advertising is one of the widely used techniques of promotion, wherein modes like television, radio, newspapers, internet, etc. are used for creating demand or interest of the customers towards the product or services offered by the company. On the other hand, personal selling is the verbal communication of the message, to one or more customers, so as to create sales. Both advertising and personal selling are two major elements of promotion mix, which is employed by the organization to reach … [Read more...]

In simple terms, insurance is the act of indemnifying the risk, caused to another person. Conversely, reinsurance is when the insurance company takes up insurance to guard itself against the risk of loss. The two concepts are very similar to each other but may differ in they way; they are applied. Insurance is a very common form of financial protection which is used to provide protection against the risk of losses. On the other hand, reinsurance is used by the insurance company, when it does … [Read more...]

When the members of the organization, communicate with each other, it is called as internal communication. However, when there is a communication between members of the organization, with the outside party, it is said to be external communication. These are two types of communication, which can be seen in the corporate world. This article excerpt will provide you all the important differences between internal and external communication. In the process of management, communication plays a … [Read more...]

Internal control is a system that comprises of control environment and procedure, which help the organization in achieving business objectives. On the other hand, internal audit is an activity performed by professionals to ensure that internal control system implemented in the organization are effective. Control is one of most prominent human need, that is present in almost every human activity. So, in business too, control have a great role to play in ensuring best possible use of resources … [Read more...]