Completeness of FX gain in money changer or payment service

In the money changing and payment services provider, the completeness in FX gain is always a challenge to auditor.

We have to rely on corroborative evidence such as statements from agents for remittance and reasonableness test on FX gain.

Also, the MAS reporting is limited assurance work.

Recent Posts

In business valuation, enterprise value is the value of the business. It includes any intangible assets not booked such as goodwill,...

To perform walk through in audit with the objective to ascertain the audit assertions. We need to understand the control or process in...

Per FRS 109, para 5.1.1, financial assets such as equity instruments shall be initially measured at fair value. And subsequently measured...