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Regardless of how much money a company makes, efficient money management is one of the essential tools for successful businesses. A company’s books are the only accurate representation of financial information. KPIs (Key Performance Indicators) can be extracted from data which depicts revenue trends, profit-making operations, and loss-making ones. Should
Many small businesses and self-employed individuals question whether they should keep their accounting records up to date like big businesses. The simple answer to this is that every business and self-employed individual, irrespective of their size, should keep their records up to date. This article will explain why everyone should
Shipping companies now have the option to be established and operate under the Merchant Shipping Act instead of the Companies Act. The Merchant Shipping Regulations underwent an amendment on 21st February 2020, notably through Legal Notice 31 of the same year. Such companies are now required to submit audited financial
Introduction to AI and Machine Learning in Healthcare Health is an important aspect of lifestyles, and countries globally are always trying to deploy cutting-edge technologies for increasing the overall health of the population. During recent years, much focus has been placed on artificial intelligence (AI) and machine learning, with politicians
The Future of Healthcare: Predictions and Trends The healthcare sector urgently needs new tech innovations, and quickly, as inventive minds and financial backers challenge a traditionally cautious industry. Improvements are seen in patient engagement as well as treatment and clinic operations. There’s both gradual and radical innovation brewing. With great
Introduction to Technology in Healthcare The world has become more integrated with technology and its influence is apparent in almost every aspect of society, and healthcare is no exception. With the continued incorporation of technology in healthcare, patient care will continue to improve. Several areas in healthcare where technology is
1. Introduction to ERP Systems Modern ERP systems are evolving and expanding. With developments of new technologies such as cloud computing, mobile applications, and big data analytics, ERP vendors are now offering their solutions through Software as a Service (SaaS) models, allowing easier and quicker implementations to interested organisations. Additionally,
1. Introduction to ESG and its Relevance in the Oil and Gas Sector In recent years, investment strategies have shifted, and capital allocation decisions now favour companies with good ESG ratings. As a result, the ESG rating system plays a key role in improving ESG practices across different sectors, including
1. Introduction to Enterprise Resource Planning (ERP) in Manufacturing ERP systems typically assist commercial entities in several areas such as production, sales, procurement, inventory management, quality management, maintenance, and financial transactions conducted inside the organisation. Furthermore, ERP methods are utilised to execute tasks such as international sales, roll-out delivery, technical
1. Introduction to ERP Systems in the Insurance Industry Nowadays, there is a consensus in the insurance business that the real competitive advantage is created by companies that can be the fastest and easiest to do business with. The opportunity to significantly reduce the effort of doing business with the
Auditors often exhibit a keen focus on meticulously crafted Excel documents, thorough documentation, and impeccable organisational skills. For seasoned professionals in the field, these attributes become instinctive. It may be surprising to learn that most auditors weren’t inherently inclined towards such precision or the creation of intricate working papers. Rather,
What is the letter of engagement? The engagement letter is one of the most fundamental elements within an audit engagement. It is in fact, the first step which every audit must start from. In basic terms, this is the written document which both the client and the audit firm conform
The Use of Confirmation Letters During the course of an audit, auditors are required to obtain sufficient audit evidence on the basis of which to establish their opinion. Confirmation letters are considered to be among the most persuasive forms of audit evidence because they are received directly from a third
Introducing Internal Auditing The word “audit” has now taken a new meaning. Before, an audit was only associated with the annual statutory audit conducted by external auditors. However, due to today’s dynamic business environment, firms are constantly exposed to certain risks, where an entity’s success is based on the ability
Did you know that you could be exempt from carrying out a statutory audit in Malta? Many asked us if it was possible to save from doing an audit, especially startups. The financial regulator heard such requests and in 2019 issued legal notice 101 which goes by the name Companies
Choosing the right auditor is an important decision which firms have to make. It is likely that you will work with your auditor year-after-year and their insights are integral to your organisation. So how do you go around and choose the best auditor for your firm? A common misconception shared
In Malta, the majority of private limited companies rely solely on their auditors to prepare the financial statements as part of the audit process. However, who is ultimately responsible for the financial statements? In preparing this publication, the authors researched different parts of the Companies Act (Chap 386 of the