PCR – Don’t worry, it’s different
PCR tests are commonly known for detecting COVID-19. However, in this context, "PCR" stands for something different.
The mnemonic "PCR" helps remember the key activities of non-audit services. These are services that don't involve auditing financial statements but are still important for financial management.
Preparation of Financial Statements
Cash to Accrual Conversions
Reconciliations
Using a mnemonic like "PCR for Non-Audit Services" helps auditors remember these specific tasks quickly and efficiently during their work. It also helps the students to remember for their exam preparation
So, it's like using the familiar concept of a PCR test to remember a different set of activities related to non-audit services in the field of accounting and finance.
By CA L.Muralidharan and CPA L.Mukundan
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