Intrepid01:


Well I don't think I can help you, I worte my test and essay like 5years ago. It is along time now. It was even different to what you guys do now. We wrote our test, waited for result, successfull candidates moved to the next office and we wrote an essay. I think you should find guys that joined in the last 24months they might be helpful. Goodluck

MzDeeb:



I do not agree with your statement.

The primary duty is not to make a report as to the accuracy of financial statement. You are getting it all wrong. Auditing is an indepent

1. There are two types of Auditors- We have Internal and external Auditors. Your definition above apllies to external Auditors.

Internal auditing is an independent, objective assurance and
consulting activity designed to add value and improve an
organization's operations.


The scope of internal auditing within an organization is broad and
may involve topics such as an organization's governance, risk
management and management controls over: efficiency/effectiveness
of operations (including safeguarding of assets), the reliability of
financial and management reporting, and compliance with laws and
regulations.

Internal Auditors put a control in place to prevent or mitigate fraud. We also audit processes and procedures etc.


So, you see the difference btw the two.

BTW, I work as an Internal Auditor so i guess you know why I had to analyse it.

Intrepid01:


Internal auditors do not put control in place. In the 3 lines of defense, IA is the 3rd line of defense that provides assurance on controls put in place by Management around business operations. Please correct me if am wrong.

wonlasewonimi:


Internal Auditors are not independent. They are part of management, so they could put control in place.

Intrepid01:


Internal auditors do not put control in place. In the 3 lines of defense, IA is the 3rd line of defense that provides assurance on controls put in place by Management around business operations. Please correct me if am wrong.

mascot87:
I am an ISO auditor. Who wants to chat?

Intrepid01:


Oga Auditor.....Yes Internal Auditor work for management, but Internal Auditors must not be responsible for putting controls in place knowing fully well that they will be responsible to review it for adequacy and efficiency; that is called Self-Review.

Even when an Internal Auditor notes exception, all they do is suggest remediation action, implementation of the action is the responsibility of process owners. Correct me if am wrong

Intrepid01:


Internal auditors do not put control in place. In the 3 lines of defense, IA is the 3rd line of defense that provides assurance on controls put in place by Management around business operations. Please correct me if am wrong.

Ramanto:

THANK YOU A LOT, MA. I'M LOOKING FORWARD TO HAVING THE OPPORTUNITY.
YOU'VE BEEN HELPFUL

MzDeeb:




You need to understand this very well.

Internal Auditors evaluates and provides reasonable assurance that
the control in place are working effectively.

What we have are processes n procedures that process owners do
work with which is called the [SOP].

Which we then test to know if they are following it or if it needs review etc

What is it to understand very well? How does my statement contradict what you have written? Please re-read my comment madam

Intrepid01:


Oga Auditor.....Yes Internal Auditor work for management, but Internal Auditors must not be responsible for putting controls in place knowing fully well that they will be responsible to review it for adequacy and efficiency; that is called Self-Review.

Even when an Internal Auditor notes exception, all they do is suggest remediation action, implementation of the action is the responsibility of process owners. Correct me if am wrong

Talkingboy:



Cc @ tolakay

Hello sir ;

I understand u went for Ahmed Zakari nd Co. Now I have three questions

1) when u applied, did They state it that u must have Completed ur nysc before you apply?

2) Did they say 2.1 and above or 2.2 can apply?


3) How much does an audit trainee receive in their firm?


Thanks

Tolakay:


1)Yes u must have completed ur NYSC. This should not stop you from applying as most recruitment process last for months( 6 months or more).

2) 2.2 and above

3) not sure dou cos I was dropped at d final stage..( it can't b less dan 100k"

MzDeeb:
[b]Bro, If you had said this 10 years ago i would probably have agreed with you 100%. However, during this age and time the reverse is the case. The world has evolved just so you know.

I will like to state some functions of the Internal auditor as well differences btw the two.

For many people 'audit' is about the end of year accounts; while that's very often the case, internal audit has a very different focus which is not widely understood. It might be worth having a look at the differences – especially if you are a company director or a charity trustee.

I’ve spent a significant part of my career as an external auditor and
these days internal audit is one of the services I provide – so here are my thoughts;

1. Internal audit considers whether business practices are helping the business manage its risks and meet its strategic objectives - it can cover
operational as well as financial matters. While External audit considers whether the annual accounts give a 'true and fair view' and are prepared in accordance with legal requirements.

2. Internal auditors provide a tailored report about how the risks and objectives (of the business area being audited) are being managed . There is a focus on helping the business move forward - so expect there to
be recommendations for improvement. While External auditors' main report is in a format required by Auditing Standards and focuses on whether the accounts give a true and fair view and comply with legal requirements. If other things come to light which the auditors think should be brought to the client's attention they will be reported separately to the directors in a 'management letter' .

3. An internal audit is designed to look at the key risks facing the
business and how the business is . It usually results in recommendations for improvement across departments. Both financial and non-financial elements are usually included and the company’s reputation may be a factor which is assessed. managing those risks effectively whereas an external audit focuses on finance and the key risks associated with the business’ financial business. They are usually performed on at least an annual basis to provide the annual statutory audit of the financial account

However, I really do not think its right to say this or that is the best auditing. They are both performing different functions. Its left for an individual to decide on which career path he/she wants to choose.


[Therefore, internal auditors are simply "Compliance Officers" and exist solely to ensure that the control systems established within the org are observed and FACILITATE THE WORK OF THE EXTERNAL AUDITORS]

Please Explain this?[/b]

Adesiji77:


Your line manager is not willing to release you or what?

Tolakay:
nope, the bank rarely move marketers to back office.
Abi u fit assist me with link(s) to move to audit unit of ur bank?

optimusmind:


All you have said is correct.
However, one major difference between the internal and external auditor is that; The duty of internal auditor is specified by the management while the duty of the external auditor is statutorily stipulated. Therefore, the management can give the Internal auditor any thing they want him to do ; risk management, appraisal etc.
But when the external auditor comes, his interest in internal auditor is concerned primarily with how the INTERNAL CONTROLS ARE FUNCTIONING; Thus the term compliance officers for IA.

So in a nutshell, the internal auditor can do whatever the management stipulates( encompasses everything you've said and more) but the external auditor is regulated Statutorily and cannot carry out any which the CAMA, FRC does not permit

EDITED.

See Principles Of Auditing - Osita Angulonu.
See Audit and Investigation- Adeyini A.
See Auditing - IM Pandey.
On Internal Auditing
It all said the duty of internal auditor is specified by the Management, and as we know, Managers are so happy to have a chartered account (like you) to exploit by bombarding you with so many duties.
P.S. no disrespect intended.

MzDeeb:


I totally agree with you that External Auditing is statutory.

However, i have my reservations on you last statement - *bombarding *accountant like you* with duties*? I'm quite sure you really do not understand the job duties of an Internal auditor else you would not have made that statement.

However, having tasted the two[ both external n Internal] . I prefer Internal Auditing any time any day because Internal Auditors have numerous opportunities for professional advancement due to their exposure to various business processes and sectors of the economy.

In the course of their engagements, Internal auditors gain domain and subject matter expertise while reviewing various business processes in line with best practices.

Combine this with business knowledge and you have professionals with the potential to function as better administrators than their operational
counterparts when the opportunity arrives.

In summary, this means that in future, i can fit into any department and do exceptionally well as a result of my knowledge and expertise gained from various engagements.

There are so many advantages of being an external auditor as well. Which i enjoyed when i was one.

However, i would appreciate it if we auditors stop distinguishing one as being superior. We all are auditors. We are one.

#Peace#

wonlasewonimi:


There's no point engaging you. na so so theory you just dey quote. Go and learn!

Edited:

read what optimusmind wrote mr kpmg

Intrepid01:

optimusmind:


Well said miss, well said.

P.S. I admire your command of the English Language. It has aroused my interest to ask where you schooled and currently work.?

MzDeeb:



Thanks. I really do appreciate.

I schooled at University of Lagos and i work as an Internal auditor in a pharmaceutical company.

MzDeeb:


I totally agree with you that External Auditing is statutory.

However, i have my reservations on you last statement - *bombarding *accountant like you* with duties*? I'm quite sure you really do not understand the job duties of an Internal auditor else you would not have made that statement.

However, having tasted the two[ both external n Internal] . I prefer Internal Auditing any time any day because Internal Auditors have numerous opportunities for professional advancement due to their exposure to various business processes and sectors of the economy.

In the course of their engagements, Internal auditors gain domain and subject matter expertise while reviewing various business processes in line with best practices.

Combine this with business knowledge and you have professionals with the potential to function as better administrators than their operational
counterparts when the opportunity arrives.

In summary, this means that in future, i can fit into any department and do exceptionally well as a result of my knowledge and expertise gained from various engagements.

There are so many advantages of being an external auditor as well. Which i enjoyed when i was one.

However, i would appreciate it if we auditors stop distinguishing one as being superior. We all are auditors. We are one.

I agree with your view. However, I will take external audit over Internal Audit. I like the scope of IA is very wide, if you work in a big organisation, IA will be interesting because of your exposure to all the units or department. In writing your audit programme, you have to do your Kyc as part of your planning stage. This will give you the opportunity to understand their process and work flow, which will form your basis of your Programe. My issues with IA is that the management perspectives towards audit report. Having spent time reviewing a particular unit and write a beautiful report, the management will just collect is with no actions, this happens a lot in one man structure. I love External Audit because it helps you to always be on top of your job, you can't go to a clients office where you have all their finance staff being CA, they will mess you up.

#Peace#