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Re: Thread For Auditors & Potential Auditors by Nobody: 1:01pm On Apr 01, 2016 |
Intrepid01: Pls one more thing, can you tell the pros and cons of KPMG based on your experience there? Furthermore what are you recommendations as to working there |
Re: Thread For Auditors & Potential Auditors by Intrepid01(m): 1:46pm On Apr 01, 2016 |
MzDeeb: 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. |
Re: Thread For Auditors & Potential Auditors by dammy222(f): 3:00pm On Apr 01, 2016 |
Auditors in the house,please help me.My dream is to be an auditor and I need to work with a firm in order to gain experience .Am a graduate. Please help me |
Re: Thread For Auditors & Potential Auditors by wonlasewonimi: 4:01pm On Apr 01, 2016 |
Intrepid01: Internal Auditors are not independent. They are part of management, so they could put control in place. |
Re: Thread For Auditors & Potential Auditors by Ramanto(m): 4:24pm On Apr 01, 2016 |
WHAT MAKES ONE A QUALIFIED AUDITOR? IS IT BY PASSING ICAN OR OTHER RELATED PROFESSIONAL EXAMS? I READ ECONOMICS AT BSC LEVEL AND SO MUCH RELISH HAVING AN AUDITING FIRM OF MINE. WHAT DO I DO PLEASE? I HUMBLY AWAIT YOUR RESPONSE. THANKS |
Re: Thread For Auditors & Potential Auditors by FrankLampard: 4:52pm On Apr 01, 2016 |
What is the purpose of this thread. |
Re: Thread For Auditors & Potential Auditors by Intrepid01(m): 5:13pm On Apr 01, 2016 |
wonlasewonimi: 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 |
Re: Thread For Auditors & Potential Auditors by labiola: 6:23pm On Apr 01, 2016 |
Intrepid01: Yes , it is responsibility of the management to put in control. However, IA has the responsibility to check if the controls are adequate or not, where is inadequate , IA will recommend to the management. There are two major functions of IA. 1. Assurance service 2. consulting service. These two major services can be further divided into so many functions such as investigation, operational Audit, financial Audit, inventory check etc. |
Re: Thread For Auditors & Potential Auditors by labiola: 6:26pm On Apr 01, 2016 |
mascot87: What do you mean by ISO auditor? what do you do as ISO auditor? Thanks |
Re: Thread For Auditors & Potential Auditors by labiola: 6:31pm On Apr 01, 2016 |
Intrepid01: It seems am enjoying you, let us keep exchanging ideas. It is good for our career. keep it up brother. 1 Like |
Re: Thread For Auditors & Potential Auditors by MzDeeb(f): 8:06pm On Apr 01, 2016 |
Intrepid01: 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 |
Re: Thread For Auditors & Potential Auditors by MzDeeb(f): 8:13pm On Apr 01, 2016 |
[ 1 Like |
Re: Thread For Auditors & Potential Auditors by MzDeeb(f): 8:26pm On Apr 01, 2016 |
[quote author=Ramanto post=44316776]WHAT MAKES ONE A QUALIFIED AUDITOR? IS IT BY PASSING ICAN OR OTHER RELATED PROFESSIONAL EXAMS? I READ ECONOMICS AT BSC LEVEL AND SO MUCH RELISH HAVING AN AUDITING FIRM OF MINE. WHAT DO I DO PLEASE? I HUMBLY AWAIT YOUR RESPONSE. THANKS[/quote As an Economist, you could work in an auditing firm where you can start off as a trainee. However, you need to have some certain skills which all auditors must have For example: 1. Good communication skills - You would need to write reports as well as you will interact with different pple in the course of your duties. 2. Good Analytical Thinking - As an auditor you have to be able to analyse n interpret data. You should be able to think fast n outside the box especially when investigating fraud.. 3. Good Interpersonal skills- Hmmm. Based on the fact that we get to work with every department in an organisation as well as meet new clients almost every time. You need to be able to relate with the auditee to an extent which they will be comfortable working with you. As they might purposely hold on to information that you need to come up with a good report. These are the core skills but we have so many others.. |
Re: Thread For Auditors & Potential Auditors by Ramanto(m): 8:37pm On Apr 01, 2016 |
[quote author=MzDeeb post=44322671][/quote] THANK YOU A LOT, MA. I'M LOOKING FORWARD TO HAVING THE OPPORTUNITY. YOU'VE BEEN HELPFUL |
Re: Thread For Auditors & Potential Auditors by MzDeeb(f): 8:46pm On Apr 01, 2016 |
[b][/b][quote author=optimusmind post=442971 Internal auditors are only part of internal control systems( as rightly said by you ) established by the management. The internal auditor needs not be a member of an accounting body such as ICAN, therefore Any one can an internal auditor so long as he has knowledge of the control system. But the external auditor, it is stated by CAMA 2004 Section 358 stipulates that an auditor be a member of the accounting body. In practice however, organizations employ a chartered accountant as an internal auditor so that the auditor may rely on his opinion in some certain matters since they are both governed by same ethics. 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. Furthermore, the duty of prevention errors and fraudulent reporting falls on the directors(CAMA S253 or so) and they achieve this using internal control measures of which internal audit is a part of. Primarily, the recognized auditors are the external ones. P.S. I am not saying internal auditors are not important[/quote] 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? 2 Likes |
Re: Thread For Auditors & Potential Auditors by MzDeeb(f): 8:50pm On Apr 01, 2016 |
Ramanto:You are welcome. |
Re: Thread For Auditors & Potential Auditors by Intrepid01(m): 9:06pm On Apr 01, 2016 |
MzDeeb: |
Re: Thread For Auditors & Potential Auditors by wonlasewonimi: 12:01am On Apr 02, 2016 |
Intrepid01: There's no point engaging you. na so so theory you just dey quote. Go and learn! Edited: read what optimusmind wrote mr kpmg 1 Like |
Re: Thread For Auditors & Potential Auditors by Tolakay: 12:06am On Apr 02, 2016 |
Talkingboy: 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" |
Re: Thread For Auditors & Potential Auditors by Talkingboy: 2:59am On Apr 02, 2016 |
Tolakay: Tanx sir God bless you |
Re: Thread For Auditors & Potential Auditors by Nobody: 8:37am On Apr 02, 2016 |
MzDeeb: 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 accountant (like you) to exploit by bombarding you with so many duties. P.S. no disrespect intended. |
Re: Thread For Auditors & Potential Auditors by Tolakay: 8:42am On Apr 02, 2016 |
Adesiji77: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? |
Re: Thread For Auditors & Potential Auditors by Adesiji77: 12:29pm On Apr 02, 2016 |
Tolakay: Do you have any professional accounting qualification? Qualifications? |
Re: Thread For Auditors & Potential Auditors by MzDeeb(f): 12:50pm On Apr 02, 2016 |
optimusmind: 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# |
Re: Thread For Auditors & Potential Auditors by Nobody: 1:24pm On Apr 02, 2016 |
MzDeeb: 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.? |
Re: Thread For Auditors & Potential Auditors by Perpetual459: 2:33pm On Apr 02, 2016 |
a friend of mine just resigned from oil coy so he wants to be paying his tax based on self assessment, pls how does he go about. though when he was in d coy a monthly tax deduction was made from his salary but no tax no was given to him. |
Re: Thread For Auditors & Potential Auditors by Intrepid01(m): 2:50pm On Apr 02, 2016 |
wonlasewonimi: I'll pardon your ignorance and insults.....but please note I was never here to prove any point. |
Re: Thread For Auditors & Potential Auditors by Springboard(m): 5:27pm On Apr 02, 2016 |
Hello, Please i need advice on how to scale through at kpmg Partner interview. Thanks friends |
Re: Thread For Auditors & Potential Auditors by Nobody: 6:06pm On Apr 02, 2016 |
Intrepid01: Please what's the salary at KPMG for SA1,2 and 3 |
Re: Thread For Auditors & Potential Auditors by MzDeeb(f): 6:35pm On Apr 02, 2016 |
optimusmind: Thanks. I really do appreciate. I schooled at University of..... and i work as an Internal auditor. |
Re: Thread For Auditors & Potential Auditors by Nobody: 6:44pm On Apr 02, 2016 |
MzDeeb: I guess you are one of the few that distinguished themselves during their school days. Keep soaring, I wish you the best. |
Re: Thread For Auditors & Potential Auditors by labiola: 7:13pm On Apr 02, 2016 |
MzDeeb: |
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