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true and fair view of the concern. It also attempts to ensure that the books of
has become such a ubiquitous phenomenon in the corporate and the public
obtains evidence, evaluates the same and formulates an opinion on the basis
Any subject matter may be audited. Audits provide third party assurance to
conservation.
As a result of an audit, stakeholders may effectively evaluate and improve the
The word audit is derived from a Latin word "audire" which means "to hear".
auditors in Britain used to hear the accounts read out for them and checked
JOB DESCRIPTION
They can also act in an advisory role to recommend possible risk aversion
with independent chartered and certified firms, examining the money going
correctly.
checking that financial reports and records are accurate and reliable
identifying if and where processes are not working as they should and
recommendations
Auditors work typical office hours from 9.00 am to 5.00 pm, Monday to
Friday. They may need to work extra hours or during the weekend to meet
ENTRY QUALIFICATION
global profession. Holding an IIA qualification will give you the knowledge
and confidence you need to succeed, as well as the recognition and status
award Chartered Internal Auditor status means you can achieve the same high
professions.
In 2015 we adopted the Certified Internal Auditor (CIA) and the new
Qualifications
backgrounds and levels of education. The career is open to all graduates but a
accountancy;
economics;
finance;
IT.
enter the profession, particularly if you have some related pre-entry work
experience. You will then gain recognition and will be able to progress as you
Skills
Work experience
opportunities.
Internal Auditor (CIA) will give you the skills, knowledge and career
If youre already qualified in internal audit, why not maximise your potential
and raise your profile by becoming a Chartered Internal Auditor? The new
CMIIA designation.
WORK DETAILS
business processes;
and information;
opportunities;
agreeing recommendations with relevant staff members to make
meetings;
regular communications.
BENEFITS OF AUDITING
Auditing has become a compulsory task in the business organization. All the
management are separate. So, to detect and prevent frauds, auditing has
An auditor's main duty is to detect errors and frauds, preventing such errors
and frauds and taking care to avoid such frauds. Thus, even though all
organizations do not have compulsion to audit, they make audit of all the
books of accounts.
An auditor raises questions if accounts are not maintained properly. So, audit
and liabilities, businessman can sell his business. It helps to determine the
price of business.
Tax authorities assess taxes on the basis of profit calculated by the auditor. In
the same way sales tax authority calculates sales tax on the basis of sales
books of accounts of current year with the accounting of the previous year.
So, comparing the accounts of current with previous years helps to detect
Valuation of all the assets and liabilities of the business is made by the
auditor while auditing books of account. Such valuation helps to clear the
If any case is filed against the auditor regarding negligence, auditor can
present audited report as a proof to settle such case. So, it helps to present
period of time. So, the owner of the business can get information about profit
All the audited statements remain true and correct. Such true and correct
which creates faith of public over the business. Thus, auditing helps to
REGULATORY BODIES
public companies in order to protect the interests of investors and further the
audit reports.
The largest independent regulator of securities firms doing business with the
public in the United States. The mission is to pursue investor protection and
market integrity, and carry it out by overseeing virtually every aspect of the
brokerage industry.
fair and efficient municipal market, regulating firms that engage in municipal
employees.
Auditors ensure that checks are in place to help with the effectiveness
statements are free from significant errors. Due to the high cost of audits and
the fact that auditors cannot possibly verify every transaction that has taken
(To learn what to look for when analyzing your own financial statements,
There are a few personal characteristics that are important for an auditor to
have:
Auditors should posses a strong ethical framework and report on issues
they should keep in mind the objectives of the audit (for instance, the
Auditors need to be team players. As the scope of the audit can be fairly