The Process Of Changing The Audit Report In An International: Fill & Download for Free

Thanks for the A2A:Auditing has three main phases, planning, execution, wrapping up. First thing you have to do is determine the process or processes you're going to audit. Assuming you already know, and have agreed to the process you need to start planning.Agree the scope of the audit with your client. The scope will include, the process or processes to audit, and the period. You may need a couple of quick meetings with management and process owners to determine the scope.Meet the process owners to understand the process within your audit scope. By doing this you will understand how the process works, and determine risks, and controls that mitigate those risks.Document the process, this should include either a narrative or a flowchart, with relevant risks as well as relevant controls.Determine the relevant risks, as well as the controls that mitigate them that should be tested for effectiveness.Design tests for each control you're going to cover with your audit.In all of these parts you're probably going to have to meet with people to understand what you're doing and avoid wasting time while performing your tests in the execution phase.Execution: Now you're done with planning, it comes to testing or execution phase:6. To Perform the tests according to your plan for each of the controls determined to be relevant you will have to request papers of information for review in accordance to what was determined in the test design.7. Perform queries if in doubt or if you find things that may look like they may be an issue or a deviation from the control.8. Document your testing in your workpapers, these may be physical workpapers or virtual ones, but you need to document your work in a way in which anyone not involved in the Audit can reperform the test and reach the same conclusion you reached.Wrapping up.9. Document your work, and draft a preliminary report to present your issues with management.10. Meet with management to present your results and findings. It is IMPORTANT that ALL your issues and findings are previously validated with the process owners or even with management. I mean, most issues should not come as a surprise to management.11. Make any changes to your report based on the meeting results with management and send it12. Depending on how you want to focus here you can either leave it that way or Request from management their action plans to solve any issues found in your audit.13. Also depending on responsibilities or how you want to focus on your audit, you can follow up on action plans, or take care of it on your next audit of the process.The key to a successful audit is good planning. If you don't take your time and do some sloppy planning, chances are you're going to waste a lot of time down the road with your audit. Assuming you already know what you're going to audit, or you're just following up on a previous audit, you may want to just take the previous audit workpapers, and update them which should be a lot quicker than starting from scratch.

The effect is going to be good. In the short term.In the long term, if NFRA can work like an Institution such as say SEBI, the long term effects are going to be tremendously good. But, if NFRA ends up like the rest of regulators in India, then I'm afraid not much is going to change.This is a watershed moment for the ICAI and the CAs. This moment is a stern message that not enough has been or is being done in respect of reining in errant CAs whose actions have tarnished the name of a whole fraternity.Now, anyone of you who's been part of an auditing team will bear me out that the kind of O/s that the Brady House branch of PNB will scream out to you at the first look. However, unsecured or partly secured LOUs were issued to a certain someone that was conveniently glossed over by whoever audited those statements and it's internal control.A robust system is already in place that requires Branches with over 6 Cr of Total Business to have their FS mandatorily audited(threshold might have undergone a change, my information on threshold is dated), an Internal Audit assignment awarded(or get it done by an Internal Team), concurrent audits to monitor the transactions on a regular near weekly basis, Stock Audits to examine the health of Large Loans, IT Audits(to examine system controls) but still this monster of an undertaking didn't make it to any of the above reports.That is unfathomable, but, true.I won't go about the dismal track record of ICAI in bringing bad CAs to book but I guess now the time has come to start taking things seriously in this sphere of fraud accountants.The fact that a large number of shady CAs underestimate the power of the attest functions is disappointing at best.Attestation by a Chartered Accountant was meant for reposing trust n the financial statements but the connivance of a large number of CAs in the big frauds that have rattled the nation have made the signature not even half as much of worth as the paper on which it was signed.Plus, the constant lobbying by ICAI has derailed the process of notification of S 132 of Co Act, 13, for over 8 years is telling of the fact that a lot of changes are going to be imminent post constitution of this body. This change is long overdue.If the best you can come up with after every scam, is some semantic bullshit on the lines of 'an Audit is done to get reasonable assurance and not complete certification so the CA is innocent', then you're literally begging for a superregulator such as the NFRA.We can't wash our hands off every scam by ducking under the cover of plausible deniability. If it is then what, at all, is the point of getting a statement audited by a CA if he's going to not be able to point out the obvious gaping holes in those statements.Also, 55 large economies have stripped the accounting bodies of their self regulatory powers. India was the only major economy where ICAI was still in charge of punishing the very people that are it's members. Independence, anyone?So, this is a step in the right direction. Welcome NFRA with open arms.Also, time has come upgrade ourselves and provide quality services. In the process, also raise your fees. Do not file returns for 150 bucks. Don't sign on tax audit without auditing them yourselves for INR 5000. And stop blaming everyone except yourselves. Let's face it, ICAI has had it too good for just too long.So, heres to winds of change, people.

This list is compiled by Global chartered Accountant Consultant. (GCA Consultant - for more info relating to CA please visit gcaofficial.org)it varies from firm to firm and industry to industry. There are no set standards or rules.in firm major part of interview is based on CA studies while in industry it's based on self assessment.some of the questions asked by Big4 firms are as follows:The interview questions of PWCPWC really, really, really likes competency interview questions. The company lists the competencies it works for here. It also provides a few transcripts of past interview questions and answers here.And these are all the questions that candidates (and PWC itself) says it likes to ask:1. Tell me about a time you had to correct someone’s mistake2. What do you think this role involves?3. Describe a time when you had to improve a piece of work after criticism?4. What have you read about PWC in the news?5. Can you describe a time when you have worked in a team to deliver a piece of work? – What was your role in the team? What did you do exactly?6. Describe a time when you’ve successfully managed a project for example coursework or organizing an event. What challenges did you overcome? Who supported you? What was the outcome?7. Can you tell me about a piece of recent financial news you’ve read? Why did you find it interesting?8. Give an example of a time you failed to accomplish something.9. Give an example of a time you built a relationship.10. Why audit?11. Give an example of a time you worked with someone with a different style. How did this differ to your own?12. Give an example of a time you said something unethical.13. Give an example of a time when you weren’t given enough guidance.14. Why PWC?15. Give an example of a time you overcame conflict.16. What do you know about the ACA exams?17. Give an example of a time when you worked with people outside your usual network.18. What’s the most difficult thing about working with you?19. Give an example of a time you solved a complex problem.20. Give an example of a time when you had to complete multiple different projects to a short deadline.The interview questions of DeloitteMuch like PWC, Deloitte loves competency interviews.Below are the questions that previous candidates and Deloitte itself say you should expect in aninterview with the firm. Brainteasers appear to crop up from time to time.1. Describe your role in a piece of work you’re particularly proud of.2. Describe a time you collaborated with others to achieve a goal.3. Give me an example of when you have dealt with a difficult character4. How would people describe you in three words?5. Why Deloitte?6. Why audit?7. Talk me through a long term project you’ve been involved in.8. Why did you study a university degree if you want to work in accountancy?9. What’s good about you?10. Describe a time you defended a friend.11. How would you sell yourself?12. Which other companies are you applying to?13. Describe a time when you had to settle upon the right course of action. What wereyour thought processes when you made this decision?14. How do you try to be the best you can be?15. Tell us about a time you led a team.16. What can you bring to Deloitte?17. How do you handle stress at work?18. Tell me about a time you adapted to an unfamiliar situation.19. Why are pot holes round?20. How many pens can I fit in this room?The interview questions of KPMGWhat will you be asked in an interview at KPMG? The short answer is more of the same again. When you interview with the firm, you’ll be asked a lot of questions about when you demonstrated them.For example….1. What makes KPMG different from the rest of the Big Four? Why do you want to work here?2. What’s the difference between an internal auditor and an external auditor?3. What do you think this job will involve exactly?4. Talk about a time you’ve managed multiple tasks to finish a project for a deadline.5. Talk about a time you worked in a team where there were communication problems. How did you help resolve them?6. Can you talk about a time you’ve had to deal with a difficult customer? How did you diffuse the situation?7. What’s good about you? What’s not? What do you need to learn?8. Can you give an example of a time when you’ve had to communicate an idea persuasively in writing?9. Can you tell me something interesting you’ve read about KPMG in the news?10. Can you tell me about a time when circumstances changed? How did you adapt?11. Can you tell me about a time when you’ve had to overcome a setback? How did you overcome it?12. Can you talk about a business that’s doing well? Which three things do you consider key to their success?13. Can you talk about a business that’s doing badly? Which problems does it face?14. Can you talk about a time when you’ve motivated a team to work together? What did you d exactly?15. What are you most proud of?16. Which opportunities can you see now for KPMG to develop new business?17. Which skills do you think you’ll need in the role you’re applying for at KPMG?18. Can you tell me about a time you felt bored at work? How did you make the job more interesting?19. Can you talk us through the way you evaluated a challenging situation in the past?20. A company wants to relocate overseas. Talk us through the problems it faces.The interview questions of EYFinally, EY has those ‘strengths’ interviews. Strengths interviews are all about finding out your interests and what you’re good at. The interviewer wants to know what you’re really like. In recruiter parlance, they want to know your ‘authentic self.’To this end, candidates and the firm itself say you should expect the following questions when you interview at EY.1. What are you good at?2. What do you most enjoy studying?3. What gives you a buzz?4. Are you a starter or a finisher?5. Are you into big picture or detail?6. Describe a successful day you had recently.7. What do you love doing in your spare time?8. When are you happiest?9. When you do you feel most like yourself?10. Do you find there are enough hours in the day?11. Have you ever done something differently the second time around?12. Tell me about your friends.13. Which three words would you friends use to describe you?14. What’s your biggest weakness?15. Have you ever wanted to stop doing something?16. Do you think you need to be an expert to lead a team?17. Would you say you’re organized? Would your friends?18. Do you enjoy hard work?19. Why do you want this job?20. Give an example of a time you asked for more responsibility.some of the questions asked by industries are as follows:UNDER PROFESSIONAL EXPERIANCE ASSESSMENT.1. why do you feel internal auditors have an important role in any organization?2. Why do you feel internal auditors have an important role in any organization?3. Why should an organization have internal auditing/lAD?4. What is an international framework which governs the profession of internal auditing?5. What is Internal Auditing?6. What are Internal Controls?7.What is the governing framework for any Internal Audit Department in any organization?/Or What is an Internal Audit Charter?8. To Whom Head of Internal audit reports in an organization?9. How does Internal Audit maintain its independence and objectivity?10. What are the issues which may impair the Independence or Objectivity of internal auditors/lAD?11. What is Enterprise Risk Management and what role in it does internal auditing play?12. What areas you audited at your last job/ tell about your previous auditing experience?13. What are your most significant accomplishments?14. Any system related improvement you proposed in any area which you had audited. Please explain?15. What are the basic analytical techniques which an auditor needs to apply while analyzing audit data?16. Did you perform any job related to IA?UNDER COMPETENCY ASSESSMENT.1. What is there about you that set you apart from others?2. What steps you as an auditor would take to complete the assignment within the given deadline?3. How would you judge that the audit evidence gathered during a course of audit is complete in all respects?4. How would you handle an auditee who is not willing to pass on requisite information to you during the course of audit?5. What should you do if you suspect someone is involved in something illegal?6. What are the steps involved in planning an audit?7. What steps an auditor should take to ensure that recommendations in the internal audit reports are duly complied by the auditee?8. What is meant by "follow-up exercise" in an audit?9. What do you find most challenging when performing an internal audit?10. In which document responsibilities and duties of the Audit Committee are spelled out/specified?11. What is the most important ingredient in your view to ensure smooth liaison with other team members?12. How would you handle an auditee who is not willing to pass on requisite information to you during the course of audit?13. In your view what is the appropriate way and form in which you would raise your job related issues to higher management?14. What essential features ensure the quality of the audit report?15. What are the components of an Internal Audit Report?16. Up to what level during the course of an audit you could perform your work independently?17. What steps you would take to ensure that the data provided by the auditee is reliable?