AccelPro’s Post

Do you need to be an accountant to work in internal audit? How is the profession evolving? And what do you need to do you get people to trust you even when you're telling them things they don't want to hear? I talk to AuditBoardR advisor and ex-CEO of The Institute of Internal Auditors Inc. Richard Chambers about all this and more on the latest episode of AccelPro Audit. Check it out.

Just finished the course “Audit and Due Diligence Foundations”! Check it out: https://lnkd.in/deQ_ajSV #learninganddevelopment #duediligence #audit

Let's collaborate for better compliance and to incorporate best practices followed in the industry. #apicalllp #BusinessConsulting #Taxadvisory #audit #riskadvisory

Like the Know Your Client Requirements - an Audit requires me to Know Your Business Read more 👉 https://lttr.ai/AVTiK #financialservices #audit #FinancialPlanningProcess #ComplianceGenie #DataProtectionPolicy

🚀 Reflecting on a Challenging yet Rewarding Audit Engagement! 🚀 I recently had the opportunity to lead a first-year audit engagement for our firm. What made this particular engagement unique was that it had a predecessor auditor, which meant we had to navigate the complexities of auditing the opening balances. In accordance with ISA 510 – Initial Audit Engagements: Opening Balances, our team took a deep dive into the prior period's closing balances, ensuring that they were free from material misstatements and that the accounting policies were applied consistently. This process was crucial in building a solid foundation for the current audit and maintaining the integrity of the financial statements. Reviewing the previous auditor’s work and conducting substantive procedures allowed us to gain confidence in the opening balances. This experience underscored the importance of thoroughness and attention to detail in initial engagements, particularly when the legacy of a predecessor auditor is involved. Every audit engagement presents its own set of challenges, but it’s these challenges that drive growth and sharpen our skills. I’m proud of the work we’ve done, and I’m excited to apply these learnings to future engagements. #Audit #ISA510 #OpeningBalances #FirstYearAudit #AuditEngagement #Accounting #Finance #Growth

In the world of finance, choosing the right guardians for our financial fortress is crucial. One of the most common dilemmas faced by companies is choosing between an in-house audit team and external auditors. Let's break down the pros and cons of each approach to help decide which is best. An in-house audit team can provide deeper knowledge and real-time insights into our company's operations and culture. This allows for more focused audits and cost-effective solutions in the long run for larger companies with frequent audit needs. However, there may be concerns about objectivity due to close proximity to management, limited expertise for complex areas and resource constraints for smaller companies. On the other hand, external auditors provide a fresh perspective and unbiased evaluation, with specialized expertise for specific audits and flexible engagement options based on our company's needs. However, they can be more expensive than an in-house team, especially for smaller companies. Audits are typically conducted on a scheduled basis, not continuously and may require time to understand our company's nuances. So, which approach is right for you? Factors to consider include company size, industry regulations, and internal controls maturity. Larger companies may benefit more from an in-house team while highly regulated industries might require external expertise. Strong internal controls can make an in-house team viable. In the end, the ideal choice depends on our company's size, complexity, risk profile and budget. #internalaudit #externalaudit #financialreporting #corporategovernance #accounting #audit #auditors

Day 28: External Audit Overview (1) 🌟 Welcome back, audit enthusiasts! 🌟 Today, we embark on a journey into the realm of external audit: 1. Introduction to External Audit Function: External audit, often referred to as an independent audit, is a systematic examination of an organization's financial records, transactions, and processes conducted by an external auditor. 🔍💼 The primary objective of external audit is to provide assurance to stakeholders regarding the accuracy, reliability, and fairness of the financial statements. 📈 2. Role and Importance of External Audit: External audit plays a crucial role in ensuring financial transparency and accountability within organizations. 📊🔒 It helps safeguard the interests of stakeholders by providing an independent assessment of the organization's financial performance and compliance with relevant laws and regulations. 💼 3. Key Stakeholders Involved: External audit engagements involve various stakeholders, including shareholders, board of directors, management, regulatory authorities, and the general public. 🤝 Each stakeholder relies on the external auditor's opinion to make informed decisions about the organization's financial health and governance practices. 👥 Stay tuned as we delve deeper into the intricacies of external audit in the coming days! #AuditJourney #ExternalAuditExploration #Audit

The Internal Audit Charter is a formal document that defines Internal Audit’s purpose, authority and responsibility. The charter establishes Internal Audit’s position within the organisation, including the nature of the Chief Internal Auditor’s functional reporting relationship with the Audit Committee; authorises access to records, personnel and physical properties relevant to the performance of engagements; and defines the scope of Internal Audit’s activities. It provides a framework for the conduct of the service. #internalaudit #audit #finance

Just finished Audit and Due Diligence Foundations! Goal & Process:- Judgment Types of Audit:-Internal audit&Certified audit Practice:-Internal control & Issuing Opinion Type of due Diligence #auditing #duediligence

Completing a statutory audit marks an important milestone in our professional journey as auditors. However, our commitment to our clients doesn't end there. It's essential to go above and beyond by adding unique value to their businesses post-audit. Beyond the numbers and compliance, our role as auditors extends to providing insights, recommendations, and actionable strategies that can drive growth and enhance efficiency for our clients. Whether it's identifying areas for process improvement, offering strategic financial advice, or sharing industry best practices, adding unique value demonstrates our dedication to the long-term success of our clients. By fostering a collaborative relationship and leveraging our expertise beyond the audit engagement, we solidify our position as trusted advisors and partners in our clients' journey towards excellence. Let's challenge ourselves to think creatively and innovatively about how we can add distinctive value to our clients after every statutory audit. Together, we can contribute to their success and create lasting impact in the business world. Regards #AuditExcellence #ValueAddition #ClientPartnership #BusinessSuccess #TrustedAdvisors