Hi there. It's really been quite a while since I last posted, & I think I'd probably be doing it more often now. As most of you should already know, I've been working in the audit line for more than a year now & it's definitely amazing. In this post, I'd like to share some insights of the professional so you may widen your horizon of knowledge & widen your options for a career path.
Most of you would already know, that there are the Big 4 + 2 firms in the audit practice. They are ranked as below (you may click on the URL below the image for a link to the website).
Ernst & Young
Our work, as auditors (a.k.a. assurance providers) is with regard to the Financial Statements which comprise of the :
- Directors' Report
- Balance Sheet
- Income Statement
- Cash Flow Statement
- Statement of Changes in Equity
- Notes to the Accounts
An example of what we do, referring to the Balance Sheet on Cash at Bank balances. Let's say, the amount of Fixed Deposits is $160m, we shall have to confirm this amount. But how?
- Sight and agree the amount to the bank statement
- If figure agrees, send a bank letter to the bank
- Receive the bank confirmation, & ensure amount is true & fair
- Ensure proper disclosure on security placed for this amount is performed
Then, comes the quality control process where reviewing and leadership comes to play. Here's positioning by ranking in a firm :
- Managing Partner / Chairman
- Senior Manager
- Assistant Manager
- Senior Associate
- Junior Associate (Assistant)
Internal auditors are different than compared to external auditors. They work for company's with the NEDS (non-executive directors), ensuring internal controls are operating effectively. Paychecks are paid by the company itself and therefore an independence threat is apparent.
You may email me at email@example.com .