11-17-2004, 06:01 PM
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I am completing my articles in one of the best c.a firm in Pakistan and engage in internal audit from last 8 months and i think it's really a great experience for a person who is going to be a c.a in future. As in external audit u are just concerned with the figures and other assertions but u forget other important areas of business, but internal audit gives u a comprehensive knowledge of the client's business and u really understand the business and it's functions and especially u evaluate internal control systems and this gives a more knowledge than external. I have conducted internal audits of very large organisations and after this i feel if i have been on external audit of these clients then i may have forgotten other aspects of the business if i was on external audit.
any comments?
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I am surprised Augustus that you completed your articles from one of the best ca firm and you are saying that you missed to evaluate the internal controls being on external audit.
During the course of external audit, we evaluate the internal controls specially on Sales, purchase and material issuance, receipts
and payments etc, using the CAFs.
In my opinion being external auditor you have different powers so you can evaluate the system and can include weaknesses in your ML but being internal auditor your status is of employee and you face the situations as mentioned by Ehrar_ACMA.
Regards.
Take care.
Ooooh, waisay 2 days ago, there was Eid of Muslims. "Eid Mubarak" you all.
SMR
I am completing my articles in one of the best c.a firm in Pakistan and engage in internal audit from last 8 months and i think it's really a great experience for a person who is going to be a c.a in future. As in external audit u are just concerned with the figures and other assertions but u forget other important areas of business, but internal audit gives u a comprehensive knowledge of the client's business and u really understand the business and it's functions and especially u evaluate internal control systems and this gives a more knowledge than external. I have conducted internal audits of very large organisations and after this i feel if i have been on external audit of these clients then i may have forgotten other aspects of the business if i was on external audit.
any comments?
<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana, Tahoma, Arial" size=2 id=quote>
I am surprised Augustus that you completed your articles from one of the best ca firm and you are saying that you missed to evaluate the internal controls being on external audit.
During the course of external audit, we evaluate the internal controls specially on Sales, purchase and material issuance, receipts
and payments etc, using the CAFs.
In my opinion being external auditor you have different powers so you can evaluate the system and can include weaknesses in your ML but being internal auditor your status is of employee and you face the situations as mentioned by Ehrar_ACMA.
Regards.
Take care.
Ooooh, waisay 2 days ago, there was Eid of Muslims. "Eid Mubarak" you all.
SMR
