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Please Provide Audit Tips

Akhil (169 Points)

10 May 2007

Dear Friends,

I am a commerce graduate but want to work in Audit.

I would like to know some general tips and techniques to make my work smoother, more effiecient and professional. (public and private limited companies)

I seek advice from all experienced auditors on this forum.

Thank you in advance.

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6 Replies

Akhil (169 Points)
Replied 10 May 2007

Please friends I need your help urgently. Kindly help me.........

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Sc (205 Points)
Replied 10 May 2007

hey...there is so much! it would be better if u could read a book...kamal gupta's contemporary auditing is the best. It would also help a great deal if u could have atleast an average knowledge of accounting standards and auditing and assurance standards. Auditing is a specialised area...maybe u should consider doing CA...anyhow good luck!

Akhil (169 Points)
Replied 10 May 2007

Hey,
Thanks SC,

I was looking for some practical tips from persons having auditing experience. I have read Kamal Gupta's book (at least part of it ... its a huge book!!) and I have thorough knowledge of AS & AAS and also COSO regulations and IAS and some inkling of US GAAP

Some practical tips would be useful (since I am a bookworm with no practical knowledge of auditing)...... please tell me some from your experiences.

CA KiranKumar.K (FCA) (902 Points)
Replied 10 May 2007

HEY FRND.. RELAX...

AUDIT IS REALLY APPLICATION OF THINGS WHAT YOU READ. BUT BEWARE ALL ARE NOT ALIKE. JUST APPLY YOUR COMMENSENSE IN AUDITS.
A SMALL Eg THAT CAN HELP U...
1. COMPARE PRIOR YR EXPENSES TO C.Y..QUEST MORE INTO.
2. ANY MAJOR CHANGE IN ACCOUNTING POLICIES OF CO.
3. THE MANAGEMENT CHANGED ? HOW ?
4. ANY CASES AGNST OR FOR THE CO ?
5. APPLY EACH OF AS NEEDED, WHAT IS REV RECOG FOR THIS CO ?, HOW THEY R DOING ON AS 6,7,10,15,16 ETC..IS AS 22 OK WITH THEM ? AS 17 OK ?

THINK IN A BIG WAY..DONT THINK ABOUT VOUCHING AND TICKINGS.

U CAN MAIL UR Q'S TO MY ID.

BYE N ALL THE BEST. COMEUP AS A POWERFULL AUDITOR.

Rakesh (16 Points)
Replied 10 May 2007

Hey,
I always felt that Audit what one of those areas where common sense and general knowledge really plays a greater role (alongwith specific knowlege of AS, ASS, etc of course). For example once we uncovered vouchers of the company with BST number which it shouldn't have had!!!!!!!

A lot a judgement is also involved and it is in my opinion one of the most rewarding and enjoyable areas to work in.