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ASSIGNMENT: NO: 1

Countries Certifications Regulatory Assurance Non-assurance


authorities activities activities
Pakistan Chartered The Institute of Management Accounting &
Accountant(CA ) Certified Internal Audit book keeping
Auditors (ICAP) services
Internal Audit
and System
Control Review
Taxation laws
(SCR)
services
Information
System Audit

Tax audit Human resource


management (hrm)
Regulatory services
Audit &
Regulatory
Financial
Compliance management &
Review (RCR) business
consulting services
Cost Audits &
Cost Allocation Business advisory
Studies services

Share Transfer
Audit

Review and
Complication
Assignments

America Certified Public American Dynamic Risk Tax


Accountant (CPA) Institute of Assessment
Certified Public
KPMG Clara: Advisory
Accountants
Automated,
(AICPA) agile, intelligent
and scalable Enterprise

Audit Review
and Tax News Flash
Complication Global
Assignments

business All kinds of


reporting consultancies.

Accounting
Research Online

Canadian Chartered Canadian Risk


Professional Institute of Assessment Tax Planning
Accountant (CPA) Chartered
Information US Tax
Accountants
System Audit Services
(CICA) International Tax
Tax audit Services
Regulatory
Audit & Estates & Trusts
Regulatory Advisory Services
Compliance
Bookkeeping
Review (RCR)
Cost Audits & Insolvency
Cost Allocation
Studies

Share Transfer
Audit

Review and
Complication
Assignments
Bangladesh Chartered Institute of Cost and Internal Audit Accounting &
Accountant(CA) Management outsourcing Assurance
Accountants of
Bangladesh (ICAB) Statutory audit Tax Planning

Internal audit
Accountancy and
Special audit management
training
Cost audit
Data processing
Compliance with computers
audit
Other accounting
Forensic audit ancillary services
investigation,
Management internal and
audit management audit

Performance Bookkeeping
audit
Insolvency
Forensic audit

Interim audit

Review
engagement

NGOAB audit

Donor audit
Scotland Chartered Institute of Risk Bookkeeping
Accountant(CA ) Chartered Assessment
Accountants of Management
Information Accounts
Scotland (ICAS)
System Audit
Payroll
Tax audit
Regulatory VAT Returns
Audit &
Regulatory Corporate &
Compliance Business Taxation

Review Corporate Finance


Cost Audits &
Cost Allocation Insolvency &
Studies Corporate
Recovery
Share Transfer
Audit Wealth
Management
Review and
Complication Insolvency &
Assignments Corporate
Recovery
Sri Lanka CA Sri Lanka Institute of Assessment Taxation
Chartered
Accountants of Information Advisory
Sri Lanka System Audit
(ICASL)
Singapore The Chartered Institute of Internal Audit Bookkeeping
Accountant of Singapore outsourcing
Singapore (CA Chartered Management
(Singapore)) Statutory audit Accounts
Accountants
Corporate Finance
(ISCA) Internal audit
Insolvency &
Compliance Corporate
audit Recovery

Management
audit
India Chartered Institute of Risk Audit Services
Accountant(CA) Chartered Assessment Agency
Accountants of
India (ICAI) KPMG Clara: Audit Companies
Automated,
agile, intelligent Audit Solution
and scalable
Corporate Audit
Audit Review Services
and
Complication Bank Audit
Assignments Services

business Vendor Audit


reporting Services

All kinds of
consultancies.

Insolvency &
Corporate
Recovery

Australia Certified The Institute of Management Tax


practicing Chartered Audit
Accountant (CPA) Accountants in Internal Audit
Australia and System Advisory
Control Review
Information
System Audit BUSINESS
Tax audit SERVICES
Regulatory
Audit & AUDIT &
Regulatory ASSURANCE
Compliance
Review
Cost Audits &
Cost Allocation
Studies
Share Transfer
Audit
Review and
Complication
Assignments
England ACCA Financial Risk Financial Services
Reporting Assessment
Council (FRC) Real Estate
Information
System Audit Accounting &
Financial
Tax audit Reporting
Regulatory
Audit & Risk
Regulatory Brand &
Compliance Reputation

Review Risk
Cost Audits & Capital
Cost Allocation Management
Studies
Liquidity &
Share Transfer Treasury Risk
Audit

Review and
Complication
Assignments
ASSIGNMENT: NO: 2:
NABI BUKSH CHARTERDED ACCOUNTANTS
QUESTION: 1:
How NBCA can assure MFC over up keeping of its business?
NBCA can assure MFC that confidentiality is one of the core principles to be followed by the
chartered accountants. ICAP has issued detailed code of ethics for chartered accountants and
there is no compromise on this. According to the principle of confidentiality, all chartered
accountants are required to refrain from:
1. Disclosing outside the firm or employing organization confidential information acquired
as a result of professional and business relationships without proper and specific authority
or unless there is a legal or professional right or duty to disclose.
2. Using confidential information acquired as a result of professional and business
relationships to their personal advantage or the advantage of third parties. There need to
comply with the principle of confidentiality continues even after the end of relationships
between a chartered accountant and a client or employer. When a chartered accountant
changes employment or acquires a new client, the chartered accountant is entitled to use
prior experience but the chartered accountant shall not however, use or disclose any
confidential information either acquired or received as a result of a professional or
business relationship.

QUESTION: 2:
What are the pros and cons of outsourcing for MFC of its internal audit functions?
 PROS:
1. It is easier to hire the services of a firm that has experience in the field of internal
auditing than to hire and train the new employee.
2. Specialist consultancy firms can give you the range of skills that you won’t find
in single person.
3. Company can concentrate on core business process rather than the supporting
ones.
 CONS:
1. It involves a risk of exposing company’s confidential information to a third
party.
2. An outsourced vendor may be catering to the expertise needs of multiple
organizations at a time. In such situations the vendor may lack the complete
focus of your organization’s tasks.
3. Common problem areas may include stretched delivery time frames, sub-
standard quality of work and inappropriate categorization of responsibilities.

QUESTION: 3:
Is it inappropriate for NBCA to work as internal auditor of MFC? Why or why not?
WHY:
NBCA may take responsibility of internal audit functionality of MFC by keeping a
separate team of experts apart from the members of external audit team which conducts
the audit of MFC.
WHY NOT:
i. Independency of NBCA may be impaired by auditing its own work.
ii. A self-review threat is created because of the possibility that the audit team will
use the internal audit without appropriately evaluating those results or may not
exercise the same level of professional skepticism as would be exercised without
internal audit work.

QUESTION: 4:
Should NBCA accept Mr. Biggs offer? Why and why not?
NBCA should not accept Mr. Biggs’s offer because when the total fees from a client represents a
large sum the dependence on that client and concerned about losing a client creates a self-interest
or intimidation threat.

QUESTION: 5:
Offer acceptance or rejection
NBCA ought not to acknowledge Mr. Biggs' offer since when the aggregate expenses from a
customer speaks to an extensive entirety the reliance on that customer and worried about losing a
customer makes a self-intrigue or terrorizing danger.

QUESTION: 6:
Business secrets, pros and cons of outsourcing?
PROS:
 It is simpler to contract the administrations of a firm that has involvement in the field of
inner inspecting than to contract and prepare the new representative.
 Specialist consultancy firms can give you the scope of abilities that you won't discover in
single individual.
 Company can focus on center business process instead of the supporting ones
CONS:
 It includes a danger of uncovering organization's classified data to an outsider.
 An outsourced merchant might take into account the aptitude needs of various
associations at once. In such circumstances the merchant may do not have the total focal
point of your association's assignments.
 Common issue territories may incorporate extended conveyance time periods, sub-
standard nature of work and unseemly arrangement of obligations.

 Disclosing outside the firm or utilizing association private data gained because of expert
and business connections without appropriate and particular specialist or unless there is a
legitimate or expert right or obligation to uncover.

 Using private data gained because of expert and business connections further bolstering
their own good fortune or the benefit of outsiders. There need to conform to the standard
of classification proceeds even after the finish of connections between a sanctioned
bookkeeper and a customer or business. At the point when a contracted bookkeeper
changes work or gains another customer, the sanctioned bookkeeper is qualified for use
related knowledge yet the sanctioned bookkeeper should not nonetheless, utilize or
uncover any classified data either procured or got because of an expert or business
relationship.
ASSIGNMENT: NO: 3

Assessment No 03
INSTITUTE OF INTERNAL AUDITORS
(Internet based Assessment)
Objective:
 Students will be able to understand and analyse Regulations, Qualifications and
involvement of internal auditors in companies.
Context
The Institute of Internal Auditors (IIA) is an international professional association of more
than 170,000 members with global headquarters in Altamonte Springs, Florida. Throughout
the world, The IIA is recognized as the internal audit profession’s leader in certification,
education, research, and technical guidance. Visit the IIA’s website (www.theiia.org) to
answer questions about the IIA and certification of internal auditors.

Mission of this respected publication?


The mission of The Institute of Internal Auditors is to provide dynamic leadership for the
global profession of internal auditing. Activities in support of this mission will include, but
will not be limited to:
1. Advocating and promoting the value internal audit professionals add to their
organizations.
2. Providing comprehensive professional educational and development opportunities,
standards and other professional practice guidance, and certification programs.
3. Researching, disseminating, and promoting knowledge concerning internal auditing
and its appropriate role in control, risk management, and governance to practitioners
and stakeholders.
4. Educating practitioners and other relevant audiences on best practices in internal
auditing.

Why should an organization have an internal auditing department?


A cornerstone of strong governance, internal auditing bridges the gap between management
and the board, assesses the ethical climate and the effectiveness and efficiency of operations,
and serves as an organization's safety net for compliance with rules, regulations, and overall
best business practices.
Management is responsible for establishing and maintaining a system of internal controls
within an organization. Internal controls are those structures, activities, processes, and
systems that help management effectively mitigate the risks to an organization's achievement
of objectives. Management is charged with this responsibility on behalf of the organization's
stakeholders and is held accountable for this responsibility by an oversight body (e.g. board
of directors, audit committee, elected representatives).
Organizations that do not have an internal audit function are therefore missing out on the
valuable benefits that professional internal auditors provide. In addition, they are also running
the risk of relying on management who may not be in the best position to provide skilled,
independent, and objective opinions on internal controls.

What are the six steps to receiving a certification in internal auditing?

 Six Steps to Certification

Below are the six steps an internal auditor should review when making the decision to
become certified in the profession.
Step 1: Decide Which Certification is Right for You
Step 2: Determine Your Eligibility and Skill Level
Step 3: Register for the Exam
Step 4: Prepare for the Exam
Step 5: Take the Exam
Step 6: Receive Your Certificate

What certifications are available to internal auditors?


1. CIA Certification
2. CGAP Certification
3. CFSA Certification
4. CCSA Certification
5. CRMA Certification
6. QIAL Certification
7. BEAC Certification
What are the parts of the CIA exam? How are the requirements for passing the CIA
exam like and different from the CA/CPA exam?
Part 1 has 125 questions to be answered in 2.5 hours, while parts 2 and 3, both two hours
long, have 100 questions each.

Part 1
 Mandatory Guidance (35-45%)
 Internal Control/Risk (25-35%)
 Conducting Internal Audit Engagements – Audit Tools & Techniques (25-35%)

Part 2
 Managing the Internal Audit Function (40-50%)
 Managing Individual Engagements (40-50%)
 Fraud Risks and Controls (5-15%)

Part 3
 Governance / Business Ethics (5-15%)
 Risk Management (10-20%)
 Organizational Structure/Business Process and Risks (15-25%)
 Communication (5-10%)
 Management / Leadership Principles (10-20%)
 IT / Business Continuity (15-25%)
 Financial Management (10-20%)
 Global Business Environment (0-10%)

Although the IIA does not require that its members obtain CIA certification, it is
becoming popular worldwide. What advantages are afforded to those who certify,
according to the IIA’s Web site? Who might benefit from the CIA designation?
 Help you earn credibility and respect in your field.
 Open more opportunities for advancement.
 Increase your earning potential by as much as 51%.*
 Prove your willingness to invest in your own development.
 Demonstrate your commitment to your profession.
 Improve your internal audit skills and knowledge.

Build confidence in your knowledge of the profession.Mission of IIA and Certifications

The Mission of Internal Audit articulates what internal audit aspires to accomplish within an
organization. Its place in the New IPPF is deliberate, demonstrating how practitioners should
leverage the entire framework to facilitate their ability to achieve the Mission.
To enhance and protect organizational value by providing risk-based and objective assurance,
advice, and insight

 Parts of Exams, Advantages

The CIA designation continues to gain acceptance within the internal auditing profession.
One of the goals of the IIA is to globalize the certification. Many view exam preparation as
excellent foundation training. The designation is more often seen as a job requirement or a
promotion requirement. Assists candidates in developing a comprehensive, efficient,
effective exam strategy. The exam guidelines set forth include: status evaluation, planning,
preparation and test‐taking. Proposes that this approach should minimize preparation time
and maximize success.

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