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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.
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
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.
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
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.