Dear Expert, Kindly give me your views on how one can deal with the following internal audit situation:
During the review of the company bank reconciliation an internal auditor discovers that the reconciliations are not up to date for more than a year which of course increases the risk of fraud. So the auditor decides to review the system of receipting , recording and depositing cash sales. A lot of frauds are discovered relating to posting of payments to debtors and understating of bank deposits.
Some months later the finance manager writes …

Dear Collegues,Really appriciate if anybody could share me the Hotel Internal Audit
Procedure and plan, stretegy (Hospitality). or any website link, PDF,
presentation file.Thanks in advance

Bookmark on Delicious
Digg this post
Recommend on Facebook
Share on Linkedin
share via Reddit
Share with Stumblers
Tweet about it
Subscribe to the comments on this post
Tell a friend
Print for later

Dear all,
I have a question in relation to acquisition accounting in accordance with
IFRS3. In this case a parent company A acquires all the shares in
subsidiary company B for (say) 50M. This cost price represents a goodwill
over the fair value of the assets and libailities assumed of 15M. Where
should I record the 15M goodwill? Is this in the subsidiary company B or
in parent company A?

Based on IAS21, p. 47, I would say in the sub.
All the best, Farah

L’adresse e-mail de votre correspondant a changé. Elle devient:  prenom.nom@gdfsuez.com
Nous vous remercions de bien …

Dear All , Kindly need your urgent help
We Have more than 10 companies in different countries and using different currencies :
1- our holding company send us every month end the conversion rate that we should use for each currency in order to be able to consolidate in 1 reporting currency.
2- Every month we report the PL ( Year to Date figures ) , and the balance with other schedules …
MY Question is : We should use the average rate of the PL and month end rate for Balance …

Hello

 
does anyone have sample internal audit questionary? SOX survey ? procedures etc.???
 
thanks

Dear
Could you specify the concerning areas u need sample questionnaires!

Bookmark on Delicious
Digg this post
Recommend on Facebook
Share on Linkedin
share via Reddit
Share with Stumblers
Tweet about it
Subscribe to the comments on this post
Tell a friend
Print for later

I’m a CPA from the US. Is the ACCA something I should join? I’m a
member of the IMA and the AICPA in the US. Is ACCA some kind of
upstart or does anyone find it to add value to their careers and is it
recognized by global employers?
Thanks for the opinions, mostly just curious here.

Dear Justin,
ACCA is a British qualification mostly recognisted by European based
mutlinational corporations, British in particular. Please also consider
CIMA which is also Brtish qualification with more focus on management
accounting (controlling). With both qualifications you can take IFRS
path.
Please visit www.accaglobal.com …

Hello,
 

If a company asks a third party to construct a fixed asset and at the end of the year, the fixed asset is not complete, but you have a statement of the costs incurred, would you capitalize the costs incurred under Construction in Progress with counterpart in accruals. Or would you record an entry only when it has been delivered to the company?
 
What IFRS would be applicable?
 
Thanks,
Isabelle

IFRS 16 would be applicable “Plant , Property and Equipemnt”
 
Recognisation -
Items of property, plant, and equipment should be recognised as assets when it is probable …

Hey all , need some help in writing an internal audit report , i’m an internal auditor , i’m a very good in auditing and finalizing the working papers or create work papers and good in the business that i audit .but i face lot of difficulties
in wording an internal audit report , i did research and i know all the standards steps but always i find difficulties word and express my finding in a professional executive summary or detailed report ,  wish you got the point and someone …

I do need audit program on laboratory process/ lab testing process. Any body can help me by providing it.

Audit program totaly depends on nature of operation. you may take help from bangaldes auditing stanard for bsic sence of audit program. if you need help  may contract with me
zakaria

Sorry have no audit programme for lab process you may applied standard audit procedure after accquring reasonable knowledge of processes of relevant laboratroy.
If you received any good program please forwarded it to me
Thank You & Best Regards,
 
AMIR

Bookmark on Delicious
Digg this post
…

Good day.

Have anybody intend to take this exam. Could advise me how I should register and where can I get the exam. In Jordan

Regard

Bookmark on Delicious
Digg this post
Recommend on Facebook
Share on Linkedin
share via Reddit
Share with Stumblers
Tweet about it
Subscribe to the comments on this post
Tell a friend
Print for later

Dear All, 
I require your help in the basis of cost allocation can be done for an internal audit fee between two entities.
BestRegards,

Bookmark on Delicious
Digg this post
Recommend on Facebook
Share on Linkedin
share via Reddit
Share with Stumblers
Tweet about it
Subscribe to the comments on this post
Tell a friend
Print for later

Dear All ,
Can anyone provide an internal audit software name
what’s the best software that i can buy for small internal audit dept
Regards

Bookmark on Delicious
Digg this post
Recommend on Facebook
Share on Linkedin
share via Reddit
Share with Stumblers
Tweet about it
Subscribe to the comments on this post
Tell a friend
Print for later

Dear Friends
 
I am at learning process and would like to understand the following
 
1..Duties and resposibilities of Internal auditor
 
2..What is an internal control, and any website for getting material on internal control
 
Your guidence and inputs will improve my knowledge
 
thanks
AK
 

Dear Aslam,

 
I think You can refer to the AAS 6 on ‘Risk Assessment and Internal Control’ and AAS 7on ‘Relying Upon the work of an Internal Auditor’ pronounced by the ICAI,New Delhi www.icai.org

http://www.auditnet.org you have everything in there including subscription lists

http://www.internalaudit.biz/
 

 
http://www.iia.org.uk/
 
I think these sites will help you.
 
Selcuk

Bookmark on Delicious
Digg this post
Recommend …

Dear all,
Could someone help me with guidelines on
setting up an internal audit department which
none existed before.
 
Or refer me to the necessary IAS
Many Thanks
 
 

Kindly visit www.theiia.org
You could download the IIA standards/frameworks and other materials/guidance
or professional help you will need.

 
 
Dear James,

I would be difficult to send an procedural guidelines on setting up internal audit departement as we need to look at various areas of operation. Every company has and works under different dynamics.
 
Daya

iam an internal ausditoe having 25 years of internasl auditing exposure

Bookmark on Delicious
Digg this post
Recommend on Facebook
…

Hi,
How best can I carry out internal auditing in a non-profit making organization?
I am  just newly employed after completion of my study and earning a Bachelor degree in Business Administration and Management

What is your level? Are you a fieldwork auditor or are you in charge of a function?
 
Visit www.auditnet.org

I am a field work Auditor. Getting a new assignment on IFRS.

Hi,

I am a practising chartered accountant located at Indian city of Kolkata, in case of any assistance u may contact me.
Debashsish

I think you may study the internal auditing standards of IIA-USA, …

Hi All
This is Muhammad Naveed
I have a query regarding the consolidation of subsidiaries. Does IAS-27 allow us to not consolidate subsidiaries which are immaterial for the group?
Is it specifically mentioned somewhere in IAS?
 
Regards
Muhammad

Well Naveed
Actually materiality is an underlying concept of the Financial Statements.So anything which is immaterial needs not to be disclosed or adjusted.
 
Thanks and regards

IAS 1 is the overall standard to refer to:

Materiality and Aggregation
29.        Each material class of similar items shall be presented separately in the financial statements.  Items of a dissimilar nature or function shall be presented separately unless …

Hello,
Have anybody know about KPI for Airlines industry.
Regard .
Amir

 
 
Amir,
 

Here’s a link that could be usuful for you.
http://www.europeanshippers.com/public/statements/archives/air_kpi_guide.htm

Bookmark on Delicious
Digg this post
Recommend on Facebook
Share on Linkedin
share via Reddit
Share with Stumblers
Tweet about it
Subscribe to the comments on this post
Tell a friend
Print for later

Hi all!
I am a young chartered accountant from India presently working in a reputed engineering company at Baroda, India. In the long run I plan to start a consulting firm focused on IFRS implementation and compliance. In the medium term I plan to get an international exposure particularly in South East Asian countries like Singapore, Malaysia etc. As Indian CA is not recognized as such in those countries I plan to take up international qualifications like ACCA or Singapore CPA although I still have to inquire whether it is possible to …

I need some help, I just moved to London, and I am looking for a job but I found out that the interviews are very tough. I am from Mexico, I have worked for Citigroup in Madrid over the last three years.
Sometimes I don’t know how to answer the question….How would I describe my skills as Internal Auditor….? and when they ask for situations o examples I am afraid to tell information about Citigroup…!! I am a bit lost….???
I will appreciate if someone tell how should I answer the interview …