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Financial Audit: Challenges and Opportunities
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audits, financial audit, internal audit, satyam fiasco, corporate governance, auditors
Industry :
Asset Management
Functional Area : Capital Management, Performance, Valuation |
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About "Financial Audit: Challenges and Opportunities" topic:
The basic reason why many successful companies have collapsed is improper cash management. The shocking revelation by Mr Ramalinga Raju on the $1-billion dollar plus Satyam fraud, manipulating the company’s balance sheet, has revealed the fragility of our financial audit and regulatory processes and exposed the gullibility of the investing community.
The failure of such companies can be strengthen with proper internal controls and audit mechanism. Discuss here what challenges & opportunities auditors have to face and play in the success of companies.
The failure of such companies can be strengthen with proper internal controls and audit mechanism. Discuss here what challenges & opportunities auditors have to face and play in the success of companies.
1 trends
, 3 insight
, 2 debates
, 3 idea contests
, 1 question
on topic: "Financial Audit: Challenges and Opportunities"
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(rate this)
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1
rotate the auditors in regular intervals
2
Proper segregation of duties in the accounting/finance system
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Mohan lal sharma
| Added idea
"STRONG INTERNAL AUDIT"
| 2 years ago
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THE COMPANIES ARE PROTECT THE ACCOUNTING FRAUDS USE THE FOLLOWING POINTS (A) I THANK , COMPANIES ARE APOINT INTERNAL AUDITORS, BUT CHANGES IN AUDITORS AFTER 6 MONTH OR LAST 1YEAR, THE AUDITORS TRANSFER TO OTHER DEPARTMENT EVERY YEAR (B) COMPANIES...
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jayant bhagwan dusanis
| Supported idea
"Proper segregation of duties in the accounting/finance system"
| 2 years ago
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Internal auditor will help to find out such types of frouds but I suggest to appoint him only for that purpose.
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Ideate: "How to protect Companies against accounting frauds ?" deleted from your view.
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Where a company has many transactions and the business volume or the turnover is more, then, the comapny is advised to have a strong internal auditing mechanism which consists of audittors and chartered accountants too being the employees of the company who will ensure maintainance of accounts, transactions etc. in accordance with the generally accepted principels, accounting standards and the requirements of the companies act. It is to be well uderstood from the point of view of the responsibilities of Chartered Accountants who audit the comapny accounts finally. It is not sufficient for the chartered accountant to look at the fianl accounts like the profit and loss accou...
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RAMANATHA PRABHU N
| Commented
| 2 years ago
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It is the duty of the statutory auditor to evaluate the internal audit and controle in his audit report, this ia a mandatory requirement under the Act. There should be internal controle and audit in commensurate with the size of the company, it is...
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ADHIP KUMAR MISRA
| Commented
| 2 years ago
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Internal audit is highly essential especially in large organisations where there are voluminous transactions. Internal audit ensures that accounts are maintained and transactions are recorded in accordance with the principles and practices, and...
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Devi Kaladeen
| Commented
| 2 years ago
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Mr. Vanayam, very good insight. Internal auditing is very important in every company/organisation.Ms.Ray very good comment.
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Insight: "Why there should be a strong internal auditing mechanism in every company?" deleted from your view.
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(rate this)
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Yes
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7
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VS |
11
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No
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Ramdas Pawar
| Argues in support of
"No"
| 3 years ago
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Mr.Sanjay i completely agree with you.Just because it was an indian company people are saying that its not safe to work with indian companies but what happens to those people when foreign companies are involved in same or even bigger frauds than...
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pranatharthi haran
| Argues in support of
"Yes"
| 3 years ago
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Actually I would like to respond to this question - a 'yes' and a 'no'. No doubt (Corporate Governance) CG has failed! But that is only the effect! What is the root cause for that failure? Let us look at the turn of events after the fateful...
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Sanjay
| Argues in support of
"No"
| 3 years ago
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Satyam Story is one off and this cud have happened in any part of the world not only India .if Enron/Lehman cud crash ...why not Satyam .If GM and CITI cud run for cover ...why not Satyam .Problem does not lie in what Raju did or didnt do...
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Debate: "Satyam fiasco exposed corporate governance standards in India?" deleted from your view.
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(rate this)
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PWC should close down in India
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7
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VS |
5
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PWC should continue
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A CHANDRASHEKHAR IYER
| Argues in support of
"PWC should close down in India"
| 3 years ago
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The company which was chosen to guard the law turned out to be the biggest con company. It seems they sold spurious audit certificates for a price. Moreover, indians steal because of poverty, but these foreigners loot in crores and indian...
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Padmanabhan R
| Argues in support of
"PWC should continue"
| 2 years ago
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I would like to point out two things regarding. Auditing of a software company have unique challenges, dealing in intangible product - software, inventory valuation, wip estimation, work completed etc are difficult. Second thing ,( just hear...
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Debate: "Should PWCoopers firm close down operations in India ?" deleted from your view.
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1
Meet legal requirements
2
Establish a transaction price
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Sandip Gunjal
| Added idea
"Meet legal requirements"
| 3 years ago
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Changes in business structure or operations occasionally trigger the need for a business valuation. For example, IRS rules require a business valuation when a company converts to an S corporation from a C corporation. And, if business owners enter...
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Vikas Kumar
| Added idea
"Establish a transaction price"
| 3 years ago
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A well-designed valuation can help prospective business buyers and sellers by creating a baseline for a reasonable asking price. A valuation can also serve as a due-diligence consideration in a merger or acquisition.
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Ideate: " How the right valuation approach can help your company maximize business opportunities" deleted from your view.
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The Executive Directors describe a public company audit as an integrated activity consisting of an audit of the financial statements and of internal controls. This means the auditor must perform procedures to obtain sufficient evidence to express an opinion on both. In auditing internal controls, the auditor offers an opinion as to whether the entity maintained, in all material respects, effective internal control over financial reporting as of a point in time based on “control criteria.” Control criteria. The generally accepted definition of this term, as outlined in Internal Control-Integrated Framework , issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO...
Insight: "Auditing and SOX" deleted from your view.
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Answer: "internal audit report of mutual fund industry" deleted from your view.
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(rate this)
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1
Auditors crucial role
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Rakesh Chakraborty
| Added idea
"Auditors crucial role"
| 2 years ago
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Financial Auditors are professionals who plan and lead financial and operational audits, evaluate and improve internal operations. Its not all checking that they have to do. They Preparing audit reports to document audit scope, procedures,...
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Ideate: "what should be the role of financial auditors in a company?" deleted from your view.
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In a bid to crack down on closely guarded corporate frauds in early stages, the ministry of corporate affairs has kick-started its early warning system on company frauds, with initially about 50 companies coming under the government’s radar. The early warning system, which has been set up through the use of a sophisticated computer network and involves the functioning of multiple regulators including SEBI and various departments under the corporate affairs ministry, has been started off on a pilot project basis, before being extended to cover all companies operating in the country. The initiative, which was mulled early last year, gained speed after after the emergence of the multi-crore fi...
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Nikhil Jain
| Commented
| 2 years ago
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Why not? Warning before hand will make them prepared for any theft...and hence can very easily prevent any frauds...
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Trends: "Companies wired to early warning system for corporate frauds" deleted from your view.
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