Monday, September 28

A Hymn for the Auditors

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Errors are unintentional, Making internal controls including internal checks vital;

Frauds are deliberate, Several risks they procreate, Material misstatements which can create;

Data security issues aplenty, Evidences to be sufficient, not scanty;

Transactions with lack of trail, Auditors can’t act frail, Need for alternative procedures like visually impaired use Braille;

For conclusions that are apt, Auditors may turn to CAAT;

Reasonable assurance is important, For the confidence various stakeholders have lent, That cannot be misspent;

Narrative records, checklists, questionnaires and flowcharts assist in review of internal control system, Smoothening the process of planning and execution, avoiding mayhem;

Appointment in order, Documentation in place, Professional ethics to remain the base;

Self-interest, self-review, advocacy, familiarity and intimidation are threats to independence, Required both ‘of mind’ and ‘in appearance’;

Existence, completeness, valuation, disclosure, inter-alia, form attributes to be verified, Primary responsibility of management cannot be denied, In case of immaterial lapses, not to be vilified.


About Author

A protean member of Gen Y who aspires to be a polymath and an influencer; who enjoys Art as much as Science, abstract as much as physical, listening as much as talking, learning as much as teaching, giving as much as receiving, writing as much as reading, poetry as much as prose. Above all, she is a permanent schoolchild.

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