Question.2582 - This discussion board will consist of an interview with an industry expert in the field of auditing. Select an expert of your choice Pick any three of the following interview questions for your interview (interviews can occur over emailor phone): What do you think about the growth of automation,business intelligence,and data analytics in the field of auditing? What do you feel are the most effective ways to cut fraud in a company? Have you ever personally found fraud as an auditor? How did you handle the situation' What do you like most about your career as an auditor? What is different about being an internal auditor versus an external auditor? What professional certifications would you suggest an auditor earn? What internal controls have you found to be the most effective? 8.What types of sampling and audit testing have you worked with in the past? What tools did you use? What did you find to be the most effective? Share the findings from your interview. Based on what you discovered, what do you see as pros and cons to being an auditor yourself? Explain. Your initia l posting should be 250-500 words and must be submitted by Thursday,11:59 pm,MST of this week. By Sunday of this week,respond to two or more of your classmates,or your instructor,in any of the following ways: Build on something your classmate said. Explain why and how you see things differently. Ask a probing or clarifying question. Share your understanding of your classmate's posting. Offer and support an opinion with peer-reviewed sources or industry-leading practices. Expand on your classmate's posting by providing constructive feedback. Refer to the discussion grading rubric for more information on expectations of class discussions.
Answer Below:
For the purposes of the discussion board, I had the opportunity to sit with a senior auditor of a tech company. An excerpt from the interview with the senior auditor provides her insights on auditing and the complexities of accounting. 1. What do you think about the growth of automation, business intelligence, and data analytics in the field of auditing? Automation, business intelligence, data analytics has had a massive impact on the way we operate businesses across various sectors. We see that the Introduction of these growing avenues have changed and redefined the way auditors and accountants perform their functions, both day to day and primary functions. Tasks such as data entry, report generation, large amounts of data analysis and document processing tasks can easily be resolved by automation and AI based automation solutions, this would help free up accountants for services that are more value added in nature. Using data analytical predictive tools to help businesses to uncover the trends in business can accelerate the growth of the business. Data analytics can help auditors to focus on reporting more efficiently the outliers of risky areas in audit processes. I believe that these changes can ensure improved audit quality, clearer reporting, greater assurance and predictability, better management of risk factors, and enhanced efficiency of auditing. 2. What do you feel are the most effective ways to cut fraud in a company? Today, I believe it becomes necessary for auditors to always go the extra mile than what is required for them by the books. The most effective methods would be to ensure that auditors apply various analytical tools and technological advances at their disposal for effective detection and prevention of frauds. The nature of frauds have also increased with the increase in complexity of businesses and increased use of technology in business transaction leaves companies more vulnerable to fraudulent activities. Auditors must look at transactions from a holistic global perspective and play a predictive role in businesses. 3. What is the difference about being an internal and external auditor? As an internal auditor, the internal audit department maintains a more prominent role in businesses to root out fraudulent activities. This department is located within the organization and monitors the process. It becomes imperative for larger scale organisations to have effective internal audit teams to process higher complexity in business processes. Internal auditors examine issues of the company on a day to day basis. They examine financially records, predict market factors, analyse risks and issues opinions. These audits are done throughout the year in our organisation and at many prominent businesses. External auditors are independent accountants, who are as a result of certification of financial statements of entities. External auditors generally examine financial records of the company and are tasked with issuing opinions with regard to financial statements of the company. These external audits are generally conducted once a year.More Articles From Computer
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