External Auditor vs Internal Auditor

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External Auditor
They exist to provide assurance to the shareholders and stakeholders (such as government) that the annual accounts are free from material error. The primary role of external auditors is to merely express an opinion on whether an entity's financial statements.

The external auditor ensure the financial statements are true and fair to represent the organisation's actual position and not to detect fraud. So do not confuse with fraud detection.

If they come across any fraud related information, it is their responsibility to bring it to the management's attention and consider withdrawing from the engagement if management does not take appropriate actions.

Normally, external auditors review the entity's information technology control procedures also known as audit through the system. Thus, Sarbanes-Oxley Act (SOX) imposes requirements for auditors' evaluation of internal controls and financial reporting.

Internal Auditor
Internal Auditor role is to provide the board of management assurance that the internal controls are in place to manage the risks faced or will be faced by the organisation.

The scope of internal auditing within an organisation is very broad and usually they involved in providing reasonable assurance regarding effectiveness and efficiency of operations, the reliability of financial reporting, deterring and investigating fraud, safeguarding assets, and compliance with laws and regulations.

After the audit activities, the internal auditor will prepare a report regarding on their findings. They will use the " 5 C's "
which are

1. Condition: What is the particular problem identified?
2. Criteria: What is the standard that was not met? The standard may be a company policy or other benchmark.
3. Cause: Why did the problem occur?
4. Consequence: What is the risk/negative outcome (or opportunity foregone) because of the finding?
5. Corrective action: What should management do about the finding? What have they agreed to do and by when?

The recommendations in the report will help the organisation to serve better to meet their visions and goals.

Source:-
1) External Audit
2) Internal Audit


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4 facts you need to know about Dreams

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1. Dreaming can help you learn.
After you had studied 2 hours you can either just keep on reading for few more hours continuosly or take a nap! You'll learn better in dream! according to Harvard Medical School, when the brain dreams, it helps you learn and solve problems! Make sure you are having a noise-proof such as turn off your TV and radio.

2. You can have several or even a dozen of dreams in one night.
It’s not just one dream per night, but rather dozens of them! Our brains dream in every 90 minutes, so whenever you go to sleep you need 90 minutes before your brain starts dreaming. According to Loewenberg, the first dream has a duration of 5 minutes only but the last dream before you awake can last for 45 minutes to 1 hour.

3. You can linger in a dream after waking.
This is how you do it. Remain in the position you awake from dream, do not move a muscle because when you move your body, you will be disconnected from the dream you were in seconds ago. This is how you remember your dreams, and Deja Vu may happen because you dreamt about a similar situation or place and you felt like experienced it before in the past when actually is in your dream.

4. You can have Lucid Dream
Just like in the movie Inception, people can control their dream also known as lucid dreaming (means conscious perception of your state while dreaming). Not everyone has this skill but you can learn the skill as this can prevent you from having recurring bad dreams.

Related posts:-
1)Difference between GRE, TOEFL, and IELTS

2) Climb the Salary Ladder

3) Exam techniques


Source:-
1)8 Things You Didn’t Know About Dreams
2)Dream

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How to become a MIA member

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It is crucial information for all Malaysian students who had taken accountancy field. Becoming a member of MIA probably is the ultimate goal for many Malaysian students who are undergoing professional papers or for those graduated student currently working at competitive public practice accounting firm.

However , MIA is stand for "Malaysian Institute of Accountant". As a member you will be enjoying a lot of benefits such as license to practice as a professional accountant in business or having the license as an approved auditor..... Of course there is another benefit which we will discuss it later on.....

One thing that we need to be aware of is that MIA do not recognise all of the accounting degree courses especially college level qualification such as advance diploma. Furthermore, when it comes to the process of applying MIA, you do need all the prescribe document MUST be certified true by either a MIA member, a Commissioner of Oaths, a member of parliament or a justice of peace. So now you know it might be coming handy when you know a lot of people along the way when you're in audit firm =)

Let's make it simple that most of the accounting students have the mind set that, after graduated from any universities and work in audit firm for 3 years probably will get recognised by MIA. The answer is "NOT NECESSARY"......

As abovementioned clearly that MIA will only recognise certain universities degree or professional qualifications such as ACCA, CPA, ICAEW, CIMA and etc..... However, MIA do provide their own qualifying examination for those who seek for alternative way to become a MIA member.....

Remember that 3 years working experience are still applicable.... But which industry will you go into?? Is there any restriction, or is it necessary to work at audit firm?? That we will talk about it next post...

For more detail on how to become a member of MIA or list of recorgnise degree courses by MIA kindly click on HERE

Credit:
Chris Choi

Related posts:-
1) MIA Requirements
2) Climb the Salary Ladder
3) ACCA Exam Techniques
4) Audit Partner License in Malaysia

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