Hoffman Stewart & Schmidt P.C.’s Post

What are the main audit roles? An audit involves the following main roles: - The CLIENT, person or organization that requests the audit. - The AUDITOR OR TEAM that performs the audit. - The AUDITEE, whose work is being examined. #Audit #Aiditor

Audit scandals have a significant impact on the profession, making it unattractive to newcomers. The growing number of audit scandals has led to a decline in public trust and confidence in the audit profession. This has resulted in a decrease in the attractiveness of the profession to new recruits. The current landscape of corporate governance and regulatory scrutiny has imposed stricter rules and regulations on the audit process. This has placed a greater burden on audit firms and their teams, making the profession less attractive to those just beginning their careers. It is important for those in the profession to remain vigilant and uphold the highest standards of integrity and ethical practice. This will help to ensure that the reputation of the profession is safeguarded and its attractiveness to new recruits is maintained. #AuditScandals #CorporateGovernance #EthicalPractice

Internal audits are conducted throughout the year, often focusing on different areas at different times which can spread the workload. However statutory audits are typically annual. Still the fees of internal audits is comparatively less than the statutory audit.🤦♀️ Ps: Internal auditors are perceived as younger siblings of external auditors?? #internalaudit #statutoryaudit #charteredaccountants #icai #icaistudents

Fantastic day yesterday at our Audit Resoucing Team strategy day. The purpose of the day was to strengthen relationships as a team, and deepen understanding of the audit business strategy and the role we have in that (and then of course a social activity!). A great day had by all #collaboration #teambuilding #resourcemanagement #strategicplanning #audit #auditquality

Not just Audit Managers, it is now common in management to take credit when one has done nothing

Audit engagement be like: Parineeti Chopra : Will you be with me forever Raghav Chadha : I can only give reasonable assurance as my profession told me 😅🤣 Ps : Below pic is an example when management and auditor meets for first time .

💡From Insight to Impact: Driving Internal Audit Awareness May is here, and it's time to shine a spotlight on the invaluable contributions of internal audit professionals! 🌟 We understand that your dedication and hard work often go unnoticed, yet they are essential to our organization's success year-round. But May is our chance to change that narrative and let the world know about the vital work you do. Thanks to the Institute of Internal Auditors (IIA), celebrating Internal Audit Month every May has never been easier. It's an opportunity for us to showcase the significance of internal audit and the impact it has on our organization's integrity and efficiency. So let's seize this moment to raise awareness, celebrate our achievements, and inspire others to recognize the importance of internal audit. Together, we can make May a month to remember for internal audit professionals #InternalAudit #Riskmanagemet #InternalAuditAwarenessMonth #AuditExcellence #asimaliabid

✒Reflecting on my first audit experience!! Conducting an audit is more than just evaluating numbers; it's about diving deep into the fabric of an organization, understanding its processes, and ensuring integrity every step of the way. Throughout the audit process, I witnessed firsthand the meticulous attention to detail and the commitment to upholding industry standards. From financial records to operational procedures, every aspect was thoroughly examined to ensure compliance and efficiency. But beyond the numbers, what truly stood out was the culture of accountability and continuous improvement embedded within the company. Embarking on an audit journey with us isn't just about ticking boxes and crunching numbers – it's about receiving the VIP treatment (calling us as auditors; ma'am do you want tea or coffee; ma'am if you need anything, just tell us etc.) every step of the way. Overall, my first audit was an invaluable learning experience that instilled in me a sense of accomplishment and excitement for the journey ahead. I'm grateful for the opportunities it presented. Here's to many more audits and milestones to come! #ProfessionalGrowth #MilestoneJourney #firstaudit

A "Low Effort, High Impact" Audit Procedure When traveling for audits, our Internal Audit team not only carried out required work, but also made efforts to find examples of local employees going above and beyond their assigned responsibilities. When identified, we would document these examples on two notecards with additional information about the employee. One set of notecards went to the top leader in their local office, the other to the CFO. The leaders loved this because it provided an opportunity to acknowledge and reward employees in a more detailed manner. Their town hall messages were so specific! The employee's manager appreciated the opportunity for their employee to be recognized. Our Internal Audit team enjoyed doing this simply because. And I imagine the recognized employees were pretty happy as well. For any Internal Audit team looking to add a “low effort, high impact” practice, here is one I would recommend. AuditBoard #internalaudit #ConnectedRisk #enablingpositivechange

Happy Choose Day Tuesday! "Only time will tell how good you actually are"...." It's only a matter of time before"... Have you ever heard people say these lines? Why does time have so much of control over what we can do... It is not time or the amount of days or even the amount of years that define what your potential is but rather the choices you make! If you choose you could be the best at your new job on the very first day or very first week! If you choose you could save today for that dream holiday you planned in five years but because you started now, you can achieve it a lot sooner! Every day you are faced with so many choices that choosing what serves your grandest and most highest vision for yourself becomes imperative... Make the grandest choice today that serves the highest vision you have for yourself! Why not start by clicking on this link https://mako.si/3LzSbNR #audit #auditjobs #auditors #saica #saicareers #charteredaccountant