1.

Professionalism and Ethics

Being an Auditor I believe that it is very important to be an ethical person as well as to show
professionalism in my business and personal relationships therefore, I have always tried to maintain
professionalism during my work.

I am a member of Tender opening Committee in Maple leaf Cement Co. which consists of an individual
from purchase dept and one from Accounts dept. Our responsibility is to open all the sealed tenders at a
decided time every day and accumulate the mentioned price quotes by the authorized suppliers on one
authorized paper. This calls for the confidentiality of the information as we are not required to disclose
the quoted prices of the suppliers and be biased to any as in most of the cases the supplier who has
quoted the minimum price is selected.

2. Stakeholders Management and Relationship

I believe that if you want to win the trust of someone and get your work done on time you can achieve
this by polite behaviour, honest dealing, proper communication, understanding their point of view and
managing them in their own capacity. I believe we should keep this in view that every individual has
their own approach and attitude towards their area of work.

I believe that perpetual communication and consistent collaboration is the backbone of effective
teamwork and sustaining productive relationships within team and beyond. We mainly use emails and
phone calls to collaborate with team members and colleagues, requesting information, resolving
queries, and giving and taking follow-ups on our day to day project. As email is the primary mode of
communication, I am intently focused on structuring and wording my email in way that clearly delivers
intended message or information, does not sound offensive or commanding, and reflect my relationship
with the recipient. In situations where emails can be confusing, I prefer a telephonic communication to
avoid bad impression or misunderstanding and reinforce my message through email later or vice versa.

3. Strategy and Innovation

I have spent a lot of time understanding the environment, systems and procedures of my company by
discussing with the seniors and reading the Company’s policies as well as researching extensively on the
laws and regulations that are particularly relevant to cement sector. This understanding ultimately
improves my performance and efficiency. I also take part in the Continuous Professional Development
(CPD) activities provided by the Association of Chartered & Certified Accountants (ACCA) and detailed
training on the usage of Microsoft office arranged by an educational institute so that I can provide my
best professional services to the employer.

Effective time management and planning is the key ingredient in a project’s success. As a team member
of Internal Audit Department, it is essential for me to achieve project milestones and document these on
time to be provided to Chief Internal Auditor who further presents them to top management and Audit
Committee. To effectively manage my time, I create a timeline that coincides with project’s deadline and
priorities and targets set by management and actively make changes according to new developments. I
regularly liaise with my line manager and team members on the status of ongoing projects through
emails and in-person meetings which allows them to guide me and take care of the work in my absence.

4. Governance Risk and Control

Every company has its standards, policies, rules and regulations required to perform its operations
within the limit of these rules and regulations. Especially, as an auditor when we perform audit, we
consider the policies and standards of the company and make sure that the operations of the company
are according to these rules and regulations. Furthermore, we are also aware of the rules and
regulations like company law, tax law and employment law and other laws relevant to the client and
ensure that all the financial statements have been prepared according to these policies.

Once, when verifying the Bank reconciliation statements for the month I realized opening balances of
the accounts were changed that was because rather than performing the contra entry the next month,
accounts dept. were deleting it if any entry was recorded mistakenly. I discussed this with my senior as
this could cause issue on the authenticity of the records and explained to the accounts dept. to avoid it
in future to which they complied

5. Leadership and Management

Once there was an issue on the recognition of the leased Vehicle i.e. whether it should be treated as an
operating lease or a finance lease. Some were in the favor of finance lease and others thought it should
be treated as operating lease. I explained them the difference between the finance lease and operating
lease by giving the reference of International Accounting Standard 17. According to IAS 17,

1. If the lease term covers the major part of the economic life of the asset or
2. If the lessor transfers the ownership of the asset to the lessee at the end of the lease or
3. If an asset is a specific that only lessee can use this asset or
4. If the lessee has the option to purchase the asset at the end of the lease term than it will
be as a finance lease.

Then they review the lease agreement and they find that there is an option for the lessee to
purchase the leased Vehicle at the end of the lease term so they understood easily that it is a finance
lease.
Audit and Assurance
I was working on an audit assignment of verification of sales tax where my scope of work was to verify
whether income tax, sales tax and FED payment calculations are in accordance with the applicable rates,
income tax and sales tax withholding and deposit in Govt. Treasury are as per the respective laws, legal
compliance is being carried out in respect to invoice issuance and payments to vendors, tax liabilities are
accurately calculated, adjustments of advance taxes against tax liabilities and all returns and statements
are being filed on timely basis. To carry out my audit;

 Firstly, I prepared the Risk Register, defining all the processes and objectives of the
processes and risk associated with them, identifying the controls in place to address
those risks and auditing whether the controls in place are working affectively or what
improvements are needed to minimize the risks identified.
 Then Audit program is prepared to check the controls identified that whether the
controls identified are working properly and being followed.
 Further to perform the audit, I obtained number of vouchers from the period under
audit to verify the details and calculations on the invoices.
 For that, I consulted Sales tax books for the applicable rates on services, purchases of
different material,
 And for the deadlines for the filling of returns,
 Checked the tax registration of suppliers to confirm the applicable tax rates on filers and
non filers,
 Checked invoices for the necessary information and accurate calculation of tax on
selection basis,
 Obtained the tax exemption certificates of specific suppliers,
 Checked the tax amount of Filers and non filers in accounting records.
 Looked for the penalties in case of late filling or returns.

In the end, a report is prepared mentioning all the findings of the audit and is discussed with the Chief
Internal Auditor, who furthers discuss with the CEO and appropriate actions are taken.

Record and Process Transactions and Events

It is always a tough challenge to implement the new accounting system. Once, in KPMG an assignment
was given to our team by a Non-Governmental organization (NGO) to update all of its accounting system
from manual to Peachtree Accounting software. We obtained all the accounting records from the client,
processed the record and put all the information in Peachtree. Furthermore we also explain to the
accounting staff how Peachtree works and how easy it is to generate the reports with this accounting.