27022019-JC-01.qxd 2/26/2019 6:15 PM Page 1 c m y b CHANDIGARH | WEDNESDAY | 27 FEBRUARY 2019 ISTOCK If you have a way with numbers and possess good analytical skills, here is a career that could... MBA Add up to a great future USHA ALBUQUERQUE Understanding the concept Auditing is a specialised form of accounting and is carried out to ascertain the accuracy of financial statements provided by the organisation. An auditor is a person who reviews, analyses and evaluates the processes, services, systems, products, and employees of an organisation. From poring over financial statements and expense reports to ensuring compliance with government regulations, auditing offers a wide variety of potential career opportunities. The original objective of auditing was to detect and prevent errors and frauds. An audit can be done internally by employees or heads of a department and externally by an outside firm or an independent auditor. The idea is to check and verify the accounts by an independent authority to ensure that all books of accounts are done in a fair manner and there is no misrepresentation or fraud that is being conducted. All organisations must have an audit done of their accounts. Internal controls help prevent the theft of a company's assets and, if properly designed and executed, prevent data manipulation by employees. All public listed firms must get their accounts audited by an independent auditor before they declare their results for any quarter. External auditors are required to state the finances of the company and attest to the validity of financial reports that may have been released. It is their job to ensure that the board receives accurate and reliable information. One of the many important roles of a professional auditor in corporate governance is to protect the interests of shareholders and stakeholders of a company. It is made possible by conducting independent reports by the auditors and not being influenced by the company. So, is it any wonder there are so many questions of how Nirav Modi got past all the audits of the Punjab national Bank? Getting in Auditing is carried out by qualified accountants, or chartered accountants. To become an auditor, one AUDITING Bachelor’s degree ■ BCom in Fundamental of Auditing ■ BCom in Accounting & Taxation ■ BCom in Direct & Indirect Taxation ■ BCom in Tax Procedure & Practice Master’s degree ■ MCom in Accounting and Auditing ■ MCom in Taxation ■ MCom in Accounting & Taxation Diploma ■ Diploma in Accounting & Auditing ■ PG Diploma in Accounting ■ Diploma in Taxation ■ Diploma in Tax & Company Law ■ Advance Diploma in Financial Accounting & Taxation TYPES OF AUDITORS ■ Internal auditors: Internal auditors are employed by individual corporations, government bodies or other entities. Internal auditors work for the organisation they audit. Their job is to make sure the organisation runs efficiently and effectively. They perform financial, internal control, and compliance audits for the employer. Internal auditors verify the effectiveness of their organisation’s internal controls and check for mismanagement, waste, or fraud. Sometimes they also help the external auditors with the financial statement audit. ■ External auditors: External auditors are also known as independent auditors or professional accountants in public practice. An external auditor audits financial statements for companies, and other organisations. They also give advice in preparing income tax returns and provide guidance in matters concerning compensation and healthcare benefits for employees. They are usually self-employed. ■ Government ■ auditors: Government auditors work in the public sector, they are employed by local and state governments. Government auditors maintain and examine the records of government agencies, and audit private businesses and individuals whose activities are subject to government regulations or taxation. KEY INSTITUTES The Institute of Chartered Accountants of India (ICAI) also offers a number of certificate courses in auditing for members. These include: Certificate Course on GST ■ Certificate Course on Anti Money laundering Laws (Anti-Money Laundering Specialist) ■ Certificate Course on Internal Audit ■ Certificate Course on Forensic Accounting and Fraud Detection ■ Certificate Course on Indian Accounting Standards (Ind AS) Post Qualification Courses: ■ Information Systems Audit (ISA) ■ Post Qualification Diploma in International Taxation ■ The National Institute of Financial Management ( NIFM) has started a new one-year Diploma in Government Accounting and Internal Audit approved by All India Council for Technical Education. AIG (Advance Innovation Group) offers different ISO Training Programmes — from Lead Auditor Programmes and Lead Implementer Programmes to internal auditor programmes to many others on different ISO Standards. Indiaforensic (Institute Of Forensic Accounting & Investigative Audit) offers forensic accounting certifications in association with NSE Academy (National Stock Exchange of India). These courses are focused on global financial sector, including banking, insurance and capital markets and include: ■ Certified forensic accounting professional course ■ Certified anti-money laundering professional course ■ Certified stock market fraud professional course ■ Certified insurance fraud professional course USEFUL QUALITIES ■ Strong inter-personal skills ■ Good communication skills so as to prepare audit reports correctly, precisely, and clearly. ■ The ability to think ‘out of the box’, like a cyber-criminal, so as to be one step ahead of any perpetrators of fraud and to understand the loopholes ■ Proficient in handling the latest digital technologies, particularly new software packages for record keeping and data management, and cyber-security threats must have at least a bachelor’s degree in commerce, or in Accounting. While there are no specific degree courses in auditing, there are bachelor’s degrees in commerce with specialisations in accounting and auditing. Most employers prefer those with a CA, a master’s in accounting, or even an MBA with specialisation in finance, or an auditing certification. Graduates working towards the CA exam can enter the profession by starting as a trainee auditor and completing on-the-job training in order to progress. There are plenty of courses in Auditing & Taxation being offered by universities and institutes all across the country. These range from diploma to master’s. There are also certain auditor certifications provided by international audit associations such as the Institute of Internal auditors (IIA), International Register of Certificated Auditors (IRCA), Information Systems Audit and Control Association (ISACA) etc which are globally accepted. The Institute of Internal auditors (IIA) offers a number of certifications such as ■Certified Internal Auditor(CIA), ■Certified Government Auditing Professional (CGAP), ■Certified Financial Services Auditor (CFSA), ■Certified Process Safety Auditor (CPSA), ■Certified Information Systems Auditor (CISA) certification CISA-qualified auditors have been recognised as qualified to conduct Systems Audit by c m y b Forensic auditors: Forensic auditors often discover information that is used as litigation support. The main objective of the Forensic auditors’ work is to detect, investigate and deter fraud and whitecollar crimes. Forensic auditors are often employees of corporations, audit firms, government agencies and investigative and consulting services firms. In India, statutory audits are conducted for each fiscal year (April 1 to March 31) and the two most common types of statutory audits are: Tax audits; and Company audits. RESPONSIBILITIES & ROLE Auditing is a complex career, involving many different job responsibilities: ■ Review, analysis and evaluation of processes, products, services, systems, organisations and employees. ■ Assessing the accuracy, validity, reliability, verifiability and timeliness of organisational information, as well as the sources and processes by which that information is produced. ■ Inspecting an organisation’s internal controls and the extent to which these controls manage an organisation’s risk exposures. ■ Checking of the effectiveness of financial and operational reporting. ■ Knowledge of commercial laws, as well as a thorough knowledge of the various provisions relating to income tax wealth tax, VAT, GST etc. ■ Handling auditory regulations in the age of deep learning, artificial intelligence, and big data convergence Reserve Bank of India (RBI), Ministry of Information Technology (MIT), National Stock Exchange, Comptroller and Auditor General of India (C&AG). The International Register of Certificated Auditors (IRCA), the world’s original and largest international auditor certification body also offers various training programmes and schemes to approve certified auditors. Job prospects As one of the fastest growing economies in the world today, and with the huge expansion of business concerns day by day, there is an increasing demand for auditors in India to ensure the credibility of the financial accounting data and financial statements in the private sector as well as public sector companies. As companies registered under the Companies Act in India are required to audit their accounts annually, auditing professionals are required in virtually every company, non-profit organisations and government agency. Qualified auditors can, therefore, find employment as government auditors, external auditors and internal auditors, or forensic auditors, in a number of organisations like government agencies, non-profit organisations, public sector organisations, financial institutions, financial firms, corporate firms, banking companies, insurance companies, manufacturing firms, etc. The Big Four auditing firms such as KPMG, Deloitte, PWC and E&Y have been increasing their intake of professionals to handle their growing global clients. Same is the case with Indian and other MNCs. Thus, the employment opportunities in this field are immense. Auditors can also start their own auditing practice to work as freelance auditors and serve the needs of individual clients. Trained auditors can also join the Indian Audit and Accounts Service (IA&AS) an Indian Central Government service responsible for auditing the accounts of the Union and State governments and public-sector organisations, under the Comptroller and Auditor General of India. You can apply for the IA&AS through the UPSC Civil services exam. Skill set In this age of scams and frauds and with the imperative need for transparency in corporate governance, over and above the statutory and professional qualification, those getting into this field must be good at working with people and computers, and should have a high standard of integrity, a good moral standard and observe a certain code of conduct and professional ethics. So, if you are a whiz with juggling numbers, possess good analytical skills and love working with data — here is a career that could add up to a great future! Milestones for 2019 ASHEESH GUPTA Business school predictions for the past two years have already sung paeans to emerging technologies such as Artificial Intelligence, Internet of Things and Virtual Reality in modern classrooms and the disruptions they bring to education. 2019 has already recognsed those trends and given them their due pedestal. What is new in 2019 is that there is renewed focus on the MBA degree's relevance to society and whether it has become out of sync Some of the expectations with current industry around an MBA are practices. Pursuing an patently unreasonable. For MBA requires considerexample, a number of students have been led to able personal and finanbelieve that an MBA is a cial commitment. One of golden ticket to a highthe most obvious quespaying job, which it isn’t. tions that today’s generaThe fact remains that your tion asks a B-school is career will depend on the that when collegebody of work you are able to dropouts can go on to present to a prospective employer. Employers are become billionaires why looking to hire people with does one need an MBA? not only the relevant skills A recent employer surand competencies when vey in the US revealed they hire an MBA but also that employers search for one who has demonstrated five key skills in their tarsuccess in management get managerial personnel through relevant experience. And only a — ability to work with a handful of business schools variety of different peowill give you real-world ple; ability to build, suslaboratories to practice and tain and expand nethone skills ancillary to your works of people; ability to core competencies. solve complex problems; ability to understand the impact of digitalisation on business; and the ability to prioritise and deliver time-bound results. As can be seen, these are typical soft skills which rarely form part of business curricula and are difficult to teach in classroom environments or even simulations. Given below are the top trends that MBA programmes will be looking to deliver in 2019. Is MBA the golden ticket? New disciplines to take center-stage Entrepreneurship, analytics and design-thinking are predicted to be the threeareas in which demand will increase manifold this year. Digital media and luxury management are other emerging areas where specialization is a key requirement for entry. As per naukrihub.com, a Quality Control Manager's salary ranges between ~549,320 to ~877,720. A pharma product manager earns from ~447,620 to ~1,051,550 and that for a Business Analyst, between ~502,830 to ~ 945,630. continued on page 3 Required Staff for Session 2019-2020 DAV Public School Alampur Kangra (H.P.) (2 KM from Sainik School Sujanpur Tira, Hamirpur) (Under DAVCMC, C.B.S.E. Affiliated No. 630058) Tel: 01894-271264, Website: www.davalampur.com, Email: email@example.com PGTs: Physics, Chemistry, Physical Education, Computer Science. TGTs: English, Hindi, Mathematics, Science, Social Science & Sanskrit PRTs: All Subjects NTT’s (preferably Trained Graduates), Special Educator and Nurse. Others: Teachers — Activity, Yoga, Drawing, Music, Dance, Computer, Phy. Education, Librarian, Counsellor, Office Supd, Accountant & receptionist/Tel. Operator. Peonscum-(Drivers, Conductors, Ayyas, Sweeper, Gateman). Qualification: As per CBSE & State Elementary Education norms i.e. JBT/D.El.Ed, TET & CTET and other professional training as per the requirement of the posts. Applicants having reputed Public School background and experienced will be preferred. Salary (high start for outstanding candidates) as per 6th Pay Commission for candidates selected on probation & negotiable for contractual basis. Proficiency in English and computer is must. Management reserves all the rights to increase or abolish the posts. Only Shortlisted candidates will be called for Interview. Eligible applicants submit complete bio-data with handwritten application within 10 days of this advertisement. Manager Principal No TA/DA permissible for attending the interview. TRC-37689 Mick Jagger is well known as a rock star, but did you know that he can also rock a spreadsheet? Kenny G and Robert Plant of Led Zeppelin also worked in accounting, before they launched their music careers. And did you know that the FBI employs more than 2,000 accounting special agents who use their “mad” maths skills to solve crimes! So if you, too, love working with numbers and are interested in dissecting the inner workings of any company, as an auditor, you will be in good company. Auditing is one of the main career options in the field of accounting. An audit is the examination or inspection of various books of accounts by an auditor followed by physical checking of inventory to make sure that all departments are following documented system of recording transactions. This means making sure that an individual or business is following the “rules” when it comes to taxes and finances, operating with financial “integrity”, and being strategic with time and money. University courses
The Tribune, now published from Chandigarh, started publication on February 2, 1881, in Lahore (now in Pakistan). It was started by Sardar Dyal Singh Majithia, a public-spirited philanthropist, and is run by a trust comprising four eminent persons as trustees.
The Tribune, the largest selling daily in North India, publishes news and views without any bias or prejudice of any kind. Restraint and moderation, rather than agitational language and partisanship, are the hallmarks of the paper. It is an independent newspaper in the real sense of the term.
The English edition apart, the 133-year-old Tribune has two sister publications, Punjabi Tribune (in Punjabi) and Dainik Tribune (in Hindi).