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What do you do if you want to enhance your understanding of auditing techniques in accounting?

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Auditing techniques are the methods and procedures that auditors use to collect and evaluate evidence about an entity's financial statements and internal controls. Auditing techniques can vary depending on the nature, size, and complexity of the audit, as well as the standards and regulations that apply. If you want to enhance your understanding of auditing techniques in accounting, here are some steps you can take.

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CPA Grace Syovata Musyoka (MISM)

Microsoft Dynamics 365 Business Central (NAVISION) Senior Consultant|Developer | Software Engineer|Software Consultant|…
Imercia N.

Financial Control | Finance | Audit | Reporting |Senior Accountant Tax compliance
Ryk Hall

.:. Financial Engineering .:. Mediation .:. Systems Thinking .:. Process Improvement .:. Financial Analyst .:…

1 Read the auditing standards

The first step to improve your knowledge of auditing techniques is to familiarize yourself with the auditing standards that govern the audit profession. There are different sets of standards for different jurisdictions, such as the International Standards on Auditing (ISA), the Generally Accepted Auditing Standards (GAAS), or the Public Company Accounting Oversight Board (PCAOB) standards. These standards provide the framework and guidance for conducting audits, including the objectives, principles, responsibilities, and procedures of auditors. Reading the auditing standards can help you understand the rationale, logic, and requirements behind each auditing technique.

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CPA Grace Syovata Musyoka (MISM)

Microsoft Dynamics 365 Business Central (NAVISION) Senior Consultant|Developer | Software Engineer|Software Consultant| Accountant |Project Manager
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To enhance your understanding of auditing techniques in accounting, some recommended steps would be: 1) Study auditing textbooks and reference materials. 2) Take courses or attend training seminars on auditing. 3) Gain practical experience through internships or entry-level auditing roles. 4) Stay updated on latest auditing standards and best practices. 5) Network with experienced auditors to learn from their expertise.

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2 Review the audit process

The second step to enhance your understanding of auditing techniques is to review the audit process and the stages involved. The audit process typically consists of four phases: planning, risk assessment, testing, and reporting. Each phase requires the use of different auditing techniques, such as analytical procedures, inquiries, observations, confirmations, vouching, tracing, reperformance, and sampling. Reviewing the audit process can help you identify the purpose, scope, and timing of each auditing technique, as well as the types of evidence and documentation they generate.

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Imercia N.

Financial Control | Finance | Audit | Reporting |Senior Accountant Tax compliance
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As accountant/ auditor must looking ahead to implementing these regulations and procedures policies seeing what are the benefits and disadvantages of certain expenses companies core business. By reviewing and examine financial transactions, accounts and reports, and an evaluation of internal controls or an evaluation of compliance with applicable laws and regulations.

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Lai Kheng Khoo

Relationship Executive
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Reviewing the audit process is essential to kick start the audit exercise. It is like a roadmap which provides which way to go & what is required to start & to complete the audit exercise.

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3 Learn from case studies and examples

The third step to improve your knowledge of auditing techniques is to learn from case studies and examples of real or hypothetical audits. Case studies and examples can illustrate how auditors apply auditing techniques in various scenarios, such as audits of different industries, sectors, or entities. They can also demonstrate how auditors deal with common or emerging issues, challenges, or risks in audits, such as fraud, errors, estimates, or non-compliance. Learning from case studies and examples can help you develop your analytical, critical, and problem-solving skills as an auditor.

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4 Practice with exercises and simulations

The fourth step to enhance your understanding of auditing techniques is to practice with exercises and simulations that test your knowledge and application of auditing techniques. Exercises and simulations can provide you with opportunities to apply auditing techniques in simulated or controlled environments, such as mock audits, audit software, or online platforms. They can also give you feedback, hints, or solutions to help you improve your performance and learning outcomes. Practicing with exercises and simulations can help you refine your technical, professional, and ethical competencies as an auditor.

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Ryk Hall

.:. Financial Engineering .:. Mediation .:. Systems Thinking .:. Process Improvement .:. Financial Analyst .:. Manifestor .:.
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The first thing to think about is what set of standards are you measuring to: GAAP/GAAS or IFRS or DCAA/Federal State. Some agencies stipulate procedures to be followed. The structure of the Compliance Environment must be followed: is this a Circular A-133 audit for example. Another input factor is the intended user of the report. Is this SEC PCAOB securities audit, or a small firm. Will internal controls also be tested? The techniques used have to support the assertions in the financial statements or compliance documents. As an example, certain present value accounting methods can be used under GAAP, but are disallowed with GAAS. I have tripped up on this one before.

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5 Seek feedback and mentoring

The fifth step to improve your knowledge of auditing techniques is to seek feedback and mentoring from other auditors or experts in the field. Feedback and mentoring can provide you with valuable insights, tips, advice, or suggestions on how to use auditing techniques effectively and efficiently. They can also help you identify your strengths and weaknesses, as well as areas for improvement or further learning. Seeking feedback and mentoring can help you enhance your confidence, communication, and collaboration skills as an auditor.

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6 Keep updated and curious

The sixth and final step to enhance your understanding of auditing techniques is to keep updated and curious about the latest developments, trends, and innovations in auditing. Auditing is a dynamic and evolving profession that requires continuous learning and adaptation to changing standards, regulations, technologies, and expectations. Keeping updated and curious can help you stay informed, relevant, and responsive to the needs and demands of the audit profession. It can also help you discover new or better ways to use auditing techniques in your practice.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Lai Kheng Khoo

Relationship Executive
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During my accounting career days & soon after I graduated as an UK qualified accountant, I had the opportunity to join a team of auditors from Ernst & Young on a temporary basis. They were conducting an external audit on the national petroleum & oil and gas company. I was trained with hands-on experience. Nothing more rewarding than being with the international audit team to learn the ropes of their profession. They are a well trained, skilled & experienced team who taught me all the techniques of auditing from initiation stage to completion stage. With this, it helped me to be a more wholesome accountant with the knowledge of the traits of auditing.

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What do you do if you want to enhance your understanding of auditing techniques in accounting?

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1 Read the auditing standards

2 Review the audit process

3 Learn from case studies and examples

4 Practice with exercises and simulations

5 Seek feedback and mentoring

6 Keep updated and curious

7 Here’s what else to consider

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