Question

What auditing concepts and/or skills learned will be most useful to your professional life in the accounting field or as an employee of an audited company? Please explain and provide specific examples. 

Answer 1

Audit concepts and skills are most important for one who acquired it firstly theoriticaly through books and then during practical situation during training or profeasional life.

Skepticism: One must me skeptic ie questioning mind. In audit field one must have skeptic attitude, means he should be alert so that he is reasonably able to find the errors or frauds. example - while auditing you find that expenses soared 300% year on year then you should find the reason for same.

Excel/SAP: Use of excel and SAP software adopted by clients makes us learn a lot as the manner of accounting and auditing has been changes because of software solutions and during professional life i learned a lot and used to excel for auditing purpose doing analytical procedures and creating various reports. An overall knowledge of SAP also provides an edge how accounting is done is technological environment.

Leadership skills:Leadership is the key to sucess in this field, you must learn how to manage things and your team. How to motivate the team and alocate the task among team is very important step while doing any audit. example- whole audit assignment task is broken into small tasks and according to capabilities given to team members. its very important that the team members remain motivated so that they complete the given task on time and with rfficiency.