Auditing firms are primarily responsible for offering independent verification to publicly listed companies of their internal accounting and financial reporting. They do so by carefully examining internal company reports and preparing specialized financial reports on a very regular basis. Their findings are used by management to enhance the performance of the company. The objective of an auditing firm is to provide management with reliable, accurate and timely financial reports.
In general, there are two kinds of firms that can be audited. One type specialize in finding defects or problems in the internal audit process. Other firms conduct review activities based on ethical standards. There are also mixed auditing firms that practice ethical standards auditing along with the more traditional financial audit process.
Four accounting specialties are generally recognized as being qualified to perform internal auditing. These four accounting specialties are Certified Public Accountant (CPA), Certified Fraud Examiner (CFE), Certified Public Accountant (CPA), and Chartered Accountant (CAT). If you wish to become one of these certified public accountants, you need to complete the appropriate training and examinations. The CPA exam can take up to two years, while the others can take up to four years.
When looking for an auditor, you should take note that most auditing firms in Abu Dhabi require potential candidates to have at least five years experience in their field. Also, most firms have a minimum period of six months work experience. With that in mind, most firms prefer to hire those with at least five years of experience in the field of finance or accounting to perform the audits.
The majority of certified public accountants are required to take examinations concerning the following four topics: Auditing the Internal Control Measurements (AIMs); Auditing the Financial Sector Tests (FSST’s); Auditing the Tax Advantage Test (ATABT); and The International Data Entry (IDET) Test. The AIMs are designed to measure control system efficiencies that are not captured by the standard procedures used by accounting personnel. The FSSTs will test the systems that are used by the large financial institutions and government agencies to prepare and maintain their financial documents. The ATBT is the test that is conducted in the United Kingdom and Australia and is also called the International Data Entry Test (IDET) and the International Test of Auditing Standards (ITAS). The CTA is the certification examination that is issued by the CA (Chartered Surveyor of Securities and Business Omissions) and is also a significant factor when applying for jobs in the financial services industry.
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