Having undergone training at
Institute of Management Studies (IMS) in 2012 on Revenue Accounting &
Auditing along with colleagues from different regional office in Bhutan, I am
more confident to understand how auditing works for various organizations. The training
was conducted by the ministry of finance to enhance the capacity building of
existing and new recruits in the various departments and equip with technical
and intellectual skills required for standard auditing norms.
The training covered on basic
aspects of auditing and its implications. Auditing provides assurance on the
accuracy of management of funds and its results thereof. The control system
will comprise of various aspects depending from organization to its nature of
operation. The fundamental of this practice includes policies, procedures and
practices in order to promote efficiency of operation, protection of assets, accuracy
and reliability of accounting records and compliance with the mission and
vision of the organization in achieving its ultimate goal.
Auditing requires three level of
control such as Preventive, Detection and Corrective controls to ensure
potential exposure to risk. Most of the firm ends with corrective measure of
control to overcome what already happened with ignorance on any preventive
control measures at the initials. The corrective measure of control is also
important but more importantly, proper installation of preventive and detective
measures will ensure lesser corrective measures at the end with unnecessary
loss for the organization.
Risk management, control and
evaluation on regular time interval, adopting standard norms of practice in the
organization were also part of training to ensure and build good auditing
skills to implement in the organization. It was then followed with discussion
on advantages of having proper auditing system which will provide guidance with
instruction, eliminate work of repetition and have proper records of all
transaction making it easier to have audit and assessment whenever required.
The closing of the training came
with awarding of certificate of participation from the Director of Institute of
Management Studies.
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