Comments

  1. Profile photo of MikeLittle says

    Further to my most recent post (about following the news, reading the papers, listening to the radio) are you following the Sepp Blatter / FIFA saga? Is there a body in this world any more corrupt than FIFA (allegedly)

    Without wishing to offend in any way our students from that area of the world, what possessed FIFA to agree to a world cup in July / August in the soaring temperatures of Qatar?

    I can only surmise that money changed hands but, of course, I could be wrong

  2. avatar says

    I think to add onto the subject in regards to whether the audit committee should give their opinion on the scope of the work, alternatively what can be done and is good practice is that the audit committee should do a scope of the work which will be implemented by the internal audit department and have a report on work done. Then when the external auditors come in, they can have a copy of this report and in addition to their already defined procedures, they can check areas checked by the internal auditors and also analyse whether if for example there was a finding in a certain area to which a control was put into effect, the external auditors can test that particular area analyse whether the control is effectively mitigate the risk and report to the audit committee that the initial risk identified has in fact been mitigated and this is the work that was done and so on. In this way it does not seem that the audit committee is in a way bossing the external auditors on scope of work, but in fact lightening their work load to pin point where problem areas are and the like.

    This is from personal experience when carrying out audits, I am in external audit and often and not we usually do use this approach in addition to our own designed procedures on audit on an entity.

    :)

    • Profile photo of MikeLittle says

      Hi

      It’s a funny thing, that! You may initially think that it’s a dry subject and certainly reading text books that impression is consolidated! But then when you start to think about your everyday life activities and apply the messages from P1 to your experiences, it brings the whole subject to life.

      And I don’t refer simply to your life’s experiences only. Open your mind and consider the activities of all the people you hear about on the news: politicians, sports personalities, business leaders, religious leaders – the list is endless.

      The rabbi in France that lied about his qualifications, the directors of Tesco that manipulated and falsified their accounts, the footballer that bit (not for the first time!) the neck of an opponent, the politician that was secretly filmed trying to arrange a situation so that he could later be involved and made to look “good” because he would be seen to have defused the situation that he had secretly arranged.

      Never mind your own life’s experiences! Just watch the news, listen to the radio, read the newspapers! Every day (and I mean EVERY day) there are numerous examples of people in our society that are committing acts that lie beyond the boundaries of acceptability!

      It’s a brilliant subject!

      Dry? Yes, if you want. But not in my opinion!

      Enjoy :-)))

  3. Profile photo of rochyroch says

    @ Mike Little;

    You are truly a blessing! I got instantly excited about P1 when I played the first lecture and heard your voice. You are the reason why I excelled in F4 and F7!

    I am very humble!!

    Great Lecture!!!!

Leave a Reply