Saturday, March 19, 2016

12 Tips On How To Kick Ass At Being A 20-Something

 

 

1. It’s okay not to know what to do with your life right now.

We’re often expected to know what we want to do with our lives by the time we finish college. But guess what? After four or five years in college, struggling to pass my course, I’ve learned that it’s absolutely okay to be lost and confused.
Being in your twenties is all about self-exploration. These are the years where you’re going to make a lot of mistakes, and you will learn from them. Both your achievements and failures will lead you to the path you’ve always wanted.

2. The world doesn’t revolve around you.

This is a bitter pill to swallow for millennials. But as early as now, learn to drop your ego. There are 7 billion people in this world and none of them revolves around you. The world doesn’t owe you anything.
Don’t let self-entitlement get the best of you.

3. Money isn’t everything, but it’s an essential.

In the wise words of Britney Spears, “You better work, bitch!” Money, when used wisely, can help you sustain your wants and needs.

4. Work hard AND smart. Don’t take the shortcut.

“Don’t work hard, work smart” is the worst advice ever. Why can’t you do both? Work hard in achieving your goals and be smart with your decision-making.

5. Learn how to cook and drive.

a.k.a. Never stop learning.
Thanks to technology, there’s no more excuse not to learn something. But if there are two things I believe every person needs to learn is how to cook and drive.

6. Get a driver’s license and a passport.

Be a boy/girl scout! You’ll never know when you need to drive a drunk friend home or receive a spontaneous opportunity for you to travel.

7. Travel or move as much as possible.

When you travel in your twenties, you’ll see the world in a different light. You’ll be more respectful of other cultures and race, and more open-minded.

8. Let go of negative and toxic people, and feelings.

Negative and toxic people will always weigh you down. These people are always craving for chaos. Their negativity is also contagious.
Let go.

9. Life is unfair. Deal with it.

If life gives you lemons, always remember that there’s something better waiting for you.

10. ​Be humble. Be kind.

Regardless of your ethnicity, gender and social status in life, I’m a firm believer that humility and kindness will take you to places.

11. Have a 5-year plan.

This contradicts the first item on the article but hear me out. I believe that the best way to figure out what you want in life is to set a goal. Ask yourself these questions:
  • What do I see myself doing in the next 5 years?
  • What do I enjoy the most doing?
  • How am I going to achieve that goal?
  • Once you’ve determined your goals, create action plans and set timeline. This plan will serve as a guide.
P.S. Don’t be afraid to throw away a 5-year plan if a better opportunity arises.

12. Don’t idle around.

It’s a given that many 20-somethings are still figuring out what they want to do in life. But that doesn’t mean one should stay at home all day and wait for the Universe to give a sign.
Learn something new. Cultivate your interests. Meet people. This is your twenties. Take advantage of your prime youth!

Sunday, March 13, 2016

Internal Audit


Class Synopsis on: Internal Audit
Assurance: Knowledge Level
Amin Siddiki FCA





The New Internal Audit Department
“We’re here to help!”
Teach + Train = Change
Promote effective, efficient and ethical practices and procedures
Definition: An appraisal or monitoring activity established within an entity as a service to the entity.
Function of Internal Audit:
Examining, Evaluating and Reportingtomanagement & the directorsonthe adequacy & effectiveness of components of the accounting & internal control systems.
          Who ?
          Employee of the entity or
          Outsourcing
          Why?
          To assist management / board  in achieving corporate objectives
          It is a recognised way of ensuring good corporate governance.

How to assist board / Management
          Acting as auditors for board reports not audited by the external auditors.
          Being the experts in fields (ie: implementation of new accounting & auditing standards)
          Liaison with external auditor, Particularly where external auditor use internal audit work

Difference between Internal and External Audit
Denominator
Internal Audit
External Audit
Objective
It is an activity designed to add value and improve an organisation’s operation
To express an independent opinion on Financial Statements
Appointed by
Management
Shareholders
Responsible to
Management
Shareholders
Relating to
Whole operation of the organisation  both financial and non financial
Concern to the Financial Statement and related information
Who they are
Usually employee
Independent Firm

          Activities of Internal Audit
          Monitoring internal control
          Examining financial & operating information
          Review of the economy, efficiency and effectiveness of operations
          Review of compliance with laws, regulations and other external requirements
          Special investigations; ie: Suspected fraud

          Internal audit to Risk Management
       Internal Audit has a two folds role in relation to risk management
       Monitoring the company’s overall risk management policy to ensure it operates effectively
       Monitoring the strategies implemented to ensure that they continue to operate effectively
          Internal audit to Internal Control
          Key role of internal audit is to monitor the overall process and in providing assurance that the systems meet objectives and operative effectively.
          Internal audit to operational Audit
          Operational/Management/Efficiency audit is the operational processes of the organiasation. Their prime objective is the monitoring of management’s performance, ensuring company policy is adhered to.
          There are two aspects of an operational assignment:
          Ensure policies are adequate
          Ensure policies work effectively
          Ensure policy are adequate
          Internal auditor will have to review whether the policies are adequate or not. If required advice to board to improve.
          Ensure policies work effectively
          The auditor will have to examine the effectiveness of the controls by testing.
Thank You