US CIA

Auditing and accounting contribute to being two crucial processes, which are associated with the financial activities as well as records of the business entity.

The crucial difference between Accounting and accounting is that Accounting involves the technique of reporting, maintaining, and recording the financial affairs of the business organization, which depicts the financial status of the company.

Auditing, on the other hand, contributes to being the systematic examination of all the books of the accounts along with the other financial documents of the organization, to gain a prerequisite understanding of whether the statement showcases the real view of the company.

Accounting vs Auditing

Accounting refers to the procedure of maintaining the prerequisite monetary records of a specific organization in a certain way so that they can lead a helping hand for the preparation of different financial statements and which will confer a true and fair view of the organization’s business.

They need to make financial statements, according to the regulatory authority guidelines. On the other hand, auditing contributes to being the assessment of financial statements and records which are prepared via the accounting function.

The ultimate motive is ensuring the reliability of different financial statements.

What is Accounting?

Accounting happens to be a unique language of business, which is essential in understanding the different economic activities of the entity.

It refers to the act of capturing the daily monetary transactions of the business as well as classifying them into different groups. Apart from this, the transactions are known to be summarized in such a manner that they can be found without any hurdles during the emergency, followed by the analysis as well as an understanding of different results of financial statements as well as communicating different results of the various interested parties.

The primary function of accounting is offering material information, primarily of the financial kind, to take the right decision.

The fields of accounting involve Social Responsibility Accounting, Human Resource Accounting, Financial Accounting, Tax Accounting, Management Accounting, and Cost Accounting. The ultimate goals of Accounting include:

1. Keeping proper records via Ledger, Subsidiary Books, Journal, Trial Balance, to name a few.

2. It includes evaluating different results from the specific records which are maintained via the Trading as well as the Profit & Loss Account

3. Conferring the required details, regarding liquidity and solvency position to the necessary parties.

4. Showcasing the financial status of the organization via the Balanced Sheet

What is Auditing?

The Audit contributes to being a methodological process to examine the financial details of the organization to provide the right judgment on the true and fair view.

Auditing contributes to being a vital unbiased investigation of various aspects of the transaction, which includes account books, receipts, vouchers, and different relevant documents for understanding the reliability and validity of the financial statement.

In addition to this, it is possible to detect deliberate manipulation, frauds, and errors in the accounts after undergoing detailed scrutiny. The auditor will be inspecting the transparency and accuracy of the financial details, compliance along with the accounting standards and checking out if the taxes have been paid properly.

After the inspection of financial records and accounting books, the auditor will be delivering a report.

It is possible to conduct the audit both externally and internally. An internal auditor conducts the activities of internal audit for the improvement of the internal accounting system and control systems.

The management of the company appoints the internal auditor whereas the shareholders appoint the External Auditor.

Difference between Accounting vs Auditing

Here is a list of the differences between accounting vs auditing:

1. By definition, accounting refers to the process to maintain the monetary records of the business in a certain way that it is useful for the preparation of financial statements which will confer a true and fair view of the business.

On the other hand, auditing refers to the assessment of the different financial records which are known to be prepared via the accounting function. The ultimate objective is ensuring the dependency on financial statements.

2. The primary categories of accounting include financial accounting, cost accounting, managerial accounting, Government Accounting, Social Benefit Accounting, Human Resource accounting. Auditing, on the other hand, can be subdivided into external auditing and internal auditing.

3. Accounting happens to be an on-going activity where the financial statements are known to be prepared annually and quarterly. Auditing, on the other hand, happens to be a periodic activity where the audit of the different financial statements is done for the majority of the companies. There are a plethora of businesses that are capable of conducting the audit quarterly or annually.

4. Bookkeeping happens to be the starting beginning of the process of accounting. Here, the different financial affairs’ records of the organization are maintained which is used for the preparation of the different financial statements.

Auditing, on the other hand, begins once the work of the accountant is done. As the financial statements have been prepared, the auditor begins after the completion as well as the accuracy of every financial statement has been verified.

5. The accountant happens to be a vital part of the company’s mid-level management. The responsibility includes introducing a true and fair view of the company’s financial position to different stakeholders.

The auditor, whereas, can be external and internal to the business. The internal auditor will be an integral part of the company’s mid-level management. In the case of the external auditors, the business should choose certified auditing firms that have become well renowned in the industry in such a manner that the level of auditor’s responsibility is more, as compared to the accountant.

The reports, they confer, happens to be the certification of all the work, which is accomplished by the accountant.

6. The daily activities of an accountant involve the preparation of different financial statements for the company, maintenance of proper documents, accountants books, business models, projections, to name a few. The everyday activities of auditors are inclusive of preparation of audit reports for different users, verification of different documents for the establishments of the audit trail, to name a few.

A CMA majorly plays the role of an accountant and financial analyst in the industry whereas a CPA is considered worldwide as an expert professional in public accounting and auditing.

About Uplift Pro

Uplift Pro is one of the top training institutes for the US CMA, US CPA course, US CIA course in India, Africa, and Middle East. Uplift Pro is also an Indian partner of GLEIM, US and an IMA US authorized CMA US study center.

Our team consists of seasoned professionals and entrepreneurs from IIEST, IITs, London Business School, and ULCA who have decided to provide a strong backup to young ambitious students and professionals to reach their desired career destinations in an organized way.

Some of our exclusive features include.

a. Live online classes ensuring that the regular office working hours is least impacted

b. 1:1 personal support from our 30 plus years of experienced accounting certified faculties

c. “Till you pass” guarantee assuring that you may attend our live online classes at no extra cost until you pass

d. Access to premium books and question banks like GLEM  test bank which has more than 1,000 questions including MCQs

e. Placement assistance

Request for Live Demo class / contact at +91-8787088850 to book your seats now.

The US Certified Internal Auditor (CIA)qualification is considered as the hallmark in the domain of Internal Auditing worldwide. The CIA (US Certified Internal Auditor) is the primary professional designation offered by The IIA (Institute of Internal Auditors).  Attaining US CIA course qualification will help the professionals to fast track their auditing career to the next level.

We at, Uplift PRO, get quite a number of queries everyday from people aspiring to be CIAs.

Before one knows what exactly one has to do to earn the CIA Certification , lets make a deep dive into the details of the US CIA course qualification.

A Certified Internal Auditor (CIA) is a certification offered to accountants who conduct internal audits. The Certified Internal Auditor designation is ISSUED by the Institute of Internal Auditors (IIA). Credential of US CIA course is recognized as the hallmark of internal auditing worldwide.

Before a CIA aspiring candidate plans to write the CIA exam, he has to submit the necessary documents as per the guidelines of IIA. The following link gives insights about the Documents to be uploaded in Certification Document Portal.

CIA certification requirements :

Academic Credentials:

CIA candidates are required to have a 4-year post-secondary degree (or higher). This degree must come from an accredited university that is recognized by the IIA. . For the details check The IIA’s Certification Education Requirement Exceptions FAQ and Application.

As proof of completed education, you will be required to show either:

1. A copy of your degree or official transcripts

2. A letter from your university confirming your degree

3. A letter from evaluation services that confirms the level of your degree

If your name has changed since your university graduation, you will also be required to show your legal name change documents. Until recently, the IIA did not accept any form of work experience in place of education. This has  changed, and candidates are now eligible to take the CIA exam if they meet one of the following conditions:

1. Have attained 2 years post-secondary education plus 5 years of verified work experience in internal auditing or an equivalent,

(or)

2. Can demonstrate 7 years of verified work experience in internal auditing or equivalent

Professional Experience

Once you complete the education requirement, next step towards CIA IS work experience requirement.

A candidate without having any wok experience can register and take the exam, but he/she will not be certified until they meet the following work experience requirements:

1. Candidates with a Bachelor’s Degree – 24 months of internal auditing experience

2. Candidates with an Associate’s Degree, three A-Level Certificates, grade C or higher – 60 months of internal auditing experience  

3. The IIA will also consider the equivalents of the degree levels and internal auditing experience.

Exemptions

 Proof of education and work experience are not required if you are :

1. A qualified member of the Association of Chartered Certified Accountants (ACCA)

2. An active and licensed US Certified Public Accountant (CPA)

Eligibility Period

The IIA approves candidate’s applications for four years. If a candidate did not complete the certification process within four years, he or she loses any fees paid and any exams passed. There is also a one-time 12-month extension available for a fee.

CIA Certification

Each part of the CIA exam costs money, so you will want to pass the first time, if possible. Be sure to prepare for your exam one part at a time to increase your chances of passing. Several great CIA review courses are available for purchase that will help you study and prepare for the big day. Taking the CIA exam and passing all three parts is the final step of the certified internal auditor requirements. Once you’ve taken each section and passed, you will have completed all CIA certification requirements and will be able to order your certificate.

One can avail Premium CIA materials of the best brand of the world, mega question banks and unlimited live online class support at a subsidized package from www.upliftprofessionals.in/CIA. 

Build a great career in INTERNAL AUDIT.

About Uplift Pro

Uplift Pro is one of the top training institutes for the US CPA, US CMA, US CIA course in India. We are the official partner of GLEIM Accounting in India. We helps students with right guidance and mentoring to pass your CIA exam. Uplift Pro is widely recognized as the leading training provider for the online training. Some of our highlights include

A. High passing rate of above 80 %.

B. Premium Study materials and Question Bank

C. Online Live Video Coaching by qualified CIA faculty experts accessible from your home computer after working hours

D. In class Mock tests along with the feedback by the faculty

E. IIA administrative guidance towards US CIA exam registration

For more details please write us here : info@upliftprofessionals.in

Networking as we know, involve people as the only asset for thought and informations. Upon building of personal, social and white collar contacts, effective networking is a shock absorbing pillion to ride your business.

The simple principle of fostering relationship by amalgamation with clients, partners and potential prospects that we are familiar with has underwent turmoil in this pandemic situation. Being experiencing isolation, the same networking demand more amplification and attention day by day.

Whether we rely on phonetic, text, sending e mails or conducting virtual conferences/ meetings has gained momentum than it was in pre-pandemic scenario.

So, let us have a glance about how can we nourish our network through building existing and new relationships in this turbulent time.

1) Constructing a direct and adjacent network: Here, you can set a close network of allied professional people both as as a formal ( a conference) or informal(dance party after the conference) way.This should be done upon mutual business/work interests.

2) Be Proactive: Make your contacts/clients/partners/customers realise that you really think and care about them by expressing simple friendly gestures irrespective of their responses.

3) Break the formula: Don’t be too formal or rigid in your interactions. Outreaching in a casual proactive manner can give more dividends even in post pandemic time. Some simple light touches by saying hello, welcome or sharing articles of common interest can create positive outcomes in the networking.

4) Use the tools: With comfortable respite, use tools like linked in but don’t use the auto-texting feature rather use your own words to touch the soft corners for effective trust building to nurture the network. Virtual assembly platforms like zoom, webex, meet, team can be utilized in optimum ways.

5) Push on with attentiveness: Since we have variable responders in a stressful chaotic situation, it is unlikely to get positive response from all the contacts. Hence, it is imperative to extend empathy along the network to relieve stress and to implant the feelings that every one works for themselves as well as for others too.

At the outset, in the pandemic and post pandemic era, one has to kept in mind that this is the time to come out of the cocoon, think out of the box of ready made formulas. It is the time to apply your own attitude, confidence and inclinations. Alongside, one can apply the above tips to build and nurture one’s networking domain for better business.

The intrateam competition is a two edged sword having two facets. In one hand, it can induce individual motivation to unravel level based performances. On the contrary, it can trigger strife and dissent among the team members. Particularly, the later can disrupt the dynamicity of the team through self interest.

Let us discuss the collective ways by which a leader can motivate the team members to boost the overall productivity surpassing the negative circumstances.

1) Encouraging collective importance: Every member should be concerned with the positive outcome of the team rather than individual contributions for every action based performances. In this regard, it has to be kept in mind, that whatever benefit is about to come should be bestowed as a whole on the basis of mutual understanding.

2)Attainment of personal target: Being a leader, based on the strength weakness analysis, you should assign tasks to the team members so that they can flourish both in personal and professional arenas in an amicable work environment. Identification of right skill in the concerned person is a key issue for encouragement towards a healthy competition.

3)Giving importance to everyone: In any organisation, there are coexistence of outstanding, mediocre and low performers. A competition should not create mental disparity among ordinary performers towards the higher skilled one. Hence, it is wiser to encourage the underperformers too for gaining their support for the performers in terms of mutual benefit.

4)Delivering productive feedback: A feedback can be both positive and negative. From an employer’s standpoint, while giving feedback is a basic responsibility, a negative feedback can breach the self esteem of an employee, a positive feedback can also appear damaging if given in wrong undeserved manner. Henceforth, it is obvious to maintain an equilibrium in feedback system. One of the approach is to drop-ship negative feedbacks in a positive package as a constructive criticism.

5) Rewards and recognition: Felicitation of team members in every possible situation can elevate their confidence level, they would be much happier and will be more akin to take further challenges. Any token of appreciation in the form of bonus, incentives, internal certification, greetings can trigger the “feel good hormone” dopamine in the hypothalamas of the brain that has a positive impact on the performance level.

6) Self competition: Generating competition against inner self is a crucial factor for self improvement which throws new challenges to outperform and raise the bar within. This has positive outcome towards productivity through desirable healthy competitions. 

So knowing your people and preventing their work related boredom has immense value to increase the overall productivity and create a win-win situation for all. A true leader does that.

Have you ever encountered these situations in your working group? Do you want to increase your productivity through healthy competitions? 

Try these tips upto any extent possible.

Uplift the professional in you.

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