Allotment of bank concurrent audit

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hemal (Querist)

06 January 2011 Dear Sirs,

I have appeared in Nov. 2010 CA final examination and hopefully waiting for my result. I wanted to start my own practice as my articleship will terminate in next month. Whether concurrent audit and other audits in bank like revenue, stock audit require experience? What is the procedure for this assignments? Plz specify other area which will help at starting point of practice.

Thanking You

Ankit Maheshwari

Ankit Maheshwari (Expert)

06 January 2011 Dear Hemal
Its a very nice thought to start your own practice. Now a days very few youngsters think of their own consulting.
It would have been great if i would had know the place where you wanted to start this practice.
To be honest the experice you gain in articleship is sufficient to handle audits on your own. You could very well deal with concurrent bank audits or stock audits.
Todays world is all about specialisation, its important that when you start your practice you pursue for specialised areas, this would enable you to focus on certain areas. It would also be good if you get yourself equipped with new areas like IFRS, GST, Risk based auditing. This would also give you a first movers advantage.
Most important tips before you start your own venture is
(1) Have a very good PR
(2) Do all scale of work in beginning i.e. any work which you get irrespective of the scale just grasp it, this will make your entry within an organization.
(3) Accomplish the given task on time with good quality.

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hemal

hemal (Querist)

07 January 2011 Thank you sir for reply, I will start my practice at Rajkot (Gujarat) and also want to know whether banks require experience for allotment of audits?

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