SHARE UR KNOWLEDGE!!!!!!!!

this is a fine question but

before asking such a question u must share ur experience

fine... i have learnt recording transactions... preparation of financial statements.... e-filing of returns... vouching.... brs........ audit report preparation...

 I prepared Bank  Loan Proposals, Subsidy Claims, ROC returns, Income Tax returns, Excise returns..................................................................

i have learnt preparation of financial statements, e-filing of tds return, preparation of Individuals Tax Return, preparing documents required for the cases goin on with income tax department.............

I have acquired experience of Internal Audit, Tax Audit, Stock Audit.........will also acquire exp. in Bank Audit soon.........................

I have been doing the following work -

Statutory audits - Areas Covered - BRS, Loans & Advances, Payroll, Cash & Bank, Operating Expenses, P&L Variance, Forex Derivative Contracts, Investments etc

Tax Audits - Certain clauses.

Internal Audits - Identifying risks , understanding controls to addrress them, checking if the controls in lace worked effeciently, identifying better controls etc.

Indirect Taxes - Consulting on applicability of Service Tax in certain cases, ST Regn etc

I have got the privilege to take the lead only on certain occassions.

In addition to above, also worked on SEBI Substantial Acquisition and Takeover Regulations. Also presented on Financial Derivatives, AS 15 and would be presenting on a few more topics like REIT, LLP shortly.

All the above was from the firm's side. From my side, I have tried to have a broad perspective while working. I look at companies from an auditors perspeective, an investors view and as regulators view as well.

When you go on an audit, one may try and understand the following which will enhance your learning and broaden your perspective - 

1. What a company actually buys and sells and how it makes profit out of it,

2. How it stores inventory

3. How it motivates employees,

4. What kind of csr it does and if it adds value to the society and company and how.

5. Risks and controls (this can ehlp you for your own business if you start one in future).

6. How much is management passionate about numbers and how much for business? Is it more concerned about corporate governance, employees and stakeholders or is its focus is on the next quarters earnings (deferred tax figures that would reducing earnings or forex losses or depreciation etc)?

etc etc

From my personal experience, I can surely say that if you look at the above points, over a period of time you will find that your learning has enhanced. Although you may have done 2 audits and others may have done 10, you will have a better understanding of the subject and overall industry. I urge you all to take this opportunity and learn as much as possible from whatever work you get. Even if it is filing papers or xeroxing documents...they all are opportunities to learn something or network. Ive done all that work as well and wont hesitate to do it as I dont feel one should have an ego and feel its a small work at this point of time.

thanks a lot friends for ur contributions...

thank u Krunal for sharing...

Hey I am working in Apollo hospital as an internal auditor this is wat i have learned there

1. Vouching of Bank Book,CAsh Book , Purchases, Expenses ,Income ETc

2. Verification

3. Stock Audit

4. Hospital Audit

5. Branch Audit

6. Banking Loan proposals

7. ADvance Tax Payments through online

8. Operational Audit

9. Financial Audit

10. BRSInternal Audit i didnt undergo for a bank audit, Tax Audit i am expecting in this year so after attending i would share my experince