An external audit experience: the purpose, role, and drawbacks

Abstract

My internship report is titled “An External Audit Experience: The Purpose, Role and Drawbacks” which will be a representation of the 12-week internship program completed at ACNABIN Chartered Accountants. In the following report, I will be addressing the audit procedures followed by ACNABIN along with their purpose of audit. The report will be addressing the stages of an external audit process, the scope of the audit process, limitations imposed by clients, the information gathering process, and the observations of external auditors. Furthermore, in this report, I will also be sharing my experience of working as an external auditor of the leading telecom company that was my client for the 12 weeks internship program. I will be discussing the Audit Practice Manual (APM) stages and address a few things I was only allowed to divulge. I will also include the lessons I have discovered and the obligations I had to meet throughout the audit. To sum up, through the report I will try to convey my thoughts about the whole idea of how ACNABIN conducts its audit procedures and how an external auditor of ACNABIN determines whether their client opinions are presented fairly, and financial statements are all up-to-date, errorfree, and trustworthy.