1.

FIRM
A. F. Ferguson & Co. (a member firm of PricewaterhouseCoopers network) is among the
largest firms of professional accountants in Pakistan, operating in three metropolitan cities
viz. Karachi, Lahore and Islamabad. The firm also has an office in Kabul, Afghanistan. The
firm operates under international membership of PricewaterhouseCoopers and is also known
internationally as PricewaterhouseCoopers Pakistan (PwC Pakistan).
Broadly,

the

firm

offers

professional

of Accounting, Audit and Assurance, Taxation,

services

Transaction

in

Advisory,

the
Risk

fields
Advisory

Services, SPA and HR Consultancy. Internally, the firm is organized along two separate
service lines- Assurance and Business Advisory Services (ABAS), Tax and Legal Services
(TLS) which are equally split into 8 'sections'. Each service line has its own leader (partner)
The firm currently employs nearly 1600 people: partners, senior managers, managers,
assistant managers, and professional trainees. Firm's clientele includes leading groups/
companies of Financial and Non-Financial sectors.
The head office of the firm is situated at State Life building no. 1-C, I.I. Chundrigar Road,
Karachi, Pakistan.
1.1.

HISTORY

The Pakistan firm of A. F. Ferguson & Co., came into existence when the old firm of the
same name was split into two independent entities. The origins of the firm, however, go back
to 1893.
Mr. A. F. Ferguson, a Chartered Accountant of Scotland, came to Bombay in 1889 as chief
accountant in the merchant firm of Ritchie Stewart & Co., [later to become Forbes Forbes
Campbell & Co. (Private) Limited]. In 1893 he started to practice and was the first British
Chartered Accountant to do so in this part of the world. Mr. P. G. Irvine, previously an
assistant became a partner in 1898 and the name of the firm was changed to 'Ferguson &
Irvine'. In 1902 owing to the ill-health of Mr. Irvine this partnership was dissolved and the
firm became 'A. F. Ferguson & Co.', with Messrs A. F. Ferguson and W. Turner Green as
partners. The firm prospered in Bombay and in 1908 an office was opened in Karachi. Mr. A.
F. Ferguson returned to the United Kingdom in 1912 and commenced practice in London.

The Karachi office was opened on March 20, 1908. The office was in a small room, part of
the Latham & CO's office on Bunder Road (now M. A. Jinnah Road), near the Mereweather
Tower.
The firm operated in the Persian Gulf between 1910 and 1924 and for some years a branch
office was also maintained there. The Lahore office was opened in 1926 when the firm of
Niessen Dignasse & Co., was acquired. Later, a small office was established in Rawalpindi,
which at that time was known as a sub-branch of the Lahore Office.
In August 1947, Pakistan gained independence from British Raj. The Pakistan firm was
formed on November 1, 1952 by a deed, signed and stamped at Karachi, Sindh, Pakistan, and
took over the practice previously carried on by the Karachi and Lahore branches of the Indian
firm whose head office was in Bombay. There was a complete severance from the old Indian
firm which continued to practice in India under the same name.
The Rawalpindi branch was upgraded to an independent office in November 1952 and an
office was also opened in Islamabad in late 1992. In 1993, the operations of the Rawalpindi
office were transferred to the Islamabad office.
In 2006, the firm opened a branch in Kabul, Afghanistan.
1.2. SERVICES PROVIDED
A. F. FERGUSON & CO. offers a full suite of customized services to its clients. It provides
six different types of services.
Assurance: They provide innovative high-quality, and cost-effective services relating to
organizations financial control, regulatory reporting, shareholder value, and technology
needs. The services include:

Financial statements audit

IFRS reporting

Regulatory compliance and reporting

Sarbanes-Oxley compliance

Corporate reporting improvement

Financial accounting

Independent controls & systems process assurance

Internal Audit: Maximizing the value and effectiveness of the internal audit function
requires an understanding of an organization's objectives, risks, risk management priorities,
regulatory environment, and the diverse needs of critical stakeholders including executive
management, the board, audit committees, employees, and shareholders. Ultimately, these
needs determine the risk profile of the organization and the strategic focus of the
organization, resources and practices required of its internal audit department.
Advisory: A.F Ferguson and Co. provides the following advisory services:
Business Advisory

Mergers and acquisitions

Privatisation advice

Financial due diligence

Bid support and bid defense services

Structuring services

Valuations

Independent opinions

Global Capital Markets Group (GCMG)

Corporate Advisory Services and Strategic Solutions

Development Advisory

Fund Management

Financial Monitoring

Pre-award Assessment

Programme Assessment

Monitoring and Evaluation

Grants Advisory Services

Organizational Capacity Assessment

Value for Money Analysis

Information Technology: The Firm provides these IT related services:

Business Process Reengineering

SOX reviews and controls in an automated environment

ERP implementation services

ERP project Management

ERP appraisal consulting

Post Implementation Reviews

IT audits and reviews

IT risk assessments

Provide recommendations regarding IT governance, operations and organization

Review of IT General Controls

Taxation: A. F. FERGUSON & CO. help enterprises in formulating effective strategies for
optimizing taxes, implementing innovative tax planning and effectively managing
compliance. Their Tax services include Direct Tax, Transfer pricing and Indirect Tax.
Human Resource: Services related to Human Resources Advisory

Organizational strategic services

Measuring and implementing strategy-The Balanced Scorecard approach

Develop and set organizational goals

SWOT Analysis

Organizational review and documentation organizational charts

Change management- restructuring and reorganization

Develop and manage HR planning policy and strategy

o HR system design and implementation
o HR benchmarking (comparison with standard best practices)
o HR scorecard and HR metrics (system to measure the efficiency and
effectiveness of HR activities in producing employee behavior to achieve
organizational goals)
o HR Audit
o HR policies and procedures manual
o Job analysis (Job descriptions / Job specifications)
o Competency modeling and framework
o Performance management system / Performance appraisal
o Job evaluation
o Succession planning
o Assessment and development centers

Executive search and selection

o Talent search
o Skill match interviews
o Selection and retention strategies

Training and development

o Training Need Analysis (TNA)
o Corporate training for manager and supervisors (technical and soft skills)
1.3. MAJOR CLIENTS
1.4. SPECIALIZATION

A.F Ferguson specializes in providing Audit based Assurance Services to organizations from
various sectors of industry, including manufacturing, non-manufacturing and non-profit
sector.

2. CLIENTS
2.1. HISTORY
Prior to OGDCL
Prior to OGDCL's emergence, exploration activities in the country were carried out by
Pakistan Petroleum Ltd. (PPL) and Pakistan Oilfields Ltd. (POL). In 1952, PPL discovered a
giant gas field at Sui in Balochistan. This discovery generated immense interest in
exploration and five major foreign oil companies entered into concession agreements with the
Government.
During the 1950s, these companies carried out extensive geological and geophysical surveys
and drilled 47 exploratory wells. As a result, a few small gas fields were discovered. Despite
these gas discoveries, exploration activity after having reached its peak in mid-1950s,
declined in the late fifties. Private Companies whose main objective was to earn profit were
not interested in developing the gas discoveries especially when infrastructure and demand
for gas was non-existent. With exploration activity at its lowest ebb several foreign
exploration contracting companies terminated their operation and either reduced or
relinquished land holdings in 1961.
Establishment of OGDC
To revive exploration in the energy sector the Government of Pakistan signed a long-term
loan Agreement on 04 March 1961 with the USSR, whereby Pakistan received 27 million
Rubles to finance equipment and services of Soviet experts for exploration. Pursuant to the
Agreement, OGDC was created under an Ordinance dated 20th September 1961. The
Corporation was charged with responsibility to undertake a well thought out and systematic
exploratory programme and to plan and promote Pakistan's oil and gas prospects.

As an instrument of policy in the oil and gas sector, the Corporation followed the
Government instructions in matters of exploration and development. The day to day
management was however, vested in a five-member Board of Directors appointed by the
Government. In the initial stages the financial resources were arranged by the GOP as the
OGDC lacked the ways and means to raise the risk capital. The first 10 to 15 years were
devoted to development of manpower and building of infrastructure to undertake much larger
exploration programmes.

Initial Successes
A number of donor agencies such as the World Bank, Canadian International Development
Agency (CIDA) and the Asian Development Bank provided the impetus through assistance
for major development projects in the form of loans and grants. OGDC's concerted efforts
were very successful as they resulted in a number of major oil and gas discoveries between
1968 and 1982. Toot oil field was discovered in 1968 which paved the way for further
exploratory work in the North. During the period 1970-75, the Company reformed the
strategy for updating its equipment base and undertook a very aggressive work programme.
This resulted in discovery of a number of oil and gas fields in the eighties, thus giving the
Company a measure of financial independence. These include the Thora, Sono, Lashari,
Bobi, Tando Alam & Dhodak oil/condensate fields and Pirkoh, Uch, Loti, Nandpur and
Panjpir gas fields which are commercial discoveries that testify to the professional
capabilities of the Corporation.

Transition to a self financing entity

Noting the Company's success, due to major oil and gas discoveries in the eighties, the
Government in July 1989, off-loaded the Company from the Federal Budget and allowed it to
manage its activities with self generated funds.
The financial year 1989-90, was OGDC's first year of self-financing. It was a great challenge
for OGDC. The obvious initial target during the first year of self-financing was to generate
sufficient resources to maintain the momentum of exploration and development at a pace
envisaged in the Public Sector Development Programme (PSDP) as well as to meet its debt
servicing obligations. OGDC not only generated enough internal funds to meet its debt

obligations but also invested enough resources in exploration and development to increase the
country's reserves and production.

Conversion into Public Limited Company

Prior to 23 October 1997, OGDCL was a statutory Corporation, and was known as OGDC
(Oil & Gas Development Corporation). It was incorporated as a Public Limited Company
w.e.f. 23 October 1997 and is now known as OGDCL (Oil & Gas Development Company
Ltd).

Initial Public Offering

Government of Pakistan disinvested part of its shareholding in the Company in 2003. Initially
2.5% of the equity with an additional green-shoe option upto 2.5% of equity was offered to
the general public. The said Offer received an overwhelming response from the general
public and was recorded as a landmark transaction in the history of Pakistans capital
markets.

GDR
In December 2006, the Government of Pakistan divested a further 10% of its holding in the
company. The Company is now listed on the London Stock Exchange since December 06,
2006.
2.2. VISION AND MISSION
OGDCL Vision
To be a leading multinational Exploration and Production Company.

OGDCL Mission
To become the leading provider of oil and gas to the country by increasing exploration and
production both domestically and internationally, utilizing all options including strategic
alliances.

To continuously realign ourselves to meet the expectations of our stakeholders through best
management practices, the use of latest technology, and innovation for sustainable growth,
while being socially responsible.
2.3. LINES OF BUSINESS; PRODUCTS & SERVICES
Oil and Gas Development Company Limited commonly known as OGDCL is a Pakistani
multinational oil and gas company. It is involved in exploring, drilling, refining and selling
oil and gas in Pakistan. It is the market leader in terms of reserves, production and acreage.
The main functions of the Corporation are:
a. To plan, organize and implement programs of exploration of development of oil and
gas resources.
b. To carry out geological, geophysical and other surveys for the exploration of oil and
gas.
c. To carry out drilling and other prospecting operations to prove and

estimate the

reserves of oil and gas.

d. To produce, refine and sale oil and gas
e. To perform other functions as the Federal Government may from time to time assign
to the Corporation.
The product line of OGDCL includes:
a. Crude Oil.
b. Gas.
c. LPG.
d. Sulphur.
e. Gasoline/High and Low Speed Diesel.
f. Kerosene Oil.
g. Naphtha.
h. Solvent Oil.
2.4. OWNERSHIP STRUCTURE

The Government of Pakistan holds 74% of shares in OGDCL and hence has a controlling
interest in the company. The rest of the shares are held by private investors.

2.5. ORGANIZATIONAL STRUCTURE

The following are the Board of Directors of OGDCL:
1. MR. ZAHID MUZAFFAR (CHAIRMAN BOARD)
2. MR. ARSHAD MIRZA
3. SAIF ULLAH CHATTHA
4. MUHAMMAD YAVAR IRFAN KHAN
5. MR. ISKANDER MUHAMMAD KHAN
6. MR. HAMID FAROOQ
7. SAYED SHAFQAT ALI SHAH
8. MR. ZAFAR MASUD
9. MUHAMMAD ALI TABBA
10. MR. RAHMAT SALAM KHATTAK
11. PRINCE AHMED OMAR AHMEDZAI
12. MR. ZAHID MIR (MD/CEO/COO)
The organization chart of OGDCL is shown below:

2.6. NEW PROJECTS

Soghri Development project

06/22/2015

The Soghri field is located in Jand District, Punjab Province. The scope of work for this
project involves the relocation of Amine Plant (40 MMSCFD capacity) at Dakhni Plant .
Soghri gas will be processed at Dakhni, this will enhance Dakhni Plant capacity from 40
MMscfd to 80 MMscfd . Plant shifting is in progress, Site selected and levelling in progress.
Contract being finalized with PC for installation.Procurement of some additional items other
than amine unit has been initiated.The projected product yield upon completion is 15
MMscfd per day of gas. The project is expected to be completed by December, 2015

Uch-II Development Project

10/31/2014
The Uch gas field is located about 67 kms south east of Dera Bugti in Balochistan province.
It involves the installation of a gas gathering facility, a dehydration and hydrogen sulphide
removal plant and a gas delivery station. To date we have drilled 36 wells. At present, 220
MMscfd of gas is being supplied to Uch Power (Private) Limited. To utilise the full potential
of the field, we have been supplying gas at a rate of 130-135 MMscfd to Uch-II Power
(Private) Limited since February 2014 under an interim arrangement. On completion of the
Uch-II development project, we expect to increase this gas supply by 30 MMscfd to 160
MMscfd by Sep 2015.

Jhal Magsi Development Project

08/05/2014
The Jhal Magsi gas field is located in the Jhal Magsi District of Balochistan and is a joint
venture between the Company (with 56% working interest ownership), GHPD (with 20%
working interest ownership) and POL (with 24% working interest ownership). The Company
is the operator.
The project involves the installation of dehydration and amine plants, hot oil, a power
generation system and gathering facilities for the two wells and allied utilities. On
completion, the project is expected to produce 15 MMscfd of gas. The project is at present in
the implementation phase, and completion is expected by July 2015.

Nashpa/ Mela Development Project

08/04/2014
Nashpa field is located in District Karak and Mela field is located in Kohat, and are a joint
venture among OGDCL (65%), PPL (30%), GHPL (5%), with OGDCL serving as the
operator. Development of both the projects is under implementation phase Consultant has
been engaged for designing of the Nashpa/Mela facilities. As per development plan, a
centralized LPG plant will be installed at Nashpa field and raw gas of Mela will also be
transported to Nashpa for extraction of LPG.

To complete the Nashpa Development project, a tender on issued on EPCC basis has been
issued for Design/ supply/ installation and commissioning of Gas Processing & LPG
Recovery Plants, Sales Gas Compressors and Allied Facilities at Nashpa Field.

The Mela EPCC Contract shall soon be Re-Tender with revised profile.

The expected incremental Production upon the completion from Nashpa will be: Gas: 10
MMscfd @ 1150 BTU/SCF, LPG: 280 MTD, Condensate: 1120 bbls/day. Both the projects
are expected to be completed by Dec, 2016.

Sinjhoro Development Project

08/04/2014
The Sinjhoro field is located in the Sanghar District, Sindh Province, and is a joint venture
among OGDCL (62.5%), OPI (15%) and GHPL (22.5%), with OGDCL serving as the
operator. The scope of work for this project involves the relocation of Ex-Dhodak Plant (i.e.
dehydration and LPG Plant), feed/sales gas compressors at Sinjhoro, construction of
gathering facilities, an amine plant. The projected product yield upon completion is 3000 bbls
per day of oil, 25 MMscfd per day of gas and 120 M.ton per day of LPG. The project is to be
completed in 2- phases.

1st Phase completed in November, 2012. Supply of Gas to SSGCL started on 4th Jan, 2013.
Presently supplying Gas 16 MMSCFD & Condensate 1400 BPD.

2nd Phase: All equipment/ packages have been press advertised. Feed/Sale Gas Compressor,
Cooling tower, Oily Water and Treatment Packages etc received at site and placed on
respective foundation. Feed/Sales Gas Compressors, Cooling Tower installed and Phase-II
construction/ installation work is in progress. The 2nd Phase of the project is expected to be
completed by Jun, 2015.

KPD-TAY Integrated Development Project

08/04/2014
The KPD-TAY integrated development project is located adjacent to the existing Kunnar
liquefied petroleum gas (LPG) plant in the Hyderabad District of the Sindh province.
Phase-I of the project was completed in October 2011 and increased supply to 100 MMscfd
of dehydrated gas and 1,000 bpd of condensate.

Under Phase-II of the KPD-TAY development project, we intend to install wellhead facilities,
a gas gathering system, a CO2 removal unit, LPG extraction feed/sales gas compressors,
power generation units and allied utilities. Upon completion of Phase-II, which is currently
expected by Dec, 2015, the field is expected to produce an additional 125 MMscfd of gas,
4,100 bpd of oil and 410 Mtpd of LPG.
2.8. ASSOCIATED CONCERNS
Mari Petroleum Company Limited (MPCL) is an associate of OGDCL, with an ownership of
20% in the company. MPCL is a public listed company with an authorized and paid up capital
of Rs. 2,500 million and Rs. 367.5 million respectively. Equity share in MPCL is: Fauji
Foundation 40%, Government of Pakistan 20%, Oil and Gas Development Company Limited
20% and the general public 20%.
Mari Petroleum Company Limited (MPCL; formerly, Mari Gas Company Limited) is one of
Pakistans largest E&P (petroleum exploration and production) companies, operating the
countrys second largest gas reservoir at Mari Field, District Ghotki, Sindh. MPCL is

primarily engaged in exploration, development and production of hydrocarbon potentials

(natural gas, crude oil, condensate, and liquified petroleum gas).
3. AUDIT METHODOLOGY AND THE ROLE OF IT
The PwC audit methodology relies on technology-based audit support tools. Currently, there
are two major tools in use within the PwC assurance practice, these are MyClient and its
successor Aura. Where the former is still in use for different kinds of assurance assignments,
the latter is currently used for all financial audits. Following the process diagram below, the
PwC audit methodology supported by Aura generally consists of 4 phases which will be
described briefly here.

Planning
The planning phase of a financial audit starts with the acceptation of the audit assignment,
during this step the risks and reliability associated with the auditee are assessed. Once the
audit assignment is accepted, the terms of engagement are determined and a team of auditors
is mobilized. Next, the independence of the audit team is assessed and further required
planning procedures are executed.
Understanding the Business, Assess Risk and Determine Audit Strategy
The second phase starts with the analysis of the auditee's organization resulting in the
understanding of the business including its internal control. Subsequently, it includes the
determination of the materiality and the assessment of the levels of inherent risks associated
with the auditees organization. This is followed by the establishment of the audit strategy
and identification and evaluation of the controls that mitigate the assessed risks and ends at
the start of the audit plan execution.
Respond to Risk and Gather Evidence
The third phase starts with the determination of both the expected reliance on the auditee's
internal controls and the planned substantive evidence followed by the approval of the audit
plan. Once the audit plan is approved, the auditor continues with the execution of evidence
gathering activities (EGAs) consisting of tests of controls, substantive analytical procedures
and tests of detail. Depending on the level of controls reliance, the focus of the EGAs will be
either on tests of controls or on substantive testing. The results of these EGA steps combined
form the body of audit evidence on which the auditor's opinion will ultimately rely. As a final
step in this phase, the risk assessment and audit plan are updated and other required
procedures are performed.
Finalize the Audit
The finalizing phase of a financial audit starts with the performance of the relevant audit
completion procedures. This step is followed by referencing the financial statements and
issuing the reports. The final steps of the PwC audit methodology comprise of debriefing the
client, debriefing the audit team and assessing the audit performance, this concludes the PwC
audit trail. Following this description of the PwC audit methodology, it can be concluded that
the methodology is largely based on a top-down approach where inherent organizational risks
are identified, mitigating controls are assessed and remaining risks are covered by the

application of substantive procedures. This combination of methods results in an audit

methodology based on several traditional audit approaches including the risk based approach,
systems-based approach, and substantive procedures approach. The business understanding
and risk assessment phase as well as the steps involving evidence gathering activities are
expected to have the highest applicability of assisting technology.

5. INDIVIDUAL WORK PERFORMED

5.1. AUDIT PLAN
My Internship at A.F Ferguson and Co. Islamabad started in early June 2015 for a period of
six weeks. For the first two weeks I was not assigned any client due to less audit work at the
clients and many un-assigned audit trainees. At the start of the third week I was assigned at
the Oil and Gas Development Company Limited (OGDCL), one of the biggest clients of the
firm. According to the provisions of the Companies Ordinance 1984, companies are required
to prepare separate financial statements for their Funds (including Pension Funds and
Gratuity Funds etc.) and have them audited separately. Since A.F Ferguson was the auditor of
OGDCL, it also audited the Staff Welfare Fund, Pension Fund and the other funds of
OGDCL. I was assigned on the audit of the Staff Welfare Fund of OGDCL along with one
supervisor. The Staff Welfare Fund was established in OGDCL to provide employees of the
organization with interest-free loans for the purposes of medical treatment, marriages etc.
According to the Staff Welfare Fund Rules, under which the fund operated, officers were
given a loan of PKR 120,000/- whereas staff was given loans of PKR 100,000/-. As part of
employees contribution to the Fund, for officers PKR 600/- was deducted and for staff PKR
500/- was deducted monthly. The Fund had a Chairman, General Secretary and a Treasurer.
The Audit Plan of the Staff Welfare Fund was divided into several heads, some of which are
stated below:

Cash and Bank

Investments
Revenue
Expenditures
Compliance with SWF Rules
5.2. STEPS PRFORMED INDIVIDUALLY

As part of this audit of the Staff Welfare Fund, I performed the following tasks:

1) Preparing and Dispatching Confirmations

2) Compliance with the SWF Rules
Preparing and Dispatching Confirmations
To confirm the balances of the bank accounts and investments of the Fund with those shown
on the Trial Balance and Draft Balance Sheet, official confirmation letters of the firm are sent
to the banks and other institutions where OGDCL Staff Welfare Fund holds accounts or
investments. Since the financial year of OGDCL ended on 30th June 2015, balances as of this
date were confirmed. The Fund held a PLS Account at the United Bank Limited (UBL) and a
Term Deposit Receipt (TDR) at Bank Alfalah. Hence, confirmations were dispatched to both
these banks. Confirmations are drafted on the letter head of the firm and are signed by the
senior manager of the relevant client. They are then sent along with a form that contains
various fields for the confirmation of the account balance.
Compliance with SWF Rules
The Staff Welfare Fund is operated according to the OGDCL SWF Rules. It lays down
certain requirements for the disbursement of loans, refunds of loans and for employee
contributions. For the disbursement of loans there are requirements of certain documents that
need to be submitted. For compliance of these documents, a sample was selected from the
records of loan disbursements of the entire year and then they were checked for compliance
i.e. whether these documents were submitted. On the basis of the sample, a conclusion is
reached on whether compliance of the documents has been done.
On retirement, termination or resignation of an employee, the contribution made by him/her
to the fund through monthly deductions from salary and the proportionate return earned on
the contribution is reimbursed to the employee. For this refund, there are also certain
documentation requirement. For example, salary slip of the recent month, clearance
certificate etc. have to be kept in the records. All these are kept manually by OGDCL.
Documents related to loan disbursements, employee contributions and refunds were checked
for compliance, based on samples. This entire task was performed by me and based on the
sample almost all relevant documents were kept in the records by OGDCL.
6. OTHER SKILLS
6.1. Management Skills

During my stay at the clients office, I learnt that management skills are of primary
importance to supervisors/job in-charges. In order to maintain required degree of quality in
work and expected professionalism, supervisor/in-charge has to manage the audit team in an
appropriate way. Also, I learnt that at times when one has to share same work with any fellow
team member then one should manage the shared work with such proficiency that the
member sharing the work is reasonably satisfied, in addition to self satisfaction regarding
quality of work performed.
6.2. Interpersonal skills
Development of interpersonal skills was one of the achievements of this audit internship.
During my stay at the firm (when client was not yet assigned), I learnt how to address people
of different designations. I had encounters with the junior and senior Managers. Through
these encounters, I learnt how to request for the wants in an appropriate and professional way,
retaining a certain level of respect, ensuring the fulfillment of the requested demand. During
my stay at the clients office, I learnt an apt way to deal with the clients management
personnel in order to ensure timely attainment of desired requisitions. Also, I learnt how to
use interpersonal skills to maintain a certain level of comfort and easiness (retaining
professionalism) with fellow team members.
6.3. Time management skills
During my stay at the clients office, I learnt that time management is one of the most
essential expertise for successful completion of audit. Proper time management is very
critical to meet the deadlines. At times, the work to be done apparently exceeds the time
available. Time should be prudently managed and each task should be delegated reasonable
amount of time. Meeting the deadline on timely basis is not only important for successful
completion of audit but is also vital to develop a sense of reliability regarding work among
the senior members of audit team.
6.4. Presentation skills
Presentation skills count a lot when it comes to documentation of the work performed.
Documentation of walkthrough performed, controls tested and Personnel file compliance in
MS Excel and preparation of flowcharts of the system understanding obtained in MS Word
(for internal use) helped me develop my presentation skills. Also, I learnt how to present my
opinion or idea regarding any matter aptly in front of senior team members.

6.5. Organizational Behavior:

Working at clients office and communicating the management personnel helped me
understand the culture of the entity, which in turned helped me comprehend the
organizational behavior of the clients personnel. Understanding the organizational behavior
of client is important for external auditors because they have to constantly keep in touch with
the clients staff.