Auditors.......It is for you only........!!!

[Ehrar_ACMA]

<u>What & Where</u>

If u want to grow in audit & have any professional qualification then I will recommend you to grow in Financial sector particularly Commercial banks……….& do CISA……….

<u>Broadening ur skills</u>

Still in this industry there is shortage of IT Auditors………..If u do CISA it does not mean you will remain with IT……off course you can handle manual Audit of diff. dept as well as u r already a professional accountant…….

<u>Growth in banking sector</u>

As I m in banking sector & in my opinion the sector is growing rapidly since last two years…… especially in 2004……. All banks are in private set up now except NBP…….there is fair competition………many new banks has entered in the market , three more new banks are in process to enter………, all small bank has been merged to give them strength………….

<u>What has so far done in IT</u>

As u know number of IT based services are being provided to customers i.e ATM, Credit cards,debit cards,fund transfer, balance transfer, on line statement, on line check payments, phone or mobile banking, utility bills deposits….etc………….further new many technology /services are in process……..

<u>What is going on in SBP</u>

SBP (State bank of Pakistan) is only acting as a regulatory body with the help of IMF & WB….In 2004 state bank has started to computerize all its dept with diff. accounting & management package. Where state bank hired firm of ICAEW as a consultant for this project…….& Hyundai group is implementing many software /packages including ERP,Oracle financials with all its modules………..& I think this is one of the third or second largest IT Project of central bank in whole ASIA region.

SBP has informed all banks to provide IT based services to customers…& It is First time when SBP produced an act for IT…i.e. Payment & Electronic Fund transfer act……It shows where we r going now…………


<u>WHAT DOES SBP WANT</u>

Recently SBP has issued a circular No 15 of Sep 2004 where It instructed that ultimate responsibility for IT Security rests with the Board of Directors and the Senior Management of the banks. They should provide reasonable procedure/polices for IT Security concept, Risk management, IT Security policy and plan development, IT Security areas, IT Security team, Awareness and training, Incident management, Contingency and disaster recovery planning, Information system audit and certification, and finally requires the banks to have a well functioning and reliable IT Security system, which is working round the clock and is continuously being improved.

This is the first time SBP looks so progressive in IT banking………….Make sure banking industry % is high in total stock capitalization in market , employment wise , facility & package wise, risk wise, growth wise…………etc…..

This post may provide assistance to young people who wannna grow in Audit…….yes I know you may ask Y I did not try/do CISA…..My dear friends……..My student life has expired due to age bracket……….I don’t have stamina now to enter in any new era of studies……….. due to age & other activities……..

But I recommend u people if u can do job in interest based industry & wanna grow in audit then this post is really for u……………..


Kh. Ehrar Ul Hasan
APA,ACMA,CIA(Usa),MA(Eco),CIMA(Inter),IBP-Stage-I & II (Only Sky is the limit.$$$.....)