Useful and commonly used keyboard short keys for excel users

Excel is the name of time saving. Use of keyboard short keys while using excel, saves more time and capacity and make it easy to perform different functions.Following is the list of commonly used excel short keys: ENJOY☺

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Short keys	Funtions
CTRL+A	To select all
CTRL+S	To save workbook
CTRL+P	To print
CTRL+K	To insert hyperlink
CTRL+W	To close active workbook window
F4	To repeat last command or action
CTRL +F4	To close excel
ALT+F4	To close the selected workbook window
CTRL+O	To open an existing spread sheet
CTRL+N	To open a new spead sheet
CTRL+C	To copy
CTRL+X	To cut
CTRL+V	To past
ALT+H	To go home tab
CTRL+Z	To undo
Delete key	To remove contents
ALT+P	To go at page layout tab
ALT+A	To go at data tab
ALT+W	To go at view tab
ALT+M	To go at formula tab
CTRL+9	To hide the selected row
CTRL+0	To hide the selected column
F2	To edit selected cell
F5	To go at specific cell
F7	To check spelling
F11	To creat chart from selected data
ALT+Shift+F1	To insert new worksheet
Shift+F3	To open excel formula window
Shift + F5	To bring up search box
CTRL+1	To open formate cell window
CTRL + B	To bold highlighted selection
CTRL + I	To italic highlighted selection
CTRL+ F9	To minimize current window
CTRL+F10	To maximize currently selected window
CTRL+F6	To swich between open workbooks/ windows
CTRL+Page UP	To swich between  worksheets in the same document
CTRL+Page Dn	To swich between  worksheets in the same document
CTRL+TAB	To Move between Two or more open Excel files.
Ctrl + Arrow key	Move to next section of text.
Ctrl + Space	Select entire column.
Shift + Space	Select entire row.
Ctrl + -	Delete the selected column or row.
Ctrl + Shift + =	Insert a new column or row.
Ctrl + Home	Move to cell A1.

                           

  

Roles and Responsibilities of External Auditors (while auditing a Bank)

 Although external auditors are not, by definition, part of a banking organisation and therefore, are not part of its internal control system, they have an important impact on the quality of internal controls through their audit activities, including discussions with management and recommendations for improvement to internal controls. The external auditors provide important feedback on the effectiveness of the internal control system. 

While the primary purpose of the external audit function is to give an opinion on, or to certify, the annual accounts of a bank, the external auditor must choose whether to rely on the effectiveness of the bank's internal control system. For this reason, the external auditors have to conduct an evaluation of the internal control system in order to assess the extent to which they can rely on the system in determining the nature, timing and scope of their own audit procedures. 

The exact role of external auditors and the processes they use vary from country to country. Professional auditing standards in many countries require that audits be planned and performed to obtain reasonable assurance that financial statements are free of material misstatement. Auditors also examine, on a test basis, underlying transactions and records supporting financial statement balances and disclosures. An auditor assesses the accounting principles used and significant estimates made by management and evaluates the overall financial statement presentation. In some countries, external auditors are required by the supervisory authorities to provide a specific assessment of the scope, adequacy and effectiveness of a bank's internal control system, including the internal audit system. 

One consistency among countries, however, is the expectation that external auditors will gain an understanding of a bank's internal control process. The extent of attention given to the internal control system varies by auditor and by bank; however, it is generally expected that the auditor would identify significant weaknesses that exist at a bank and report material weaknesses to management orally or in confidential management letters and, in many countries, to the supervisory authority. Furthermore, external auditors may be subject to special supervisory requirements that specify the way that they evaluate and report on internal controls.

What is Fraud in business?

Legal Definition of Fraud

 “All multifarious means which human ingenuity can devise, and which are resorted to by one individual to get an advantage over another by false suggestions or suppression of the truth. It includes all surprises, tricks, cunning or dissembling, and any unfair way which another is cheated.”

 Source:

 Black’s Law Dictionary, 5th ed., by Henry Campbell Black, West Publishing Co., St. Paul, Minnesota, 1979.

Fraud is a common risk that should not be ignored. The incidence of fraud is now so common that its occurrence is no longer remarkable, only its scale. Any entity that fails to protect itself appropriately from fraud should expect to become a victim of fraud, or rather, should expect to discover that it is a victim of fraud. There is no such thing as an accidental fraud. What separates error from fraud is intent; the accidental from the intentional. 

Conditions that increase risk of material misstatements/ fraud in internal control

• Lack of segregation of duties 
• Too much trust 
• Approval of documents without review 
• Lack of verification of transactions after they have been entered in the system
• Lack of reconciliations
• No follow-up when things appear “questionable” or “not reasonable”
• Lack of control over cash/petty cash
• Lack of control over purchasing of materials/supplies
• Lack of knowledge of policies and procedures

What is the difference between Formula and function in Ms Excel 2007

A formula is a statement written by the user to be calculated. Formulas range from very simple to highly complex. They can contain values, references to cells, defined names and functions. All formulas must start with the equals sign, e.g. “=2+6”

A function is a small program designed to calculate specific values. Many standard functions are built into Excel such as a function to sum values or calculate the current time. Additional functions can be defined using the Visual Basic programming language (which is outside the syllabus). Functions are typed alongside parenthesizes within which the arguments are listed.

E.g.=NOW() returns the current time

      =SUM(3+5+7)*3 will multiply the sum of 3, 5 and 7 by 3.

Using Excel Interface

Excel Interface

Deleting and permanently deleting files and folders using Explorer

There two types of Delete. Normal delete and permanent/hard Delete.

To  delete the selected file or folder normally and move it to the recycle bin follow these steps

• Highlight the folder or file to be deleted in either the navigation pane or file list. Then press the DELETE key 
• Alternatively, right-click on the highlighted file/folder then select “Delete”.

Note that anything placed in the recycle bin consumes disk space. Therefore if  you are absolutely sure you don’t need a file or folder (i.e. there’s no going back if you subsequently change your mind) you can perform what is called a ‘hard delete’.

To execute a hard delete follow these easy steps:

• Highlight the folder or file to be hard deleted in either the navigation pane or  file list. 
• Press SHIFT+DELETE
•  Click yes when prompted if you want to permanently delete the file (or folder) 

Pin a program icon to the start menu and subsequently unpin from the start menu

Shortcuts to regularly used programs can be permanently attached (pinned) to the start menu. Follow these easy steps:

To pin an icon into start menu

1. Right-click either an icon on the desktop or a program in the start menu (under All Programs) 
2. Select Pin to Start Menu

To subsequently unpin an icon from the start menu:

1. Right-click the program in the start menu
2. Select Unpin from Start Menu 

HOW TO CUSTOMIZE THEMES AT WINDOW 7

The theme is the combination of colours, sounds and pictures on a computer  incorporating the desktop background, screen saver, window border colour andsound scheme. Think of this a bit like choosing the options when buying a car when designing a new kitchen. 

To customize the theme: 

• Open the Personalization window by right-clicking on the background an select Personalize from the menu
• Click on a theme to apply it. The various theme groups include: 
• My Themes – where you can create your own for example using a personal photo 
• Aero Themes – Windows 7 colourful and interesting built-in themes
• Windows 7 Basic – an option that minimises processor usage if youcomputer  has a slow processor. 
• High Contrast themes – use these to make items on your screen easier to see 
• Close the Personalization window by clicking the red cross (top right)

How to turn gridlines on to print in excel 2013

To turn grid lines on to print,

Select the Page Layout tab. 

Under the Sheet Options group, check off the Print box under the Gridlines section.

Note that this button will also place dotted lines on the spreadsheet indicating page boundaries. To eliminate these boundaries while you are working, select the File tab in the top left to bring up the Backstage, then click Options in the left hand menu to bring up the Excel Options menu. Select the Advanced tab in the left menu, then scroll down to deselect the “Show page breaks” box under Display options for this worksheet.

Goodwill

Goodwill is the amount by which the value of a business exceeds the fair value of its net assets (its assets less liabilities). Goodwill is an intangible asset of a business, but normally it is not recognised as an asset in the financial statements. 

The value of a business is usually more than the net assets of the business because it reflects the trading potential that the business, i.e. its ability to generate profits in the future. All successful businesses have goodwill, which means that buyers will be prepared to pay more to acquire the business than the value of its net assets. 

Interim audit and final audit

Most large audits will be split into two phases. Much of the systems assessment work and transaction testing will be carried out on the interim audit (taking place perhaps two-thirds of the way through the year) with the balance of the work and testing of statement of financial position items taking place at the final audit shortly after the year end.

A number of key benefits may arise from spreading the work across interim and

final audit such as:

1. More flexible resource planning within the firm – the timing of interim audit is typically more flexible than the timing of final audit. This helps reduc demand for audit staff during ‘busy season’ (traditionally the first few months of a calendar year when many clients require their final audit to take place)
2. Earlier identification of significant matters
3. Shareholders and other users receive audited accounts earlier
4. Increased audit efficiency
5. ISA 330 also states “The higher the risk of material misstatement, the more likely it is that the auditor may decide it is more effective to perform substantive procedures nearer to, or at, the period end rather than at an earlier date”.
6. Typical interim audit procedures include: Understanding the entity, assessing inherent risk (see ISA 315) and identifying significant matters which will be reflected in the subsequent audit strategy and audit plan.
7. Recording, evaluating the design and testing the entity’s system of internal control.
8. Performing substantive testing to ensure the books and records are a sound basis for performing the year end audit.

Typical final audit procedures include:

1. Substantive testing. Note that where substantive testing was performed at the interim phase auditors typically test the subsequent period between interim audit and period end.
2. Tests to ensure conclusions formed at interim audit remain valid
3. Obtaining third party confirmations such as bank letters and trade receivables confirmations

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RELATIVE & ABSOLUTE ADDRESSING IN EXCEL

There areThree sorts of cell references.  These are:

• Relative

• Absolute

• Mixed

A relative reference will change column and row numbers as it is copied to other cells.  Think of it as an original instruction being to go in a certain direction e.g. 2 rows up and 2 columns across from your current position.  When this instruction is copied elsewhere, it will still refer to 2 rows up and 2 columns across from your new current position.

An absolute reference is one that does not change.  If you refer to a cell in a certain row and column and then copy that reference elsewhere, it will still refer to exactly the same cell or range.

A mixed reference is one that is half relative and half absolute.

An absolute address is defined with the use of the “$” symbol.  This can be typed in at the  time of creating the formula, or by editing the cell afterwards.  Examples of relative and absolute addressing:

Relative

A4 A4:B5

Absolute

$A$4 $A$4:$B$5

Mixed

$A4 or A$4 $A4:B$5

Prudence Concept

Financial statements must sometimes recognize the uncertainty in business transactions. For example, if a business is owed Rs. 1,000,000 by a number of its customers, there will be some uncertainty as to whether all the money will actually be collected. Prudence involves allowing for some caution in preparing financial statements, by making reasonable and sensible allowances in order to avoid overstating assets or income and to avoid understating expenses or liabilities. 

As a general indication of prudence, rules exist to prevent a business recognising an asset in its financial statements at an amount greater than the cash it will generate. When such a circumstance arises the asset is reduced in value down to the cash expected to result from the ownership of the asset.