Sueanne's Story Unfolds: May 2006

When Its All Been Said And Done

When its all been said and done

There's just one thing that matters

Did do my best to live for truth

Did I live my life for You

When its all been said and done

All my treasures will mean nothing

Only what I 've done for love's reward

Will stand the test of time

Lord, Your mercy is so great

That You look beyond our weakness

And find purest gold in miry clay

Turning sinners into saints

I will always sing Your praise

Here on earth and ever after

For You've shown me heaven's my true home

When its all been said and done

Your my life when life is gone

Don Moen

My prayer to You, Lord. My life is not mine but Yours. May You find a heart that hungers desperately for You.. one that can't live without You. May I run this race and be able to say in the end... "I have fought the fight, I have finish the race, I have kept the faith" (2 Tim 4:7). Help me, give me grace, Father. May I catch hold of You and be found pleasing in Your sight.

Breathe

This is the air I breathe

Your holy presence

Living in me

This is my daily bread

Your very Word

Spoken to me

And I, I'm desperate for You

And I, I'm lost without You

Shopping

Today was an eventful day. Started out early at 7am to jog. Then, some housekeeping. Rush of to meet Mabel and Youhe. Sorry, late cos the laundry wasn't ready..still can't estimate how long it takes... anyway it was really a long time since I meet up with them and it was really good to fellowship with fellow believers.

After our meeting with Youhe, mabel and i went on a shopping spree. Goodness, its really crazy! People were just swarming all over the place. We walked from Plaza Sing to sommerset (suppose to walk to orchard, but we never reached our destination...haha...). Saw so many malls with GREAT bargains. Didn't know things can be so cheap, really! I think it was around 4 hours of shopping...time just whoosh by. Mabel really made a good shopping kaki.

Later made my way to bugis. Not to shop la... impossible! just flooded with people. Suppose to collect my 707 bus ticket home for this friday. But....argh! the guy whom I booked with wrote my booking at the wrong time! So no more ticket! argh!!! could have skinned that person. Anyway, patience. Pray. Plan B. Took a bus to lavender and walk 15 minutes to another bus station. Thank God still got ticket Delima...6.30pm bus. Means I got to chow early from work this friday and maybe take a cab. If not I can never make it on time...plus its super far to walk with high heels. And argh! the ticket is so much more expensive than 707 by $5! So ex! Petrol price went up, kononnya. Really don't like this bus station. But no choice, have to get back home somehow. Argh! Fed up la with that guy...

Made my way back to Jurong Point. Feet starting to feel the effect of standing whole day. Thought can go back and rest.. mana tau, my ex roomie ask if wanted to shop at Jurong Point. Wat? I was really tired, but then, I obliged since I mentioned bout going out shopping together last week. Sigh, so spent another 2 hours shopping for her bag and clothing for her coming interview.

Its more than 12 hours... tired now. But it really makes me think. Earlier this morning, YOuhe mentioned he gave up on shopping and movies. I wonder how true is it for me. I recalled I loved to shop in my previous semester.. till I told God, I commit this desire into His hands. Now, really, there's no desire to shop and buy stuff. I'll buy only when I think its really needed or a good bargain. Then movies... remembered what my pastor quoted from Rev Ravenhill "How you can spend two stinking hours in the movies, but cannot spend half an hour waiting on Him". How true...maybe I'll surrender this area too.

Day 8, 9 & 10

17 May 06
Auditing at Men’spool Services Pte Ltd
1. Completed the sales test.
2. Performed the purchases test. Similar to the sales test (except it is checked against invoice and PO).
3. Learnt that communication with clients is crucial. Important to have good working relationship with them.
4. Was shown an audit planning. Work to be done, by whom and duration
a. Final accounts and audit schedules
b. Audit planning and submission of APM for partner’s approval
c. Circularisation of audit confirmation
d. System control documentation and audit evidence
e. Final audit review of accounts and procedure
f. Audit review of work done and clearance of review points
g. Partner’s review and clearance of outstanding matters
h. Draft audited account to be submitted to client for review and comment
i. Partner’s meeting with client for discussion
j. Final signed audited accounts
5. When performing the tests, to note down findings, give explanation and recommendation. Finally, state it was satisfactory.

18 May 06
1. Completed compilation for Loukas Medical.
a. For section T, to compute tax return. Make a copy of last year’s return and current year’s tax computation. File and fill in according to audit program.
b. Completed audit program. Each compilation must have an audit program. It states down every step to be performed.
c. Completed draft accounts. To make a copy of last year’s accounts and make amendments for current year’s. Followed a model. Changes to presentation: Finance cost to be stated before profit from operations before taxation; Loan to directors to be classified as equity loan (In BS) and financing activities (in cash flow).
d. To acquire a engagement letter
e. Complete an audit memorandum.
f. For section V, to ask if there is any transaction that will significantly affect the financial statements.
2. Opened a permanent audit file (blue). Every client has one. To contain audited accounts, leases, letter of engagement, M&A.
3. Prepared section L for 4 companies.

19 May 06
1. Prepare trial balance from General Ledger.
2. Draft account for Office Design.
3. Prepare section T, includes doing tax computation. To make an index, tax computation and schedules. In the schedules, state expenses that may be gray as per PL. Then separate columns for any add backs. The last schedule is the CA. Tax computation: Profit as per GL, unabsorbed BL, CA, chargeable income, tax.

Ask me to do tax computation? Wah... big thing.... but its good, they allow me to try new things

Day 6 & 7

15 May 06
1. Compilation of Office Design – confirming all opening balances with General Ledger and compare figure to last year’s audited accounts.
2. Compilation of Loukas Medical – prepared section Y (detailed profit and loss).
3. Sorting of Bank Statements – to indicate years which request has been send out to banks of clients. The request is to inquire the closing bank balances of the clients. The banks reply is used to confirm the figure of cash at bank.
4. Opening of new compilation audit file for Dotz International.

16 May 06
1. Completed sorting of Bank Statements.
2. Callover for Rotary Club’s financial statements
3. Prepare draft account for Loukas Medical. Obtain last year’s accounts and update it for the current year. Completed the unaudited BS, PL, changes in equity and cash flow. Every client must have a permanent audit file where permenant records are stored (eg. Operating and finance lease). Every compilation must have an audit compilation program which will indicate the things to be done in a compilation.
4. Went to Men’spool Pte Ltd for auditing with Thai Tong.
a. To always carry stationeries and calculator
b. Start by comparing the figures in the trial balance to the client’s general ledger. This is crucial as the TB is used to prepare the financial statements. Need to verify that figures tally.
c. Prepared payments test. Before any audit, prepare an audit plan. This will show the materiality level, the number of samples to be collected and so forth. To count materiality level = [(turnover*%) + (asset*%) + (profit*%)] / 3. In the payments tests, record any payments made that are higher than the materiality level (from the GL – bank). Then, from the payment vouchers, search for that transaction. Verify by checking the supporting documents (can be a PO, DO, tax invoice), casting, check for authorization and whether it was posted to the GL (usually, this is yes).
d. Prepared sales test. From the GL, record sales above the materiality level (name, invoice number, date and amount). Then, look for the sales invoice. Ensure that
a. the transaction agrees to the DO
b. was authorized
c. contract was agreed
d. GST agreed (ensure that GST is sales*0.05 and check it with the tax documents)
e. Casting checked
f. At arm’s length (to know principal activity from section L)
g. Posting to sales and debtors ledger
h. Check subsequent receipts
e. Bank reconciliation. Record dates when unrepresented cheques and deposits were cleared.

Today is the first day I came back early. Reach NTU at 6.50pm (usually I'ld have just left the office)...hehe..when to client's place. Tomorrow will be another interesting day at the client's place. Own office man! Not to mention, its near Jurong Point...haha..can sleep another hour.

Hungry Anyone?

Home cooked dinner... Fettucine and salad. Been eating out at food courts. Cannot tahan...not to mention now that I spend more on lunch since its in town.. yumm....decided to cook dinner once in a while...since not studying. Lots of spare time.

Day 4 and 5

1. Help prepare a compilation again for Regenesis
2. Do another compilation for Loukas Medical

Uncompleted: compilation for Office Design

Went karaoke with fellow collegues and boss. Apparently, it is the office culture to have activites, like this, bowling, jogging... wow, the office is really their home. Point taken as they are here more than half a day. If they are not friends with those in office, then their circle of friends will be very limited.

My first time going for karaoke. It was fun at first. But after a while, didn't like it. First they sang chinese songs. Then, I don't appreciate pop songs. I always prefer musical. And I find no point singing like this... pardon me, but.. I'm so used to singing to praise and adore my Lover (worship, la)...

Anyway, today is an off day for us...yay! no need to wake up early. But I make myself arise at 7.30am to jog. Very bad, no exercise. Then, argh! all the laundry which has to be hand washed and ironed. And oooh, the room needs to be swept and mop. Argh! task after task.

Went out in the afternoon to Salvation Army to drop Donna's stuff at the donation bin. It was a journey... To get there, I took 3 buses...hehe...partly cos I wanted to explore the area on bus.

Then, evening was spent doing stuff online. Had a interesting night. Went out with Cheryl to explore what's across the PIE. Was our first time going to that area. At least, now not so sampat. What turn out to be a meeting for dinner at a Can 5 turned out to be a fun outing. We walked all the way to Jurong West Ave 4, Giant (shopping for food) and walked back. 3 hours well spent!

Enjoying but...

So far, PA is good. Thank God for the nice and friendly people at the company. It's quite a small firm, very open culture.. not so formal working environment.. they on the radio whole day, go out for lunch together and its just very warm. But they dress quite formally... thank God can wear pants.

We stayed for OT.. just to make sure we finish all the day's work. But when its too late, well, it can wait. We weren't given any datelines! so good! but we're like a bit underpaid compare to others.. but its ok la... i take it as training and they give us allowance summore! hope its enough to cover my expenses. travelling is already $97 a month.

Learning a lot of new stuff. Auditing is fun, but lots of paper work. I'm doing things very slow. Today, I manage to compile only one... and its not say 100% done.. sigh, the cross referencing part a bit confusing. Anyway we haven't taken our auditing module yet.

Pray it will be a fruitful time and that i won't make careless mistakes.

Better rest now. Waking up at 6am and coming back after 8pm everyday. Travelling is tiring cos its 1 hour plus and have to stand all the way with this high heels of mine. Feet getting blisters soon. God please protect my feet!

My Professional Attachment

Since I have to keep a log book, thought I'll just post it in my blog as record..haha

Day 1
Very brief introduction to the staff of the company. The 3 of us will rotate departments - accounts, tax and audit. So I'm starting with audit.

1. We were shown briefly a tax computation sample (pure aa305!)
2. Call over a few financial statements - read and make sure the typed document is the correct, compared to draft
3. Casting - calculating all the figures to make sure they tally. A financial statement will usually have the following things to be done - typing, callover by, callover to, casting, review
4. Open to new auditing file for two companies - orange colour file and index, need to take audit program for each relevant section (A, J, V, W & Y is a must). In audit, use pencil all the time. Red pen is for cross ref and green for checking.
5. Type a tax computation - from profit as fer P/L, add back, business losses, CA, donations, chargeable income, tax payable. Worse part is completing the asset schedule.

Left my room at 7.10am. Clocked out at 6.30pm and reach home at 9pm.

Day 2
1. Completed work left from tax computation
2. Casting and callover again
3. Filling the audit file with relevant schedules. Must first get the account file of the company (green colour) and obtain the trial balance. Ensure that the figures tally. Then photocopy all the relevant schedules from the accounts file and print out general ledgar. (When photocopying or printing, to record purpose and number). File the schedules according to the sections.
4. Learn how to fill in section L. To obtain the company's records from the secretarial dept - bizfile, M&A, registra etc. Then read through and fill the audit program. Take note of shares, directors, secretary...To photocopy and resolutions made during the financial year.

Clock out 7pm. These guys don't seem to be aware of the time one!

Day 3
1. Did a compilation for a company. Same step as the previous day (step 3)...
2. Next, for each section, prepare a lead schedule, showing the opening balance and closing balance of every accounts relevant. Cast every part that needs. Mark with a green tick. Then, index every page in the file. Cross-refrence every item on the shedule (left side)to their respective lead schedule (right), with red pen.
3. After that, check the opening balance of the general ledgar with the lead schedules. Mark it with the symbol of O with a / across.
4. Check every item on the trial balance and ensure it tallies with the general ledgar. Mark with beta sign on trial balance (left side) and TB on the GL right.
5. Cross ref every item on the trial balance to the relevant sections using red on the TB and green on the section with TB.
6. For section Y, photocopy all the relevant schedule that may be needed for IRAS. Print a detailed profit and loss statement. Do step 5 for the items in P/L. (better to start with this area)
7. Fill section L and the audit program.

Clock out 6.45pm.

4S - Saya suka syok sendiri

Haha.. just can't stop looking at myself. New haircut! Looks sooo, sooo good after blowing. Hope my hair can stay... but it hardly does... very stubborn hair as my mum calls it. Nice?

I'm Free!!!!

Yup, that's right, I'm free for the semester!

Celebrated it with a movie with Vivienne, Rhoda, Nat and Peifen. Mission Impossible 3. Fantastic movie... i'll give it an A rating. Lovely plot, plenty of action, humourous...

Will be going back to get a hair cut. Hair is super out of shape. Then any plast minute preparation for my internship. Sigh, dunno how working life is gonna be like. Just received a call from a company today to ask if i was interested for a job as a management trainee. Eeesh, I got one more year before i graduate and i got an offer. Arghh! not prepared to work yet!

Vivienne, may God be with you as you fly to the States. Pray that it will be a fruitful time and may you discover yourself better and also may God open your eyes to see His awesome power as you see his creation reflect His glory at Yellowstone. Will miss ya! Keep in touch and make sure you update your blog ya!