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
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
posted by Sueanne Low at
11:37 PM
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