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.
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.
posted by Sueanne Low at
9:19 PM
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