Wee.....TWO

Date: 25 October 2010

Duration: 814pm

I am following another new company this week, under a senior called Neo who has been in the audit firm for only four months. She is also MMU graduates. ^^I realise, seniors in this audit firm really pick up things fast. Well, they are all assigned a company to be handled independently. INDEPENDENCE make you grow~

We had conducted our audit in LXXXXX Sdn. Bhd. located in Cheng. It is a medicine production company. Comparing its filing system to NXXXX-the company which i was auditing last week, its filing system is far more systematic. I could easily vouch the items.

I was doing Purchases, Credit notes, and Revenue( Section D and Section E) -- Cut off test and transaction test. Cut off test is done to test whether the revenue or purchases have been taken up in an appropriate FYE. For this company, its FYE is 30 June. The cut off test is done by selecting the last five transactions before and after that cutting point which is 30 June.

As for the Credit notes test which is to ensure no purchases are being overstated ( after taking into account all the returns) for the year, it's done by voucing credit notes value exceeding APM. Luckily, none of the value exceeded the APM. I completed this working paper in a split of time. LOLZ.

As the the purchases or revenue transaction test, they are done to ensure that purchases or revenue are not overstated for the FYE. This is done by matching invoices and DO or BOL, and ensure all the items have been taken up in GL.

Tomorrow, i would be doing detecting unrecorded liabilities.

It's week two of my intern duration, hope i don't get that blurred. ^^

Tomorrow would be another brigther day, i feel it's better to leave office than to stay in the office.

Thanks the senior, Neo for being helpful.

I should stop here, i forget to take the shoes that i ordered a week ago on my way back just now. LOLz, it finally arrived yesterday. I thought the shoes would arrived at the end of this month. It just took one week. ^^

It has been a tiring day, but i feel it all worth it when you learned something new.