Week 3's 3rd day^^

Date: 03 November 2010

Duration: 1036 pm

I backed around 7 something yesterday and today. On Monday, i reached home around 845pm and it was raining like cats and dogs.

Monday, i was clearing NXXXX file. Seriously, i hate clearing file which i did not prepared!

It was really a mess. Some of the figure were wrongly plucked in. Furthemore, it was kind of tedious for me as i was not the one who prepare that working papers. It took much time than usual to clear that file.

The lesson i learnt from Neo and this file clearing is be it slow, it's better to be clear and detailed!

Tuesday, i was halfway clearing NXXXX file that's 10 percent yet to be completed and setting up files for the coming job. Or should i say, it's my current job following. The case is this audit firm's one of the big client which audit fee could probable reach RM 200 K . I started to understand why the audit fee is that high even when i was just setting up files for the audit work. The company has fifteen subsidiaries( inclusive of sub-subsidiaries). It involves mainly in Poultry industry. Each subsidiaries are interrelated.

Today, Wednesday, We had briefing for the job. As this company is a listed company ( BERHAD), the audit procedures are more "serious" compared with other cases.

It's a requirement under IQE 10 or something( i forget what he was mentioning) to brief the audit staffs and ensure everyone has an clear idea of what's the client's business nature.

The briefing took about one and half hour. In the briefing, the manager briefly explained the structure of the company, its business nature as well as the interrelation of its subsidiaries with parent company, the stock nature and classification. At the end of the briefing, the manager assigned these companies to seniors and staff in charge. Some of the companies are dormant( non-active). Hence, of that 16( inclusive of the parent company) companies which could be grouped into Broiler and Layer categories, there are about seven or eight companies that are assigned.

Trainee are assigned to assist seniors in purchase and sales transaction test. I am working with senior named Annie. She is a good senior who gives clear guidance. Thanks alot.^^

The headquater of the company located in a quite under-developed area. I was informed that, once we are assigned this case, be prepared to have packed food all the while till the case ends.

Hmm.. i saw a different perspective of audit. It's a bit different in way of handling as well as documentation too. I could see more serious way of documentation in this case.

That's all because of AUDIT FEE, isn't it?